区域房价差异与工业企业创新行为

发布时间：2018-04-26 00:09

本文选题：房价上涨 + 企业进入　；参考：《西南财经大学》2014年博士论文

【摘要】：随着住房市场化制度改革的深入进行,1998年,国务院下发《关于进一步深化城镇住房制度改革加快住房建设的通知》。其中明确提出在全国范围内全面停止住房实物分配,标志着在我国沿袭了40多年的福利分房制度宣告结束。1998年我国商品房销售面积为1.07亿平方米,2008年增加到5.55亿平方米,年均增长20%。除了旺盛的需求,房地产的供求关系还受到诸多因素的影响,并最终反映为这段时期房价的持续上涨。房价的持续上涨使房地产行业在一段时期维持着较高的回报率。一般来讲,当某一行业出现超额收益率,就会对资本产生吸引力。近年来,可以看到大量工业企业进入房地产行业。从长期来看,资本流向房地产,实体经济则长期得不到资本投入。由于知识的积累具有连贯性,资本投入不足,创新能力下降,影响产业的竞争力,对经济长期发展产生不利影响。本文利用大中型工业企业数据库,通过手动搜集非房地产上市企业进入房地产数据和上市公司专利数据,系统研究了房价上涨对工业企业创新行为的影响。具体来讲,我们分别从房价上涨对企业研发投入的抑制效应,房价上涨对企业房地产多元化以及房价上涨,企业房地产多元化对专利产出的抑制影响三个方面研究了房价上涨对企业创新行业的影响。遵循观察经济现象,寻找因果关系,检验传导路径的思路,本文研究了我国房价上涨对工业企业创新行为的影响。本文共6个章节,各章节主要内容安排如下：第一章是导论。该部分详细介绍了本文的研究背景,通过对现象的总结,提出研究问题和研究内容。并指出本文研究创新及不足之处。第二章是文献综述。文献综述包括三部份内容,第一,本文梳理了资产价格泡沫与投资和经济增长相关文献。由于国内对该领域研究较少,该部分文献以国外文献为主；第二,本文梳理了房地产与经济增长相关的国内外文献；第三,本文梳理了国内与房价相关的研究文献。第三章研究了房价上涨对工业企业创新行为的影响。根据第三章研究结果我们发现,房价上涨总体抑制了企业创新投入。一些不可观测的地区因素,例如地方政府的政策引导可能会同时造成房价上涨和企业研发投入下降。我们使用了动态面板模型来解决潜在的内生性问题。使用动态面板模型的回归结果与主要回归结果一致。进一步的研究结果还显示,房价上涨对外资企业的新产品开发及研发投入影响较小,对大规模企业的新产品开发和研发投入影响较大。本章最后,我们还使用2004年实施的土地招、拍、挂政策作为准自然实验,检验了该政策的实施对私有企业新产品开发的影响。结果表明,该政策实施后,由于私有企业进入房地产的可能性增加,房价上涨对私有企业的新产品开发和研发投入的抑制影响更加严重。第四章,本文利用35个大中城市非房地产上市企业为样本,研究了房价上涨对非房地产企业进入房地产行业的影响。我们认为,房价上涨吸引工业企业将资本投入房地产行业,是导致新产品产出和研发投入下降的主要原因。但是由于数据限制,我们无法观测到大中型工业企业进入房地产的行为。实证结果表明,房价上涨较快的地区,非房地产企业进入房地产行业的可能性越大。为解决回归模型中潜在的内生性问题。我们使用工具变量并采用两阶段最小二乘法进行估计。结果显示,房价上涨对企业进入房地产的影响仍然显著为正。房价上涨吸引企业进入是利润驱动的结果。利润驱动假说意味着,收益水平较低企业为改善经营业绩更有可能进入房地产。研究结论也证实了这一假设。同时,在股市收益率较高的年份,企业进入房地产的可能性会显著降低。说明,投资股市和投资房地产存在替代关系。这些结果均支持了利润驱动假说。第五章,本文利用上市公司的专利数据,研究了企业进入房地产对专利数量的影响。如果房价上涨导致企业将资金转投房地产,从而减少研发投入,我们可以预期,房价变动对进入房地产企业的研发投入的负面影响更加严重。由于上交所与深交所没有强制上市公司披露研发相关信息,上市公司研发信息披露质量参差不齐。我们使用上市公司的专利数据衡量企业创新水平。对专利数据的搜集是本章的难点,也是本文的另一重要贡献。利用上市公司专利数据和进入房地产数据,本文实证检验了房价变动对进入房地产企业专利产出的影响。与我们预期一致,进入房地产的企业,其专利产出受房价上涨的负面影响更加严重。至此,我们为房价上涨影响企业创新这一假说提供了完整的证据链条。第六章对全文进行总结,阐明了本文研究的不足和缺陷,同时指出了进一步研究方向。房价上涨对于企业投资决策的影响,无论从理论还是实证方面,在国外已有较多的研究。但是大多数研究主要是基于“房价上涨导致抵押品升值”的角度,探讨房价上涨对企业投资的促进作用。并且,多数研究是针对企业的资本投入。而关于企业研发投入的研究则较少。本文的贡献在于首次通过对企业微观数据的研究,提供了“房价上涨抑制企业创新”的证据,是对相关文献的重要补充。虽然研究上市公司的研发活动具有很高的学术价值,但是,一直以来,我国A股上市公司的研发情况和创新能力都缺乏令人信服的量度。因此,相关的研究也乏善可陈。本文的另一个创新之处在于,我们将首次使用较为可靠的方法计算上市公司的专利申请数量,作为企业创新程度的量度来分析上市公司的创新活动。这也是目前国际上通行的研究企业创新的办法。本文的研究也存在诸多不足之处。例如,由于数据限制,我们无法观测到进入房地产的企业在房地产行业的投资规模,只能采用是否进入房地产衡量企业投资决策。另外,企业进入房地产后是否会如预期获取高额回报,获取利润后是否会反哺主业等一系列问题都值得进一步的研究和探讨。
[Abstract]:With the deepening of the reform of housing market - oriented system , in 1998 , the State Council issued a circular on further deepening the reform of urban housing system to speed up the construction of housing .

In recent years , we can see a large number of industrial enterprises entering the real estate industry . In recent years , we can see a large number of industrial enterprises entering the real estate industry . In recent years , we can see a large number of industrial enterprises entering the real estate industry .

Following the observation of economic phenomena , looking for a causal relationship and checking the path of conduction , this paper studies the influence of the rise of housing price on the innovative behavior of industrial enterprises . The paper has 6 chapters , and the main contents of each chapter are as follows :

The first chapter introduces the research background of this paper . Through summing up the phenomena , the paper puts forward the research problems and the research contents , and points out the innovation and deficiency of this paper .

The second chapter is a review of the literature . The literature review includes three parts : First , this article reviews the literature on asset price bubbles and investment and economic growth .
Secondly , this article combs the domestic and foreign literatures related to real estate and economic growth ;
Third , this article reviews the domestic and house price - related research literature .

The third chapter studies the impact of price rise on the innovation behavior of the industrial enterprises . According to the results of the third chapter , we find that the increase of house prices generally depresses the innovation input of enterprises . The results of this chapter also show that the effect of the policy guidance of the local government on the new product development and R & D investment in the large - scale enterprises is relatively small . The results show that the increase in price increases the possibility of new product development and R & D investment in large - scale enterprises . The results show that the increase in price increases the possibility of new product development and R & D investment in large - scale enterprises .

In chapter 4 , the impact of rising prices on non - real estate enterprises entering the real estate industry is studied by using 35 Chinese non - real estate listed companies as samples .

In the fifth chapter , we use the patent data of listed companies to study the effect of enterprises entering real estate on the number of patents . If the price increase causes enterprises to transfer funds to real estate , thus reducing R & D investment , we can expect that the change of housing price will have more negative impact on the development of the real estate enterprises . We use the patent data of listed companies to measure the impact of the change of the house price on the patent output of the real estate enterprises .

The sixth chapter summarizes the full text , illustrates the shortcomings and defects of the study , and points out the further research direction .

However , most of the research is based on the angle of " rise of house prices " , which is mainly based on the angle of " rise of house prices " and discusses the promotion of house price rise to the investment of enterprises .

Although the research and development activities of listed companies are of high academic value , the R & D situation and innovation ability of A - share listed companies in our country are lack of convincing measure . So the other innovation of this paper is that we will first use the more reliable method to calculate the number of patent applications of listed companies and analyze the innovation activities of listed companies as a measure of the degree of innovation .

For example , because of data limitation , we can ' t observe the investment scale of enterprises entering real estate in real estate industry . It can only adopt whether to enter real estate to measure the investment decision of the enterprise . In addition , it is worth further research and discussion whether the enterprises enter real estate after entering the real estate , so as to obtain high returns , and whether the profits will be fed back to the main industry .

【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F299.23;F424.3

【参考文献】