期刊论文

High Housing Prices and Enterprise Innovation:Crowding in or Crowding out? ——Measurement and Calculation Based on Bilateral Stochastic Frontier Model

中文

中国软科学

1005-0566

2019

2019

9

150-165

10.3969/j.issn.1002-9753.2019.09.014

国家社会科学基金一般项目(17BJL006)

本校为第一机构

本文以兼具消费品与投资品属性的住房双重属性为基础,从供求两方面详解高房价对企业创新的双边作用机制,基于省级面板数据,利用双边随机前沿模型测算了房价影响企业创新的挤出效应、挤入效应及其净效应。研究结果表明:①房价的挤出效应(27.46%)和挤入效应(18.21%)相互作用最终导致实际企业创新水平低于前沿企业创新水平9.25%;②房价对企业创新影响的净效应为负,房价的挤出效应仍然占主导地位;③基于政府行为角度,从土地供应和金融发展两个层面分析房价对企业创新的异质性影响。结果表明,土地供应量减少强化了房价对企业创新水平的抑制作用,而金融发展水平和金融发展效率提高弱化了房价对企业创新...

Based on the data of large and medium-sized industrial enterprises at provincial level, this paper calculates the crowding in effect and crowding out effect of house prices on enterprise innovation by using the bilateral stochastic frontier model. The results show that the crowding out effect (27. 46%) and the crowding in effect (18. 21%) interact with each other,which leads to the fact that the actual enterprise innovation level is lower than the frontier enterprise innovation level by 9. 25%. The net effect of housing prices on corporate innovation is negative, and has not been significantly...