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企业是技术创新的主体,在中国经济经历快速增长的阶段,中国企业却陷入了“低技术锁定”状态,企业研发创新比例较低,研发创新的投入也低于最优的研发创新规模。同时,住房市场改革以来,中国房价经历了高速增长。泡沫理论表明,高房价既能产生流动性效应,缓解融资约束,促进研发投入,也能产生杠杆效应,挤出研发投资。文章利用匹配的中国工业企业数据和35个大中城市宏观数据,从高房价的视角为我国企业的“低技术锁定”现象提供了一个新的解释。研究显示,在房价增速快、房地产投资回报率高的背景下,企业将资源配置到房地产部门,从而挤出投资风险高、回报周期长的研发投资。房价增速提高1个百分点,研发投入占总资产比重下降0.051个百分点,人均研发投入下降92.03元;房价增速提高1个标准差,企业研发投入占总资产比重和人均研发投入下降幅度将分别达到31.80%和15.50%。政府必须在产业政策和鼓励企业创新等方面做出调整,优化产业环境,以有效引导实体企业投资结构的合理化。
Enterprises are the main body of technological innovation. At the stage of rapid economic growth in China, Chinese enterprises have fallen into the state of “low technology lock-in”. The proportion of R & D innovation in enterprises is low, and the investment in R & D innovation is also lower than the optimal R & D innovation scale . Meanwhile, since the housing market reform, housing prices in China have experienced rapid growth. Bubble theory shows that high housing prices can not only generate liquidity effects, ease financing constraints, and promote R & D investment, but also generate leverage and squeeze R & D investment. The article provides a new explanation for the phenomenon of “low technology lock-in” in Chinese enterprises from the perspective of high housing prices by using the data of Chinese industrial enterprises and macroeconomic data of 35 large and medium-sized cities. Research shows that in the background of rapid growth in house prices and high return on real estate investment, enterprises allocate resources to the real estate sector, thereby squeezing R & D investment with high investment risk and long payback period. The rate of increase of house price increased by 1 percentage point, the proportion of R & D investment in total assets decreased by 0.051 percentage point, and the per capita R & D investment decreased by 92.03 yuan; the rate of house price increase increased by 1 standard deviation; the proportion of R & D investment in total assets and R & Reached 31.80% and 15.50%. The government must make adjustments in industrial policies and encourage enterprises to innovate and optimize the industrial environment so as to effectively guide the rationalization of the investment structure of the entities.