商业研究

商业研究

• 商经理论 • 上一篇    下一篇

房价上涨、企业创新投入及政府补贴的调节作用

陈琛1,2，朱舜楠3   

  1. （1.中山大学 岭南学院，广州 510275；2.前海金融控股有限公司，广东 深圳 518052； 3.清华大学 创新发展研究院，北京 100084）
  • 收稿日期:2017-07-27 出版日期:2017-12-20
  • 作者简介:陈琛（1987-），男，湖北钟祥人，中山大学岭南学院/前海金融控股有限公司联合培养博士后，管理学博士，研究方向：资本市场财务与会计；朱舜楠（1981-），女，辽宁大连人，清华大学创新发展研究院博士后，管理学博士，研究方向：企业战略管理。
  • 基金资助:
    国家自然科学基金重点项目“金融政策对企业投融资行为的影响研究”，项目编号： 71532012。

House Price Rise, Enterprise Innovation Inputs and the Adjustment Function of Government Subsidies

CHEN Chen1,2,ZHU Shun-nan3   

  1. (1.Lingnan College, Sun Yat-sen University, Guangzhou 510275,China; 2.Qianhai Financial Holdings Co., Ltd., Shenzhen 518052,China; 3. Institute for Innovation and Development, Tsinghua University, Beijing 100084, China)
  • Received:2017-07-27 Online:2017-12-20

摘要： 随着传统产业衰退、环境问题日益恶化等现象的出现，创新成为推动经济增长的新引擎，支持创新是政府的基本职责之一。本文运用我国35个大中型城市上市公司2010-2015年数据，检验政府创新补贴、房价上涨与企业创新投入之间的关系。研究表明政府补贴有助于推动企业的创新投入，但是房价的持续上涨会引发“挤出效应”，导致政府创新补贴的促进效应下降；房价上涨的“挤出效应”在国有企业中更为明显，政府补贴在一定程度上能够缓解民营企业在创新方面的融资约束。上述结果表明居高不下的房价在一定程度上抑制了政府补贴对企业创新投入的促进作用，政府在政策干预方面既要加强政策补贴的监管工作、保证创新补贴用到实处，又要运用市场化的手段减少高房价对创新的抑制作用。

关键词: 房价上涨, 政府创新补贴, 企业创新投入

Abstract: With the advent of phenomena like the decline of traditional industries and environment deterioration, innovation has become the new engine to drive economic growth. Supporting innovation is one of the basic duties of government. This paper studies the relations among government innovation subsidies, innovation inputs and house price rise with the listed firms′ data in 35 large and medium-sized cities from 2010 to 2015. The results show that government subsidies are beneficial to innovation inputs, however, the continuous rise of house price will result in the “crowding out effect”, leading to the decline in promoting effect of government innovation subsidy; furthermore, in the case of distinguishing ownership of company, this effect is more obvious in state-owned enterprises; for private enterprises, government subsidies could reduce the financial constraints on innovation in non-state-owned enterprises. The above results show that high house price, to a certain extent, inhibits the promotion of government subsidies to enterprise innovation investment. Accordingly, government should not only strengthen the supervision mechanism to ensure the proper use of subsidies, but also take market-oriented means to reduce the negative effect of high house price on innovation.

Key words: house price rise, government innovation subsidies;enterprise innovation inputs