摘要
本文利用中国A股上市公司数据,基于多时点双重差分方法,分析了房住不炒政策的企业创新效应及其作用机制与异质性特征。研究结果显示,房住不炒政策的实施显著促进了企业创新,但这一效应仅在供给端调控政策中显著。房住不炒政策的创新提升作用会通过减少房地产投资、提高研发资本投入、强化冗余资源储备和提升产出效率四种渠道实现,并进一步推动了企业全要素生产率的实质性改进。另外,房住不炒政策对创新的作用效果在不同企业特征、不同行业特点以及不同外部环境中存在差异。
Based on the data of China's A-share listed companies,this paper analyzes the effect,mechanism and heterogeneity of the policy pinpointing“houses are for living in,not for speculation”on corporate innovation with difference-in-difference method.The results show that:the implementation of the policy significantly promotes corporate innovation,but this effect is only significant in supply-side regulatory policies.Mechanism analysis shows that the innovative effect of the policy is mainly achieved through reducing real estate investment,improving R&D capital investment,enhancing slack resource pool and promoting output efficiency,which further promotes companies'TFP.Heterogeneity analysis finds that the effect of the policy on corporate innovation is different in different corporate characteristics,in different industry characteristics,and in different external environments.
作者
周建军
孙倩倩
鞠方
ZHOU Jianjun;SUN Qianqian;JU Fang(School of Finance and Statistics,Hunan University;Business School,Nanjing University)
出处
《经济理论与经济管理》
CSSCI
北大核心
2023年第12期4-18,共15页
Economic Theory and Business Management
基金
国家社科基金重点项目“产业结构与房价的互动机制及其对经济增长的影响研究”(23AJL013)的阶段性成果。
关键词
房住不炒
创新
房地产市场调控
效率
houses are for living in
not for speculation
innovation
regulation of the real estate market
efficiency
