House Price, Financing Constraints and Industrial Enterprise Innovation—— From the Perspective of the Decomposition of Economic Fundamentals and Bubbles of House Prices

Abstract

Abstract: From the perspective of the decomposition of the economic fundamentals and bubbles of house prices, this paper examines how house price affects industrial enterprise innovation. On the whole, the rise of urban house prices has an obviously negative impact on enterprise innovation. The “capital redistribution effect” of house prices is stronger than the “mortgage guarantee effect”. The bubble of house prices is the main driving force of house prices’ negative impact on enterprises’ innovation, while the rise of house prices which can be explained by the economic fundamentals has a positive impact on enterprise innovation. Further studies show that, compared with non-state-owned enterprises and SMEs, the negative impact of rising house price and house price bubbles on enterprise innovation for state-owned enterprises and large enterprises are significantly weaker. The results of mechanism discussion show that the crowding-out effect of real estate investment on enterprise innovation is an important intermediary channel for house prices to affect enterprise innovation. The rising of house price and house price bubbles increase the proportion of real estate investment, which leads to the inflow of capitals to the real estate market. This would squeeze out the capital otherwise available to enterprises and ultimately inhibit enterprises’ innovation.

Key words: house price, economic fundamentals, house price bubbles, enterprise innovation

An Lei, Li Boyang, Shen Yue. House Price, Financing Constraints and Industrial Enterprise Innovation—— From the Perspective of the Decomposition of Economic Fundamentals and Bubbles of House Prices[J]. Management Review, 2022, 34(8): 92-107.

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