摘 要

企业的科研创新能力是国家宏观科技水平的微观体现，深入研究如何有效促进企业的创新产出，对提升综合国力至关重要。在过去的三十年里，我国房地产行业快速发展，其高额回报率吸引大量非房地产企业进行房地产投资，导致企业的研发投入减少，不利于企业创新和提升自身未来的经营能力。面对这一现象，我们要探究的问题是：非房地产企业持有投资性房地产，是否会抑制企业的创新产出？这种影响在不同异质性特征的企业间是否存在差异？

为探究以上问题，本文以我国A股非房地产上市公司2009年-2017年的数据为样本进行实证研究。在己有研究的基础上，本文加入了异质性特征这一分类条件，分别为：企业的产权性质、企业的决策权配置、企业的融资约束程度。

本文通过OLS模型和分组检验对提出的假设进行了实证探究，并通过PPML方法及更换被解释变量的衡量指标检验了结果的稳健性。进一步研究中，验证了异质性视角下，企业持有投资性房地产对创新的影响在不同样本中的差异。

本文最后得出如下结论：第一，非房地产上市企业持有投资性房地产会显著抑制企业的创新产出。第二，不同产权性质的企业持有投资性房地产均会对创新产生显著的抑制作用，该作用在国有企业与民营企业间的表现没有明显区别。第三，董事长与CEO二职分离的企业持有投资性房地产，会对企业创新产生更加显著的抑制。第四，融资约束程度较低的企业，其创新产出受到持有投资性房地产的影响更加显著。最后，本文根据研究结果，为房地产相关政策合理制定，促进企业创新发展提供了参考建议。

关键词：投资性房地产；企业异质性；企业创新

Abstract

The scientific research and innovation capability of an enterprise is a micro-embodiment of the country's macro-level scientific and technological level. In-depth research on how to effectively promote the innovation output of an enterprise is crucial to enhancing the overall national strength. In the past three decades, my country's real estate industry has developed rapidly, and its high rate of return has attracted a large number of non-real estate companies to invest in real estate, which has led to a reduction in the company's Ramp;D investment, which is not conducive to corporate innovation and enhance their future operating capabilities. Faced with this phenomenon, the question we want to explore is: Will non-real estate companies hold investment real estate, will it inhibit the innovation output of the companies? Does this effect differ between companies with different heterogeneous characteristics?

In order to explore the above problems, this paper uses the data of my country's A-share non-real estate listed companies from 2009 to 2017 as a sample for empirical research. On the basis of our own research, this article adds the classification condition of heterogeneity characteristics, which are: the nature of the property rights of the enterprise, the difference in the allocation of decision-making power of the enterprise, and the difference in the degree of financing constraints of the enterprise.

In this paper, the proposed hypothesis is empirically explored by OLS model and group test, and the robustness of the result is tested by PPML method and replacement of the explanatory variables. In further research, the differences in the impact of investment real estate held by companies on innovation in different samples were verified from the perspective of corporate heterogeneity.

The article concludes with the following conclusions: First, the holding of investment real estate by listed non-real estate companies will significantly inhibit the innovation output of the companies. Second, the holding of investment real estate by companies with different property rights will have a significant inhibitory effect on innovation, and there is no obvious difference between the performance of state-owned enterprises and private enterprises. Third, companies with separate roles of chairman and CEO holding investment real estate will have a more significant effect on corporate innovation. Fourth, for companies with low financing constraints, their innovative output is more significantly affected by holding investment real estate. Finally, based on the research results, this article provides reference suggestions for the rational formulation of real estate-related policies and the promotion of enterprise innovation and development.

Keywords: investment real estate; corporate heterogeneity; corporate innovation

目录

摘要 I

Abstract II

目录

第1章 绪论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.2.1 研究目的 1

1.2.2 研究意义 2

1.3国内外文献综述 3

1.3.1 投资性房地产的相关研究 3

1.3.2 企业创新的相关研究 4

1.3.3 房地产投资对企业创新的影响研究 6

1.3.4 研究现状评述 6

1.4 研究内容与方法 8

1.4.1 研究内容 8

1.4.2 研究方法 8

第2章 理论分析与研究假设 10

2.1 投资性房地产与创新 10

2.2 企业异质性、投资性房地产与企业创新 11

2.2.1 产权性质、房地产投资与企业创新 11

2.2.2 决策权配置、房地产投资与企业创新 12

2.2.3 融资约束、房地产投资与企业创新 12

第3章 研究设计 14

3.1 样本选择与数据来源 14

3.2 变量设计及说明 14

3.3 模型设计与构建 16

第4章 实证检验与结果分析 18

4.1 投资性房地产对企业创新影响的实证检验 18

4.1.1 描述性统计 18

4.1.2 相关性分析 19

4.1.3 回归结果分析 21

4.2 稳健性分析 23

4.3 基于企业异质性的分类分析 25

4.3.1 产权性质、房地产投资与企业创新 25

4.3.2 决策权配置、房地产投资与企业创新 26

4.3.3 融资约束、房地产投资与企业创新 28

4.4 本章小结 30

第5章 结论与建议 31

5.1 研究结论 31

5.2 政策建议 31

5.3 研究不足 32

参考文献 33

致谢 36

第1章 绪论

1.1 研究背景

创新是一国经济高速发展的重要内生驱动力。随着科技水平的不断提高，科技进步对经济的推动作用日益扩大，创新能力己经成为影响一个国家综合实力的关键因素。尤其在当前经济全球化的背景下，提高自身的科技水平对一国未来的发展有着重大作用，人们逐渐认识到，在国家发展和公司成长过程中，如何提高自身的创新实力以实现技术进步最为关键。近年来，我国企业的研发创新活动呈现出平稳的增长趋势，专利产出呈现指数式的快速增长。但与欧美等发达国家相比，我国的创新活动仍处在相对较低的水平。

近年来开始有学者注意到越来越多的企业进入房地产行业，而房地产投资的兴起一定程度上挤占了企业创新资源。尤其在当前，投资实业与投资房地产的利润存在差距。在资本逐利性的驱使下，非房地产企业为获得超额利润，开始持有投资性房地产，致使企业越来越偏离其主营业务。非房地产企业的这种行为对企业的创新活动带来了深刻影响，引起了人们的高度关切。