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| Research on the Impact of Housing Price on China’s Manufacturing R&D Investment——Based on the Data of Listed Companies |
| Zhang Yuanyuan1, Xia Ming2 |
1. Guangdong University of Finance,Guangzhou 510521,China;
2. Jiangxi University of Finance and Economics,Nanchang 330013,China |
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Abstract Based on the data of matching listed manufacturing enterprises data and city level data,the paper examines and analyzes the overall impact of housing price on R&D investment in manufacturing industry,intermediary effect and threshold effect.The results show that the overall impact of rising housing price on R&D investment in China's manufacturing industry is restrained.On the whole,the resource allocation effect,the credit mitigation effect and the rent cost effect of housing price is obvious to some extent.And all the above aspects are differences in performance between manufacturing at different technical levels,different regions and different ownership enterprises.In addition,High-level housing price have a greater restraint effect on R&D investment in manufacturing industry.The intermediary effect of housing price is obvious only when it exceed the corresponding threshold.
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Received: 30 July 2019
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2020, Vol. 1 
