上海财经大学学报（哲学社会科学版）
上海財經大學學報（哲學社會科學版）
상해재경대학학보（철학사회과학판）
Journal of Shanghai University of Finance and Economics
2015年
5期
44-56
,共13页
低技术锁定%研发%创新%房价
低技術鎖定%研髮%創新%房價
저기술쇄정%연발%창신%방개
low technology lock-in%research and development%innovation%housing price
企业是技术创新的主体，在中国经济经历快速增长的阶段，中国企业却陷入了“低技术锁定”状态，企业研发创新比例较低，研发创新的投入也低于最优的研发创新规模。同时，住房市场改革以来，中国房价经历了高速增长。泡沫理论表明，高房价既能产生流动性效应，缓解融资约束，促进研发投入，也能产生杠杆效应，挤出研发投资。文章利用匹配的中国工业企业数据和35个大中城市宏观数据，从高房价的视角为我国企业的“低技术锁定”现象提供了一个新的解释。研究显示，在房价增速快、房地产投资回报率高的背景下，企业将资源配置到房地产部门，从而挤出投资风险高、回报周期长的研发投资。房价增速提高1个百分点，研发投入占总资产比重下降0.051个百分点，人均研发投入下降92.03元；房价增速提高1个标准差，企业研发投入占总资产比重和人均研发投入下降幅度将分别达到31.80%和15.50%。政府必须在产业政策和鼓励企业创新等方面做出调整，优化产业环境，以有效引导实体企业投资结构的合理化。
企業是技術創新的主體，在中國經濟經歷快速增長的階段，中國企業卻陷入瞭“低技術鎖定”狀態，企業研髮創新比例較低，研髮創新的投入也低于最優的研髮創新規模。同時，住房市場改革以來，中國房價經歷瞭高速增長。泡沫理論錶明，高房價既能產生流動性效應，緩解融資約束，促進研髮投入，也能產生槓桿效應，擠齣研髮投資。文章利用匹配的中國工業企業數據和35箇大中城市宏觀數據，從高房價的視角為我國企業的“低技術鎖定”現象提供瞭一箇新的解釋。研究顯示，在房價增速快、房地產投資迴報率高的揹景下，企業將資源配置到房地產部門，從而擠齣投資風險高、迴報週期長的研髮投資。房價增速提高1箇百分點，研髮投入佔總資產比重下降0.051箇百分點，人均研髮投入下降92.03元；房價增速提高1箇標準差，企業研髮投入佔總資產比重和人均研髮投入下降幅度將分彆達到31.80%和15.50%。政府必鬚在產業政策和鼓勵企業創新等方麵做齣調整，優化產業環境，以有效引導實體企業投資結構的閤理化。
기업시기술창신적주체，재중국경제경력쾌속증장적계단，중국기업각함입료“저기술쇄정”상태，기업연발창신비례교저，연발창신적투입야저우최우적연발창신규모。동시，주방시장개혁이래，중국방개경력료고속증장。포말이론표명，고방개기능산생류동성효응，완해융자약속，촉진연발투입，야능산생강간효응，제출연발투자。문장이용필배적중국공업기업수거화35개대중성시굉관수거，종고방개적시각위아국기업적“저기술쇄정”현상제공료일개신적해석。연구현시，재방개증속쾌、방지산투자회보솔고적배경하，기업장자원배치도방지산부문，종이제출투자풍험고、회보주기장적연발투자。방개증속제고1개백분점，연발투입점총자산비중하강0.051개백분점，인균연발투입하강92.03원；방개증속제고1개표준차，기업연발투입점총자산비중화인균연발투입하강폭도장분별체도31.80%화15.50%。정부필수재산업정책화고려기업창신등방면주출조정，우화산업배경，이유효인도실체기업투자결구적합이화。
Enterprises are the main parts of innovation.In the stage of quick economic growth,Chinese enterprises have fallen into the status of “low technology lock-in”:the ratio of industrial enterprises taking part in the innovation activity to the total industrial enterprises re-mains low and R&D input is under the optimal level.Meanwhile,China’s housing prices have experienced rapid growth since the housing reform in 1 998.Bubble theory reveals that housing price growth has two effects on corporate investment:on the one hand,liquidity effect could re-lease financial constraints,and thus promote investment;on the other hand,leverage effect could crowd out investment.This paper uses Chinese industrial enterprises data combining with macro data of 35 large and medium-sized cities to provide a novel explanation for the phenomenon of“low technology lock-in”in Chinese enterprises from a perspective of high housing prices.The empirical results reveal that in the background of quick housing prices growth and high returns of real estate investment,enterprises allocate resources to the real estate sectors,thereby crowding out R&D investment with high-level risks and long return cycle.The increase in growth rate of housing prices by 1% leads to the reduction in the ratio of R&D investment to total assets by 0.05 1% and R&D investment per capita by 92.03 yuan.Moreover,the increase in growth rate of housing prices by one standard error results in the reduction in the ratio of R&D investment to total assets by 31.80% and R&D investment per capita by 15.50%.It implies that governments should make adjustment of industrial policies and the encouragement of enterprise innovation and optimize industrial environment to effectively guide the rationalization of enterprises’investment structure.
