摘要
金融发展、房地产投资占比和技术创新,成为落实中国创新驱动发展战略的重要问题。研究三者关系对于提高金融资源配置效率、引导房地产行业健康增长、鼓励技术创新具有重要意义。本文将金融发展、房地产投资占比和技术创新纳入同一理论框架,并基于中介效应模型和门槛效应模型进行实证研究。研究发现:以银行为主导的金融格局使金融资源逐渐向房地产投资倾斜,存在"金融发展→技术创新"的直接促进效应和"金融发展→房地产投资占比→技术创新"的遮掩效应,直接效应和遮掩效应均存在显著的区域异质性特征;在不同的房地产投资水平下,金融发展对技术创新的作用不同,表现出边际效率递减的非线性特征,这种非线性关系在东中西部地区所表现的形式也不相同。
Financial developments,the proportion of real estate investment,and technological innovation have become important issues in implementing China’s innovation-driven development strategy.Studying the relationship between the three is of great significance for improving the efficiency of financial resource allocation,guiding the healthy growth of the real estate industry,and encouraging technological innovation.This article puts financial development,real estate investment ratio,and technological innovation into the same theoretical framework,and conducts empirical research based on the mesomeric effect model and threshold effect model.The study found that the financial structure dominated by banks has gradually tilted financial resources toward real estate investment,and there are significant regional heterogeneity characteristics in both direct effects and concealment effects.Under different levels of real estate investment,financial development has different effects on technological innovation,showing a non-linear characteristic of diminishing marginal efficiency.This non-linear relationship takes different forms in the eastern,central,and western regions.
出处
《价格理论与实践》
北大核心
2019年第12期92-95,共4页
Price:Theory & Practice
基金
金融发展、房地产投资对产业结构升级的影响研究(19CJRJ06).
关键词
金融发展
房地产投资占比
技术创新
遮掩效应
门槛效应
Financial development
Real estate investment ratio
Technological innovation
Concealment effect
Threshold effect
作者简介
通讯作者:周婧琳。
