HOW DO HOUSING PRICES AFFECT A CITY'S INNOVATION CAPACITY? THE CASE OF CHINA
利用269个中国城市的面板数据，研究了房价对城市创新能力的影响，发现房价通过吸引人才和增加财政收入促进创新，但也通过吸引资金进入房地产市场和抑制居民消费阻碍创新。
Using panel data from 269 Chinese cities, this study examined the impact of housing prices (HP) on cities’ innovation capacity (IC) in China. Firstly, a fixed effect model was used to analyze the effect of HP on cities’ IC in China, revealing that HP positively impacts cities’ IC. Next, several robustness tests were conducted to verify the finding’s reliability. Thirdly, the analysis empirically tested mediating mechanisms between HP and cities’ IC in China. The results show that, on the one hand, higher HP can improve cities’ IC by attracting talents and stimulating the growth of local fiscal revenue. On the other, increasing HP can inhibit cities’ IC in China by attracting funds into the real estate market and impeding residents’ consumption ability. Finally, the heterogeneous nature of the HP–IC link in China was further explored. This study’s results provide recommendations for the government of China on how to promote cities’ innovation performance.