Housing Prices and Corporate Innovation in China

Wenqing Zhao, Bing Lu and Jianyu Zhang

Journal of Applied Finance & Banking, 2019, vol. 9, issue 3, 2

Abstract: Based on the data of 35 major cities in China, this paper examines the impact of the rising housing prices on the innovation activities of Chinese A-share listed companies. We find that the increase in housing prices significantly inhibit the number of patent applications and the proportion of R&D expenditure of listed corporations. In addition, we further consider the ownership structure, and find that the impact of housing price on corporate innovation is more pronounced in state-owned enterprises. This paper reveals the negative impact of a booming real estate market on the real economy from the perspective of innovation in China. JEL classification numbers：E44 G31 O32Keywords: real estate markets, innovation, hosing price

Date: 2019
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