Housing prices and corporate innovation in China

Housing prices and 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.
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Housing prices and corporate innovation in China