Does real estate bubble affect corporate innovation? Evidence from China.

With the rapid increase of downward pressure on China's economy, the stability of the property market, as an important part of the economic transformation process, also has a far-reaching impact on enterprises' R&D investment. We select the data of Chinese large and medium-sized indust...

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Autores principales:	Chen Wang, Xiaowei Ma, Hyoungsuk Lee, Zhen Chu
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/0ead7e5e22524c629fb77eba8a26ce2e
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spelling	oai:doaj.org-article:0ead7e5e22524c629fb77eba8a26ce2e2021-12-02T20:08:20ZDoes real estate bubble affect corporate innovation? Evidence from China.1932-620310.1371/journal.pone.0257106https://doaj.org/article/0ead7e5e22524c629fb77eba8a26ce2e2021-01-01T00:00:00Zhttps://doi.org/10.1371/journal.pone.0257106https://doaj.org/toc/1932-6203With the rapid increase of downward pressure on China's economy, the stability of the property market, as an important part of the economic transformation process, also has a far-reaching impact on enterprises' R&D investment. We select the data of Chinese large and medium-sized industrial enterprises from 1998 to 2015 as our research sample and propose a new combination measurement model based on closeness degree to measure the real estate bubble level in China accurately. The structural vector autoregressive (SVAR) theory is utilized to empirically test the dynamic relationship between the real estate bubble, corporate liquidity, and R&D investment. The results indicate that the real estate bubble level in China is increasing, and a certain risk of deviating from the safety interval in the future exists; The rapid expansion of the real estate bubble has a continuing negative impact on corporate R&D investment, that is, its "credit mitigation effect" is much smaller than the "capital relocation effect," and industrial enterprises will fall into the so-called "low-tech lock-in" state. In other words, to a certain extent, the development of this kind of real estate bubble will not be conducive to the transformation and upgradation of enterprises and long-term economic growth.Chen WangXiaowei MaHyoungsuk LeeZhen ChuPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 9, p e0257106 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Chen Wang Xiaowei Ma Hyoungsuk Lee Zhen Chu Does real estate bubble affect corporate innovation? Evidence from China.
description	With the rapid increase of downward pressure on China's economy, the stability of the property market, as an important part of the economic transformation process, also has a far-reaching impact on enterprises' R&D investment. We select the data of Chinese large and medium-sized industrial enterprises from 1998 to 2015 as our research sample and propose a new combination measurement model based on closeness degree to measure the real estate bubble level in China accurately. The structural vector autoregressive (SVAR) theory is utilized to empirically test the dynamic relationship between the real estate bubble, corporate liquidity, and R&D investment. The results indicate that the real estate bubble level in China is increasing, and a certain risk of deviating from the safety interval in the future exists; The rapid expansion of the real estate bubble has a continuing negative impact on corporate R&D investment, that is, its "credit mitigation effect" is much smaller than the "capital relocation effect," and industrial enterprises will fall into the so-called "low-tech lock-in" state. In other words, to a certain extent, the development of this kind of real estate bubble will not be conducive to the transformation and upgradation of enterprises and long-term economic growth.
format	article
author	Chen Wang Xiaowei Ma Hyoungsuk Lee Zhen Chu
author_facet	Chen Wang Xiaowei Ma Hyoungsuk Lee Zhen Chu
author_sort	Chen Wang
title	Does real estate bubble affect corporate innovation? Evidence from China.
title_short	Does real estate bubble affect corporate innovation? Evidence from China.
title_full	Does real estate bubble affect corporate innovation? Evidence from China.
title_fullStr	Does real estate bubble affect corporate innovation? Evidence from China.
title_full_unstemmed	Does real estate bubble affect corporate innovation? Evidence from China.
title_sort	does real estate bubble affect corporate innovation? evidence from china.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/0ead7e5e22524c629fb77eba8a26ce2e
work_keys_str_mv	AT chenwang doesrealestatebubbleaffectcorporateinnovationevidencefromchina AT xiaoweima doesrealestatebubbleaffectcorporateinnovationevidencefromchina AT hyoungsuklee doesrealestatebubbleaffectcorporateinnovationevidencefromchina AT zhenchu doesrealestatebubbleaffectcorporateinnovationevidencefromchina
_version_	1718375164059582464

Does real estate bubble affect corporate innovation? Evidence from China.

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