倪金兰和荣昭合作的论文“How do housing cycles influence R&D firms’ investment: Evidence from the collateral channel”已经被国际期刊 Economics of Innovation and New Technology正式接受发表。
摘要：Firm innovation is essential to long-run economic growth. Financially constrained R&D firms may use firm-owned properties as collateral to finance their investment projects. Therefore, the housing price cycle can affect firms’ R&D investment through influencing their real estate value. By examining listed R&D firms during the housing boom period 2002-2006, we find that a $1 increase in real estate value leads an R&D firm to increase its total investment by $0.45. We also find that this collateral effect is stronger among financially constrained R&D firms than that among unconstrained ones. Additionally, we examine the housing bust period 2008-2012, and find that real estate depreciation retarded total investment among R&D firms, especially small-sized firms.
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