Abstract：
Previous studies have overlooked the spatial allocation of labor elements brought about by the rise of housing price. In view of this, by adopting a non-equilibrium panel model of enterprise and the data of housing prices in all regions of Shanghai from1997 to 2015 as well as the micro data of Chinese industrial enterprises, this paper empirically studies the influence of the rise of housing price in Shanghai on innovation of industrial enterprises, as well as the mediating effect and threshold effect of labor cost between them. It’s found that the growth of housing prices in Shanghai has a significant negative impact on the innovation of industrial enterprises, and this effect is more remarkable in private enterprises, foreign-funded enterprises and enterprises with less than five years’ history. Labor costs work as a mediating variable and threshold variable in hindering enterprise innovation. In other words, rise of housing price raise labor costs and results in the loss of innovative talents, thereby inhibiting corporate innovation. However, the inhibitory effect only comes into being when the labor cost reaches 5133.70 yuan per month.
ZHU Chen.The Impact of Shanghai Housing Price Growth on Innovation of Industrial Enterprise ——An Reevaluation the Perspective of Labor Cost[J] Economic Survey, 2018,V35(3): 96-102
2018 
