当前，中国实体企业利润持续收窄，实体企业纷纷转向投资房地产。本文发现：地方政府经济考核压力以及财政需求，是驱动实体企业进行房地产投资的重要因素。此外，宽松的货币供给，银行业和资本市场的偏好，为从事地产投资的实体企业提供了充足的金融资源，进一步推动了实体企业强化房地产投资的强度。从实体企业房地产投资影响技术创新的传导机制来看，本文发现：房地产投资活动具有明显的”挤占效应“，而无法对企业的资源起到”挤入“的功效。本文基于“驱动—传导”机制，对“实体企业房地产投资—技术创新”活动进行了全面的实证检验。

At present, the profits of China's entity enterprises continue to narrow, and entity enterprises have turned to invest in real estate. This paper finds that the pressure of local government's economic assessment and financial demand are important factors to drive real estate investment. In addition, the loose money supply and the preference of banking and capital market provide sufficient financial resources for the real estate investment entities, which further promote the real estate enterprises to strengthen the intensity of real estate investment. From the perspective of the transmission mechanism of real estate investment on technological innovation, this paper finds that real estate investment activities have obvious "crowding in effect", but can not "crowd in" the resources of enterprises. Based on the "drive conduction" mechanism, this paper makes a comprehensive empirical test on the activity of "real estate investment technological innovation of entity enterprises".

国家自然科学基金 “银行债务契约、财务报告质量与企业投资效率” ( 项目号: 71072103) 和教育部人文社会科学研究规划“去杠杆影响企业风险承担的经济后果、机制路径及优化策略研究”(批准号: 19YJA630093);中央高校基本科研业务费专项资金 “环境不确定性、成本粘性与企业盈余质量研究” (项目批号:2016VI005) 教育部人文社会科学研究青年“上市公司市值管理行为异化现象的诱因与监管对策研究”(项目编号:19YJC630096)；中央高校基本科研业务费专项资金“微观去杠杆与企业风险承担研究”(项目编号:4130000182))