This paper constructs a model of collaborative innovation among technology, institution and financeto measure the synergy degree of 29 provinces and cities. Official provincial-level panel data from 2011-2017for 29 provinces are utilized. We find that there is a great difference in the synergy degree among differentregions because of the uneven distribution of financial resources in the region. Then the synergy degree of 29provinces and cities in China is regarded as an important variable in the fixed-effects model. The primaryfinding is that the degree of collaborative innovation among technology, institution and finance can positivelyaffect China’s economic growth. If the degree of collaborative innovation increase by 1%, and the GDP percapita will also increase by about 0.009%-0.016%. However, the domestic loan index of real estate enterpriseshas a negative impact on the per capita GDP. Then we get the conclusion that collaborative innovation will beeffective for China’s high-quality economic growth and suggest that government should use macro control toreduce capital’s preference for real estate investment especially by strengthening direct financial innovation tosupport technological innovation.
The Dynamic Relationship between Real Estate Investment and Economic Growth: Evidence from Prefecture City Panel Data in China