相关论文简介：

　　This paper examines how the appreciation of real estate promotes the firm Research and Development (R&D) investment. Examining U.S. firms between 1993 and 2007, we find that an increase of real estate asset significantly increase R&D investment. Specifically, for every dollar increase in collateral, the average R&D investment increase 7 cents. This effect is more pronounced for financial constrained firms than unconstrained firms. Furthermore, in comparing with other general investment, The R&D investments are found to be more sensitive to the appreciation of the real estates. For every dollar increase in collateral, the R&D has in average 5 cents higher than the general investments. This pattern is more significant and pronounced for the financial constraint firms. The finding support the collateral channels hypotheses that collateral pledging enhances firm`s financial capacity in the presence of contract incompleteness. The results are robust in considering the time variant, endogenous issues and different sample groups.