Abstract
Inovation is the source power of enterprise development. In recent years, under the double squeeze of overcapacity and insufficient consumption, the phenomenon of industrial enterprises keen on real estate investment has become increasingly prominent. Based on Shanghai and Shenzhen two city industry listed companies in 2012-2021 data sets, using fixed effect model to estimate and mixed regression model to the regression analysis found that the enterprise of real estate investment will form apparent extrusion, the resources available to the enterprise, in turn, the impact of risk degree of stability of the enterprise, is not conducive to enterprise's own technology innovation investment. At the same time, using the proportion of academic directors among independent directors as a moderating variable, it is found that academic independent directors can inhibit industrial enterprises from investing in real estate.
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