Using exogenous variations in the market value of corporate real estate, this paper investigates whether appreciation of corporate collateral value facilitates innovation. My baseline finding shows that real estate appreciation leads to an increase in innovation quantity as measured by patent productions and in innovation quality as measured by citations per patent, especially when firms are credit constrained. To uncover the underlying channel, I show that real estate appreciation allows additional secured borrowing, which enables firms to increase their innovative investments including internal research and development (R&D), the acquisition of innovative target firms, and corporate venture capital (CVC). Moreover, following real estate appreciation, firms change the trajectory of innovation, as reflected in the patent-filing industries and in the characteristics of acquisitions and CVC investment deals. Finally, I provide evidence that firms that innovate more in response to real estate appreciation tend to have better future financial health and accounting profitability.

本文利用企业房地产市场价值的外生变化，研究企业抵押品价值的升值是否有助于创新。我的基线发现表明，房地产升值会导致以专利生产衡量的创新数量和以每项专利的引用次数衡量的创新质量的增加，尤其是在企业信用受限的情况下。为了揭示潜在渠道，我表明房地产升值允许额外的担保借款，这使公司能够增加创新投资，包括内部研发 (R&D)、收购创新目标公司和企业风险投资 (CVC)。此外，随着房地产升值，企业改变创新轨迹，正如专利申请行业以及收购和 CVC 投资交易的特征所反映的那样。最后，我提供的证据表明，为响应房地产升值而进行更多创新的公司往往具有更好的未来财务状况和会计盈利能力。