员工购房压力与企业高质量发展

——基于全要素生产率的经验证据

尚 铎¹　王永贵²　原东良³　黄鑫凤¹

（1.北京科技大学；2.浙江工商大学；3.兰州大学）

内容提要：员工作为企业创新的核心驱动力，其购房压力已成为影响企业高质量发展的重要因素。现有研究揭示了购房压力对员工个人行为模式的影响，但对购房压力如何影响企业高质量发展的内在机制探讨尚显不足。本文以2010—2023年沪深两市A股上市公司为样本，研究发现员工购房压力抑制了企业高质量发展。机制检验结果表明，员工购房压力通过降低公司创新质量阻碍企业高质量发展。交互效应检验结果表明，与周围城市的地理距离放大了员工购房压力的负面影响；住房公积金缴纳比例缓解了员工购房压力的负面影响。异质性分析结果表明，员工购房压力对企业高质量发展的影响在高学历和高技术员工比例较高的企业、处在竞争激烈行业和制造业的企业更为突出，而在成长期、成熟期的大规模企业中得到缓解。本文从企业高质量发展角度为员工购房压力的负面经济后果提供了证据，为上市公司提升员工福祉、推动经济高质量发展提供了决策参考。

关键词：员工购房压力；企业高质量发展；公司创新；地理距离；住房公积金；全要素生产率

作者简介：尚铎，北京科技大学经济管理学院讲师，北京，100083；王永贵，浙江工商大学工商管理学院教授、博士生导师，杭州，310018；原东良，兰州大学管理学院研究员，通信作者，兰州，730000；黄鑫凤，北京科技大学经济管理学院硕士研究生。

基金项目：国家自然科学基金重点项目“数字化背景下的企业定制化战略研究”（72032004）；国家自然科学基金青年科学基金项目“ESG评级事件与企业资源配置效率的关系研究：影响机制、边界条件与经济后果”（72302014）；国家自然科学基金青年科学基金项目“同群企业数智化溢出效应及其对焦点企业融通创新的影响研究”（72402085）

引用格式：尚铎,王永贵,原东良,等.员工购房压力与企业高质量发展——基于全要素生产率的经验证据[J].经济与管理研究,2025,46(4):117-133.

Employee Housing Purchase Pressure and High-quality Development of Enterprises

—Empirical Evidence from TFP

SHANG Duo¹, WANG Yonggui², YUAN Dongliang³, HUANG Xinfeng¹

(1. University of Science and Technology Beijing, Beijing 100083;

2. Zhejiang Gongshang University, Hangzhou 310018;

3. Lanzhou University, Lanzhou 730000)

Abstract: Employees, as the core driving force of corporate innovation, are facing increasing housing purchase pressure (HPP), which has become a crucial factor that affects the high-quality development of enterprises. While existing research has highlighted the impact of HPP on employees’ individual behavioral patterns, the internal mechanism by which HPP affects the high-quality development of enterprises remains insufficiently explored. Therefore, this paper selects A-share non-financial listed enterprises in Shanghai and Shenzhen stock exchanges from 2010 to 2023 to explore the constraints on the high-quality development of enterprises and examine the specific impact of employee HPP on the high-quality development of enterprises and its mechanisms.

By measuring high-quality enterprise development through total factor productivity (TFP) regression models, the findings are as follows. First, employee HPP inhibits the high-quality development of enterprises. Second, the decline in corporate innovation quality is a critical mechanism through which HPP restricts the high-quality development of enterprises. Third, the inhibitory effect is exacerbated by geographical distance from surrounding cities, but mitigated by the housing provident fund deposit ratio. Fourth, enterprises with a high proportion of highly educated and high-skilled employees, or those operating in highly competitive industries or the manufacturing sector, exhibit a more pronounced inhibitory effect. However, for enterprises in the growth or maturity stage, and especially those of a larger scale, this inhibitory effect is significantly alleviated.

This paper presents evidence on the negative economic consequences of employee HPP from the perspective of enterprise high-quality development, providing valuable references for enterprises to enhance employee welfare and promote high-quality development. For the government, it is necessary to build a unified housing rental trading service platform, strengthen market supervision, and continuously deepen the reform of the housing provident fund system. For enterprises, they can fully utilize policy support to actively explore diverse housing solutions. For employees, it is essential to reexamine traditional housing purchase concepts and enhance career planning awareness.

The contributions of this paper are threefold. First, it expands the research scope of employee HPP from individual psychology to business management, enriching the economic consequences of employee HPP. Second, it enriches the connotation of high-quality development from the perspective of corporate innovation quality. Third, it reveals the influencing mechanism and tests the interaction effects of geographical distance and housing provident fund deposit ratio, providing empirical evidence to promote high-quality development of enterprises.

Keywords: employee housing purchase pressure; high-quality development of enterprises; corporate innovation; geographical distance; housing provident fund； total factor productivity

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