小微企业是市场经济的微观基础，其做大做强对我国经济发展和社会稳定有着重要意义。通过匹配中国小微企业调查（CMES）数据和省级房价数据，实证分析房价对小微企业创新的影响效果及作用机制，其结果表明：房价上升能够显著促进小微企业的创新研发活动。此外，房价对小微企业创新研发的影响在企业规模和所处环境、所有者性别和学历水平方面存在明显的异质性。机制分析发现，房价上升通过缓解小微企业融资约束、增加创新研发支出来增强小微企业的创新意愿和创新活力，促进其创新研发。进一步分析发现，房价上升能够显著促进小微企业的自主创新研发活动，且房价与小微企业创新之间呈倒U形关系。上述研究为房价与小微企业创新之间的关系提供了微观层面的经验证据，有助于客观理解房价对小微企业创新的影响，为保障小微企业健康发展提供参考。

Small and micro enterprises are the micro foundation of the market economy, and their enlargement and strengthening are of great significance to China’s economic development and social stability. By matching China’s Micro and Small Enterprises Survey (CMES) data and provincial housing prices data, this paper analyzes the effect of housing prices on the innovation of small and micro enterprises. The empirical results show that housing prices can significantly promote the research and development (R&D) activities of small and micro enterprises. In addition, there is significant heterogeneity in the impact of housing prices on the R&D of small and micro enterprises in terms of enterprise size and the environment in which they are located, gender of the owner and level of education. The mechanism analysis finds that housing prices enhance the innovation willingness and innovation vitality of small and micro enterprises by alleviating their financing constraints and increasing R&D expenditures. Furthermore, housing prices can significantly promote the independent innovation and R&D activities of small and micro enterprises, and there is an inverted U-shaped relationship between housing prices and the innovation of small and micro enterprises. This study provides micro-level empirical evidence of the relationship between housing prices and the innovation of small and micro enterprises, which helps to objectively understand the impact of housing prices on innovation, and provides references to ensure the healthy development of small and micro enterprises.