Judicial Protection of Intellectual Property Rights and Bond Financing Costs:Evidence from the Establishment of Intellectual Property Courts
Taking the establishment of the Intellectual Property Court in Beijing,Shanghai,and Guangzhou in 2014 as an exogenous shock,and leveraging corporate bond data from Shanghai and Shenzhen A-share listed companies issued between 2008 and 2021,a difference-in-differences model is constructed to explore corporate bond financing costs.The research finds that companies affected by the establishment of intellectual property courts experience a reduction in bond financing costs compared to unaffected companies.This dampening effect is primarily observed in companies with higher supply chain concentration,intense industry competition and higher R&D intensity.Mechanism analysis reveals that the establishment of intellectual property courts primarily reduces bond financing costs through two channels:decreasing low-quality innovation and reducing corporate default risks.The findings suggest that the establishment of intellectual property courts incentivizes companies to reduce low-quality innovation and stimulate market innovation vitality.It can also aid in optimizing the legal and market environment for direct financing.
judicial protection of intellectual property rightsbond financing costsinnovation qualitydefault risk
万方数据
