Research on the Effect of National Intellectual Property Advantage Enterprise Identification on Enterprise Market Value
Based on the data of Chinese A-share listed companies,this study uses the multi-time point difference in difference method to test the effect of national intellectual property advantage en-terprises identification on the enterprises market value.It shows that national intellectual property ad-vantage enterprises identification significantly improves the enterprises market value,which is mainly achieved by increasing equity financing,promoting technological innovation and reducing the institu-tional transaction costs.According to the sub-sample regression,the value enhancement effect of na-tional intellectual property advantage enterprises identification is more obvious in non-state-owned en-terprises,growing enterprises and areas with higher intellectual property protection level.Further a-nalysis shows that the national intellectual property advantage enterprises identification has significant industrial demonstration effect.In addition,compared with the national intellectual property demonstration city construction,national intellectual property advantage enterprises identification has a more significant effect on the enterprises market value,and the two policies have produced the synergistic effect.
national intellectual property advantage enterprise identificationenterprise market valuehigh-quality development
万方数据
维普
