Intellectual Property Protection and Enterprise Total Factor Productivity—Evidence from Intellectual Property Demonstration City Construction
Drawing on the research data of A-share listed enterprises in Shanghai and Shenzhen from 2009 to 2019,and taking the implementation of intellectual property demonstration city construction policy as a quasi-natural experiment,this paper constructs a gradual difference-in-differences(DID)model to investigate the impact of intellectual property protection on enterprise total factor pro-ductivity and its mechanism.The results show that intellectual property demonstration city construction is helpful to improve enterprise total factor productivity,and this result is robust.From the perspective of influence channels,intellectual property demonstration city construction can increase enterprise R&D investment and innovation output,optimize enterprise human capital structure,reduce enter-prise institutional transaction costs,and further improve enterprise total factor productivity.The heterogeneity results show that the posi-tive impact of different batches of intellectual property demonstration city on enterprise total factor productivity shows a change trend of"falling first and then rising",and the policy effect is more obvious in the eastern region,innovative enterprises and non-state-owned enterprises.Further research shows that the stronger the governance capacity of local governments,the better the business environment and the more sufficient the supply of intellectual property system,the more can strengthen the positive externality effect of intellectual property demonstration city construction.
intellectual property protectionintellectual property demonstration city constructionenterprise total factor produc-tivityChina puzzle
NETL
NSTL
万方数据
