The Impact of Establishing Intellectual Property Model City on Venture Capital
This paper utilizes the policy of"National Intellectual Property Model Cities"as a quasi-natural experiment and employs a multi-period difference-in-differences model to investigate the impact of strengthened intellectual property protection on venture capital.The research reveals that the establishment of model cities significantly accelerates the growth of local venture capital.The mechanism analysis indicates that robust intellectual property protection effectively enhances regional innovation capacity,stimulates entrepreneurial enthusiasm,thereby boosting the vibrancy of venture capital.This promotional effect is more pronounced in cities with abundant human capital and a favorable credit environment.Model cities attract more market-oriented investment institutions,and accept more capital from syndicated joint investments.Moreover,they create positive spatial spillover effects,influencing the development of venture capital in neighboring cities.Based on the above research findings,when nurturing the growth of venture capital,it is imperative to emphasize the crucial role of intellectual property protection systems,prioritize the accumulation of human capital,foster a favorable credit environment,and fully harness the positive spillover effects emanating from model cities.
intellectual property model citiesventure capitalinnovation capacityentrepreneurship
万方数据
维普
