The uncertainty of the process and outcome of patent infringement litigation will have a com-plex impact on the market value of patent-intensive enterprises.Based on the panel data of A-share lis-ted companies in Shanghai and Shenzhen involved in patent infringement litigation in patent-intensive fields from 2011 to 2022,this paper explores the influence mechanism of patent infringement litigation status and litigation results on the market value of patent－intensive enterprises,and further reveals the intermediary mechanism played by R&D investment in it.The results show that the signal mecha-nism of patent infringement litigation experience on the market value of the enterprise varies according to the litigation status and litigation results of the enterprise,and the patent litigation experience has a positive effect on the market value of the plaintiff enterprise,but does not reflect the obvious signal effect on the defendant enterprise;the richer the experience of suing and winning the lawsuit,the more conducive it is to the improvement of the market value of the plaintiff enterprise,and the experience of being sued and losing the lawsuit does not affect the market value of the defendant enterprise.R&D in-vestment has a partial mediating effect between the patent infringement lawsuit and the market value of the plaintiff enterprise,but there is no mediating effect between the patent infringement lawsuit and the market value of the defendant enterprise.The research findings provide policy recommendations for listed companies in patent intensive fields on how to utilize and respond to patent litigation in market competition,adjust resource allocation appropriately,and enhance market value of enterprises.
维普
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