Can Intellectual Property Strategy Promote the High-Quality Development of Enterprises?A Quasi-Natural Experiment Based on China's Intellectual Property Model Cities
Can intellectual property strategy effectively support the high-quality development of enterprises?This is important to enable the high-quality development of enterprises by optimizing the business environment in the context of China's intellectual property power.The policy of intellectual property model city(IPMC)is to elevate the construction of the intellectual property system to the urban development strategy,and comprehensively promote the creation,application,protection,management,and service of intellectual property in cities.Taking the policy of IPMC as a quasi-natural experi-ment,it is of significance to expand the theoretical research and empirical evidence of the construction of IPMC and the high-quality development of enterprises by introducing the intellectual property strategy for policy effect evaluation at the enterprise level.Analyze the relationship between the policy content of IPMC and the high-quality development of enterprises embodying the new development concept based on the property rights theory.The intermediary mechanism is analyzed based on endogenous growth theory,financial repression theory,and transaction cost theory.Based on the sample of China's Shanghai and Shenzhen A-share listed enterprises from 2010 to 2019,the high-quality development index of enter-prises is measured according to the new development concept of innovation,coordination,green,openness and sharing,and the impact of intellectual property strategy on the high-quality development of enterprises is verified by multi-period difference-in-difference model.The results show that the policy of IPMC has a significantly positive effect on the high-quality development of enterprises,and it passed parallel trends,placebos,and other robustness tests.The promotion effect has lag effects and long-term effects.The policy of IPMC promotes the high-quality development of enterprises by stimulating technological innovation,easing financing constraints,and reducing institutional transaction costs.At the enter-prise level,it has a significant promoting effect on non-state-owned enterprises,but not on state-owned enterprises.It has a significant promoting effect on the enterprises that implement the organizational political strategy,but no significant ef-fect on the enterprises that do not implement it.At the location level,it has a significant promoting effect on enterprises in coastal areas,but not in inland areas.In the government-business relationship,compared with low close and low clean government-business relationship,the enterprises belonging to high close and high clean government-business relationship have a greater promoting effect.The research conclusions have the following implications.First,further in-depth construction of IPMC,expand the scale of the demonstration,and at the same time,pay attention to smooth and enhance the efficiency of the path to pro-mote high-quality development of enterprise.The government should strengthen the strategic guidance of enterprise in-novation to stimulate technological innovation,optimize the intellectual property financial service support system to ease financing constraints,strengthen the efficiency of intellectual property work and vigorously support the development of the patent trading service industry to reduce institutional transaction costs.Second,improve the mechanism of selection,dynamic supervision,incentive,and withdrawal of IPMC,consolidate the position of state-owned enterprises in economic development,enhance the competitive position of non-state-owned enterprises in the market,encourage enterprises to implement the organizational political strategy,provide more space for enterprise development for different periods,owner-ship,and political strategy.Third,the focus for the creation of IPMC will remain on the coastal areas.Take full use of the location and economic advantages of the coastal areas to obtain efficient IPMC,and its plays the role of radiation,demon-stration,and driving effects to promote the development of inland enterprises.Fourth,accelerate the construction of a new type of government-business relationship and optimize the business environment,to provide institutional guarantees for effectively playing the policy effect of IPMC.
high-quality development of enterprisesintellectual property model citytechnological innovationfi-nancing constraintsinstitutional transaction costs
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