Intellectual Property Cultivation,Risk Disclosure,and Firm Value:Evidence from the National Intellectual Property Advantage Demonstration Enterprise Cultivation Program
In 2013,the State Intellectual Property Office implemented"the National Intellectual Property Advan-tage Demonstration Enterprise Cultivation Program".Research has shown that selected enterprises significantly in-creased their own value after undergoing related intellectual property cultivation efforts.Even after addressing endogene-ity issues through instrumental variable methods,the study's conclusions remain valid.Specifically,the instrumental variables used were the interaction between the implementation of the 2018"Intellectual Property Certification Manage-ment Measures"and the provincial intellectual property protection index.Mechanism analysis results indicate that intel-lectual property cultivation significantly promotes the enhancement of firm value by encouraging firms to disclose risk information,which is crucial for formulating corresponding policies in China.Heterogeneity analysis reveals that the ef-fects of intellectual property cultivation policies are mainly observed in high-tech industries and small and medium-sized enterprises(SMEs),as they have a higher reliance on intellectual property.Further research has found that corporate reputation and research and development intensity play moderating roles.In summary,these research findings provide policy recommendations for China to further strengthen its intellectual property-related initiatives.
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