知识产权保护与企业创新信息困境

Intellectual Property Protection and Information Dilemma of Enterprise Innovation

创新信息是外部信息使用者了解企业真实创新能力与未来价值前景的重要途径,但其高昂的专有成本属性往往会限制企业的披露选择,造成创新信息困境。因此,平衡好企业创新信息披露带来的成本与收益,纾解创新信息困境,具有重要的政策价值。本文立足微观视角,使用省际知识产权保护指数和企业创新文本信息数据,考察了知识产权保护与企业创新信息披露之间的关系。结果表明,知识产权保护能够有效纾解企业创新信息困境,表现为地区知识产权保护越强,企业披露的创新文本信息越充分,在经过工具变量回归、熵平衡法匹配等一系列稳健性检验之后,上述信息纾困效应仍然显著。机制检验表明,知识产权保护可以直接提升企业的信息披露意愿、降低信息披露成本,从而实现信息纾困。进一步分析表明,在信息专有成本较高、私人关系网络强度较低以及投资者信息解读能力较强的企业样本中,上述信息纾困效应更为显著;而相对于司法保护和立法保护,行政保护的信息纾困效应较弱。本文的研究不仅揭示了企业创新过程中容易被忽视的创新信息困境问题,也从知识产权保护这一视角为纾解企业创新信息困境提供了直接的政策性参考。

Innovation information is an important way for external information users to understand the real innovation ability and future value prospect of enterprises, but its high proprietary cost attribute often limits the disclosure choice of enterprises, resulting in the dilemma of innovation information.Therefore, there is important policy value to balance the costs and benefits brought by corporate innovation information disclosure, so as to alleviate the dilemma of innovation information.Based on the micro perspective, using provincial intellectual property protection index and innovation text information data, the article examines the relationship between intellectual property protection and enterprise innovation information disclosure.The results show that external intellectual property protection can effectively alleviate the innovation information dilemma of enterprises, in other words, the stronger regional intellectual property protection, the higher level of enterprise innovation information disclosure, after a series of robustness tests such as instrumental variable regression and entropy balance matching, the above information relief effect is still significant.The mechanism of the above relief effect is that external intellectual property protection can enhance the willingness of enterprises to disclose innovation information and reduce the cost of disclosure effectively.Further tests show that the relief effect is more significant in the enterprise samples with higher information proprietary cost, lower strength of private relationship network and stronger information interpretation ability of investors;Compared with judicial protection and legislative protection, the relief effect of administrative protection is weaker.The research not only reveals innovation information dilemma in the process of innovation, but also provides a certain policy reference for alleviating the dilemma of corporate innovation information from intellectual property protection perspective.