知识产权保险、融资约束与企业创新战略——基于科技型企业的准自然实验

Intellectual Property Insurance, Financing Constraints and Enterprise Innovation Strategy:A Quasi-natural Experiment Based on Technology Enterprises

知识产权保险试点政策的实施保护企业的知识产权成果,那么会对企业的创新战略有何影响呢?基于此,对2007—2020年我国沪深科技型上市公司进行研究,研究结果显示,知识产权保险对科技型企业创新战略有持续显著的正向影响,且融资约束发挥部分中介效应。进一步研究发现,知识产权保险会激励科技型企业采取探索式创新战略,而后基于企业产权性质和行业竞争视角,研究得出非国有科技型企业和行业竞争较大的科技型企业会更倾向于采取创新战略。

The implementation of the intellectual property insurance pilot policy has protected the intellectual property achievements of enterprises, so what impact will it have on the innovation strategy of enterprises? Based on this,this paper studies China’s Shanghai and Shenzhen technology enterprises from 2007 to 2020. The results show that intellectual property insurance has a significant positive impact on the innovation strategy of technology enterprises,and financing constraints play a part of the intermediary effect. Further research found that intellectual property insurance will encourage technology enterprises to adopt exploratory innovation strategies, and then based on the nature of corporate property rights and the perspective of industry competition, the study concluded that non-stateowned technology companies and technology enterprises with greater industry competition are more inclined to adopt exploratory innovation strategies.