知识产权保护能够促进数字创意企业创新投资吗?——基于融资约束与公司治理视角

Can intellectual property protection promote innovation investment in digital creative enterprises?In the perspective of financing constraint and corporate governance

基于外部性理论和委托代理理论,以2015—2017年沪深A股数字创意产业上市公司为研究样本,实证分析了知识产权保护对创新投资的影响,并进一步探究融资约束和公司治理的调节作用。研究发现,知识产权保护能显著促进数字创意企业的创新投资,且对民营企业的促进效应更为显著,融资约束会抑制知识产权保护对创新投资的促进作用,高管货币薪酬激励在知识产权保护与创新投资之间起正向调节作用,高管股权激励与董事会监督则起负向调节作用。结论丰富了数字创意企业创新投资的相关研究,为政府完善制度建设、企业提升治理水平提供了理论依据。

Based on externality theory and principal-agent theory,and a case study of A-share listed companies in digital creative industry in Shanghai and Shenzhen Stock Exchanges from 2015 to 2017,this paper empirically analyzes the impact of intellectual property protection on innovation investment,and further explores the regulating effect of financing constraint and corporate governance.The study finds that intellectual property protection can significantly promote the innovation investment in digital creative enterprise,and the promoting effect on private enterprise is more significant.Financing constraint will inhibit the promoting effect of intellectual property protection on innovation investment.Monetary salary incentive for executives has a positive regulating effect between intellectual property protection and innovation investment,and there exists a negative regulating effect in equity incentive for executives and board supervision.The conclusion enriches the relevant researches on innovation investment in digital creative enterprise,and provides a theoretical basis for the government to perfect the system construction and the enterprise to improve the governance level.