知识产权保护与企业全要素生产率——来自知识产权示范城市建设的证据

Intellectual Property Protection andEnterprise Total Factor Productivity—Evidence from Intellectual Property Demonstration City Construction

本文利用中国2009—2019年沪深A股上市企业研究的数据,以知识产权示范城市建设政策作为准自然实验,采用渐进性双重差分模型检验知识产权保护对企业全要素生产率的影响及其作用机理。研究结果表明,知识产权示范城市建设对企业全要素生产率具有显著的正向促进作用。从影响渠道看,知识产权示范城市建设能够增加企业研发投入和创新产出、优化企业人力资本结构、降低企业制度性交易成本,进而促进企业全要素生产率的提升。通过异质性检验发现,不同批次知识产权示范城市对企业全要素生产率的正向影响呈“先降后升”的变化趋势,且政策效应在东部地区、创新型企业以及非国有企业中更为明显。进一步研究表明,地方政府治理能力越强、营商环境建设越优、知识产权制度供给越充分,越能强化知识产权示范城市建设的正外部性效应。

Drawing on the research data of A-share listed enterprises in Shanghai and Shenzhen from 2009 to 2019,and taking the implementation of intellectual property demonstration city construction policy as a quasi-natural experiment,this paper constructs a gradual difference-in-differences(DID)model to investigate the impact of intellectual property protection on enterprise total factor productivity and its mechanism.The results show that intellectual property demonstration city construction is helpful to improve enterprise total factor productivity,and this result is robust.From the perspective of influence channels,intellectual property demonstration city construction can increase enterprise R&D investment and innovation output,optimize enterprise human capital structure,reduce enterprise institutional transaction costs,and further improve enterprise total factor productivity.The heterogeneity results show that the positive impact of different batches of intellectual property demonstration city on enterprise total factor productivity shows a change trend of“falling first and then rising”,and the policy effect is more obvious in the eastern region,innovative enterprises and non-state-owned enterprises.Further research shows that the stronger the governance capacity of local governments,the better the business environment and the more sufficient the supply of intellectual property system,the more can strengthen the positive externality effect of intellectual property demonstration city construction.