知识产权培育、风险信息披露与企业价值——来自国家知识产权优势示范企业培育计划的证据

Intellectual Property Cultivation,Risk Disclosure,and Firm Value:Evidence from the National Intellectual Property Advantage Demonstration Enterprise Cultivation Program

国家知识产权局2013年实施了“知识产权优势示范企业培育计划”,经研究发现入选企业在经过相关的知识产权培育工作后,显著地提升了自身价值。在经过工具变量法处理内生性问题后,该研究结论仍然成立,具体来说工具变量是2018年《知识产权认证管理办法》的实施与各省知识产权的保护指数的交乘项。机制分析的结果发现,知识产权培育能够显著促进企业价值提升的原因是在于促使企业披露风险信息,这对于我国制定相应政策具有重要意义。异质性分析的结果发现,知识产权培育政策的作用主要存在于高科技行业企业和中小企业,因为它们对于知识产权的依赖程度更高。进一步研究发现,企业的商誉以及研发强度都具有调节作用。总之,这些研究结论为我国进一步加强知识产权的相关工作提供了政策建议。

In 2013,the State Intellectual Property Office implemented“the National Intellectual Property Advantage Demonstration Enterprise Cultivation Program”.Research has shown that selected enterprises significantly increased their own value after undergoing related intellectual property cultivation efforts.Even after addressing endogeneity 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 Management Measures”and the provincial intellectual property protection index.Mechanism analysis results indicate that intellectual 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 effects 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.