知识产权示范城市对风险投资活动的影响研究

The Impact of Establishing Intellectual Property Model City on Venture Capital

从制度环境的视角出发,以知识产权示范城市政策为准自然实验,运用多时点双重差分模型考察加强知识产权保护对风险投资的影响。研究结果表明:知识产权示范城市的设立显著促进了当地风险投资的发展,知识产权示范城市的设立主要是通过提升创新能力和激发创业活力这两个机制对风险投资产生影响。异质性检验结果显示,该促进效果在人力资本丰富和信用环境良好的城市中更为突出。示范城市成功吸引了更多市场化投资机构的进入,获得了更多联合投资的资金支持。同时,知识产权示范城市还具有明显的空间溢出效应,对相邻城市的风险投资活动产生了积极影响。据此,应进一步加强知识产权保护,深入实施知识产权示范城市政策,重视高素质的人力资本培养和信用环境建设,充分利用示范城市的积极溢出效应,促进风险投资高质量发展。

This paper utilizes the policy of"National Intellectual Property Model Cities"as a quasi-natural experiment and employs a multi-period difference-in-differences model to investigate the impact of strengthened intellectual property protection on venture capital.The research reveals that the establishment of model cities significantly accelerates the growth of local venture capital.The mechanism analysis indicates that robust intellectual property protection effectively enhances regional innovation capacity,stimulates entrepreneurial enthusiasm,thereby boosting the vibrancy of venture capital.This promotional effect is more pronounced in cities with abundant human capital and a favorable credit environment.Model cities attract more market-oriented investment institutions,and accept more capital from syndicated joint investments.Moreover,they create positive spatial spillover effects,influencing the development of venture capital in neighboring cities.Based on the above research findings,when nurturing the growth of venture capital,it is imperative to emphasize the crucial role of intellectual property protection systems,prioritize the accumulation of human capital,foster a favorable credit environment,and fully harness the positive spillover effects emanating from model cities.