Intellectual Property Protection,Enterprises’ Innovation And Firm Value

The intellectual property protection system and innovation capabilities have gradually become key factors in the competition of comprehensive national strength.This paper mainly studies the impact of intellectual property protection(IPP)in various provinces of China on the innovation capability and corporate value of listed companies.The research results show that IPP can significantly increase the number and total quality of enterprise innovation,but it has no significant impact on average quality.Further research found that it has different effects on different types of patents,and utility model patents are more affected.Intellectual property protection mainly affects firm value through enterprise innovation.Enterprise innovation can promote the growth of enterprise value,and IPP can enhance this promotion.Through the analysis of heterogeneity,it is found that:(1)non-state-owned enterprises are more affected by IPP and have a stronger willingness to innovate;(2)high-tech industries are more affected,and enterprise innovation is more important;(3)With the growth of enterprise scale,the positive effect of IPP on enterprise innovation is gradually reduced,and the effect of enterprise innovation on the value of medium-sized enterprises is more obvious;(4)IPP can Significantly promoting corporate innovation in the eastern region does not have a significant role in promoting corporate innovation in the central and western regions,and the positive impact of corporate innovation on corporate value gradually decreases.Therefore,we should unswervingly implement the national intellectual property strategy and strengthen law enforcement.However,the formulation of intellectual property protection policies needs to act according to circumstances and create a suitable business environment to stimulate innovation vitality,increase innovation output,and improve innovation quality.