Research On The Impact Of Intellectual Property Insurance On China’s Enterprise Innovation

China formally introduced intellectual property insurance at the beginning of the21 st century,and has more than ten years of pilot practice experience.In 2015,the central document first proposed the deployment requirements of "accelerating the development of science and technology insurance and promoting the pilot of patent insurance".Since then,the country has gradually attached importance to the protection and development of intellectual property rights.In August 2022,the Action Plan for Improving the Technological Innovation Ability of Enterprises(2022-2023)was issued,aiming to encourage all kinds of enterprises to take scientific and technological innovation as their core competitiveness for development,improve the support for enterprises to carry out innovation activities,accelerate the popularization of intellectual property insurance,and create a good market environment for stimulating the innovation motivation of enterprises.At this stage,the development of intellectual property insurance in China has achieved certain results.More than 40 products have been launched to meet the insurance needs of different enterprises.By the end of 2022,a total of 28000 enterprises nationwide have participated in the pilot work.The coverage of intellectual property insurance business has been widely extended,and it has provided hundreds of billions of yuan of risk protection for nearly 50000 patents,trademarks and other innovative achievements.Intellectual property insurance provides an effective way to resolve the intellectual property risks of enterprises,plays an important role in serving the intellectual property protection needs of the innovation subject and market subject,preventing and sharing the operational risks of intellectual property,effectively protects the R&D activities of enterprises as the innovation subject,provides policy support for enhancing the innovation ability of enterprises,and stimulates the innovation vitality of the whole society.This paper focuses on the impact of intellectual property insurance on enterprise innovation,selects the pilot area of Beijing as the main research object,introduces the pilot projects and the development status quo,and carries out case analysis.On this basis,it points out the problems and shortcomings of the insurance in helping enterprise innovation practice.Then select the relevant listed companies as the research sample,use the double difference estimation model(DID)to carry out empirical tests,and explore the impact of the implementation of intellectual property insurance policy on enterprise innovation from the two levels of innovation input and innovation output.The empirical results show that the implementation of the policy can effectively improve the enthusiasm of enterprises to carry out innovation activities,and the total number of enterprises’ R&D investment and patent stock has significantly increased.Further research on heterogeneity found that the incentive effect of intellectual property insurance on small and medium-sized enterprises,non-state-owned enterprises and manufacturing industry is more significant;The regression results were proved to be robust by using three methods: shortening the sample period,replacing the explained variables,and placebo test.Finally,based on the actual situation and empirical results,this paper puts forward countermeasures and suggestions for promoting the innovation of intellectual property insurance in China from the four aspects of government,insurance companies,enterprises and third-party service institutions.