Abstract:
This paper attempts to quantify the value of intellectual property protection (IPP) in China by incorporating IPP factors in the “knowledge stock” evaluation model developed by Griliches (1981). We construct IPP indicators from dimensions of legislative protection, judicial protection and administrative protection at the provincial level and match with patent stock data of listed companies to conduct empirical analysis. The results show that: 1. the stock market value of each patent is approximately 6.85 million yuan, and the value of Invents is significantly higher than that of utility models and designs; 2. one percent improvement of IPP is associated with 1.28, 0.1 and 0.15 million yuan increase in the value of Invent, utility model and design, respectively; 3. judicial protection is more important than legislative protection in enhancing patent values, but the effect of administrative protection remains unclear; 4. patent values of non-SOEs and high-tech firms are more sensitive to the level of IPP. Our findings remain robust to sample sensitivity tests and 2SLS regressions using education information of directors of provincial Intellectual Property Office as instrument variables.
龙小宁, 易巍, 林志帆. 知识产权保护的价值有多大？——来自中国上市公司专利数据的经验证据[J]. 金融研究, 2018, 458(8): 120-136.
LONG Xiaoning, YI Wei, LIN Zhifan. How Valuable is Intellectual Property Right Protection?:Empirical Evidence from Patent Data of China Listed Companies. Journal of Financial Research, 2018, 458(8): 120-136.
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