The Non-linear Effect Of Patent Technology Layout On Enterprise Value:Moderate Effect Of Institution

In recent years,the number of domestic patents in China has enjoyed geometric growth,triggering the "patent bubble","patent garbage" question,and "patent paradox" conflict.This paper combines the institutional theory and patent strategy theory,focusing on the Chinese institutional environment,and discusses the value of patent strategy,that is,patent technology layout(the deepth of patent technology layout and the width of patent technology layout)——and its' impact on the market value of the enterprise,as well as the value of formal system(intellectual property protection)and informal system(political ties).Based on the panel data of China's high-tech enterprises from 2002 to 2010,using software of SPSS18.0?EVIEWS 8.0?STATA12.0,the paper get some results by applying descriptive statistical analysis,fixed-effect regression model,robustness test and other methods of empirical research:(1)Patent technology layout-The effect of the deepth of patent technology layout and the width of patent technology layout have different effects on the enterprise value.The deepth of patent technology layout has an inverted U-shaped relationship with firm value.Further,the the width of patent technology layout has a U-shaped relationship with firm value.(2)The paper finds that intellectual property protection weakens the inverted U-shaped relationship between the deepth of patent technology layout and enterprise value.But it not adjusted U-shaped relationship between the width of patent technology layout and enterprise value.(3)Political ties strengthens the inverted U-shaped relationship between the deepth of patent technology layout and enterprise value.and it weakens the linear effect of the the width of patent technology layout on enterprise value,it does not moderate the curvilinear effect of the level of the width of patent technology layout on enterprise value.The research of this paper has theoretical and practical significance.Theoretically,on the one hand,it expands the strategic value theory of patent technology layout.On the other hand,based on China's emerging market and the transitional economy system scenario,it is helpful to deepen the localization of patent strategy theory by the research of patent strategy value.In practice,the conclusion of this study is not only conducive to the practice of patent technology layout,so as to enhance the enterprise value and its competitive advantage,but also useful to provide policy reference for our government to enhance innovation ability.