Intellectual Property Protection And Enterprise R&D Investment And Performance

The paper takes 228 companies of China?s information technology industry of A shares market as a sample,and the data was from the year of 2008 to the year of 2014.Based on GP index method,combined with the system of enforcement of intellectual property rights in China,the paper sets up the intellectual property protection index,and through empirical test,it shows that: strengthening the protection of intellectual property law enforcement can motivate and increase R&D investment strength of local enterprises.Intellectual property protection mainly affects R&D in two ways,to reduce the spillover effect of R&D activities so as to lock R&D revenue to R&D investment units and to reduce the constraints of external financing.At the same time,when the protection of intellectual property rights gets stronger,R&D investment plays a more obvious role in promoting corporate performance,in other words,there is a synergistic effect between the two.The impact of intellectual property protection on the performance is not linear,but an inverted U relationship.When the level of intellectual property protection is higher than a critical value,the technology innovation level decreased with the strengthening of intellectual property protection efforts;when the level of intellectual property protection is lower than a critical value,the level of technological innovation will be increased with the protection of intellectual property rights.Regions and enterprises with higher levels of protection of intellectual property rights tend to invest more in R&D.However,with the gradual increase of protection,R&D investment will gradually decline after reaching the inflection point.The impact of intellectual property protection on enterprises with different ownerships differ from each other,in case the protection of intellectual property rights is stronger,state-owned enterprises tend to invest more in R&D.This may be due to its more serious policy implications,on the other hand,state-owned enterprises tend to bear more social responsibility.Therefore,in order to increase enterprise R&D investment enthusiasm,as well as to improve the benefits of operating performance to help enterprises to achieve the most,the protection of intellectual property rights should not be too tight or loose.The authorities can give a hand both from the legislation and law enforcement aspects to improve the intellectual property protection system and improve enterprise performance.