Intellectual Property Protection,Financing Constraints And Enterprise R&D Investment

At present,the total amount of R&D investment and the intensity of R&D investment are increasing in China,but it still has large differences between China and advanced countries.The financing constraint is one of the main factors that affect the R&D investment,and how to alleviate the financing constraint is very important for firms to promote R&D investment and improve the innovation.At the same time,IPR(intellectual property)protection can alleviate financing constraints by solving the information asymmetry between investors and R&D investment companies.Therefore,intellectual property protection can have an impact on R&D investment by easing enterprise financing constraints(enhancing enterprise external financing capabilities).This paper aims to study the relationship between intellectual property protection,financing constraints and R&D investment and how IPR protection affects R&D investment by easing financing constraints.Base on summarizing the previous literature,firstly,this paper puts forward three hypotheses of the relationship between intellectual property protection,financing constraints and R&D investment.Secondly,appropriate variables are chose to construct the FCI(financing constraint index by Logistic regression method.Thirdly,the Micro-Data of Shanghai and Shenzhen A-share main board from 2008 to 2016 was used as the basic sample,and the relationship between financing constraints and R&D investment was analyzed by using multiple linear regression model.On this basis,this paper introduces the interaction items of intellectual property protection variables,financing constraints,and intellectual property protection and financing constraints into the measurement model to test whether intellectual property protection can promote R&D investment by easing financing constraints.Finally,this paper classifies the samples according to different scale,different equity properties,and high-tech enterprises,and empirically examines the heterogeneous influence of intellectual property protection and financing constraints on the investment in R&D of enterprises.The results show that:(1)Intellectual property protection has a positive correlation with R&D investment,indicating that strengthening intellectual property protection can promote R&D investment.(2)Financing constraints are negatively related to R&D investment,that is,the higher the degree of financing constraints,the weaker the intensity of firm's R&D investment.(3)The coefficient of the interaction between intellectual property protection and financing constraints is significantly positive,indicating that intellectual property protection can increase the R&D investment of enterprises by easing financing constraints.(4)Intellectual property protection has a significant positive correlation with R&D investment of small-scale enterprises,and financing constraints has a significant negative correlation with R&D investment;For large companies,neither relationship is significant.There is a significant negative correlation between the financing constraints and the R&D investment of private enterprises,and it is not significant with the R&D investment of state-owned enterprises and foreign enterprises.Intellectual property protection has a significant positive relationship with R&D investment of state-owned enterprises and foreign enterprises,and has no significant relationship with R&D investment of private enterprises.The relationship between financing constraints and R&D investment of high-tech enterprises is not significant,and the relationship between IPR protection and R&D investment is significantly positive.