Research On The Influence Of Intellectual Property Creation Ability On The Growth Of Enterprises

The continuous integration of new technology and business makes the competition between enterprises more intense than ever.Only by growing continuously can enterprises maintain their competitive advantage.In the increasingly complex,dynamic and uncertain business environment,how to maintain the growth of enterprises has always been an important issue for researchers.High and new technology enterprises are the new force to adjust the industrial structure and improve the national competitiveness.They are the important basis for the development of high and new technology industries and have a very important strategic position in China's economic development.In the revolutionary wave of world high-tech development,China must speed up the development of high-tech industry if it wants to catch up with the developed countries as soon as possible.As an important resource to improve the core competitiveness of enterprises,intellectual property rights can enhance the profitability of enterprises and make them have advantage in the capital market.On the theoretical level,this paper proves the correlation between the creation of intellectual property rights and the growth of enterprises through the growth innovation model,and believes that the creation of intellectual property rights can effectively promote the growth of enterprises according to the resource-based view,the theory of enterprise capability and the theory of enterprise growth.This paper also calculates the index of intellectual property creation ability of high-tech enterprises,and describes the differences of intellectual property creation ability of different enterprises by industry and nature.On the empirical level,this paper takes 430 continuously recognized high-tech enterprises in Shanghai and Shenzhen A-share market as samples,uses financial data from 2015 to 2017,uses descriptive statistical analysis,correlation analysis and fixed effect model regression analysis to analyze the impact of intellectual property creation ability of listed high-tech enterprises on the growth of enterprises,and then respectively analyzes the capital structure and shares.This structure,operation ability and government subsidy are threshold variables to further test whether there is a non-linear relationship between the ability to create intellectual property rights and thegrowth of enterprises.Through theoretical analysis and empirical test,we conclude:first,the ability of intellectual property creation of high-tech enterprises is significantly positive related to the growth rate of business income,indicating that enterprises can strengthen the ability of intellectual property creation,and actively carry out intellectual property creation activities can significantly promote the growth of enterprises.From the perspective of the nature of enterprises,the ability of intellectual property creation of state-owned enterprises is higher,which can promote the growth of enterprises.Second,through the threshold effect model,this paper concludes that the impact of intellectual property creation ability of high-tech enterprises on the growth of enterprises is nonlinear.There is no threshold effect of asset liability ratio on the growth of listed high-tech enterprises,and there is no non-linear relationship between them under the influence of capital structure;Third,from the perspective of capital structure,the impact of the first shareholder's shareholding ratio on the relationship between intellectual property creation ability and enterprise growth is significantly promoted on both sides of the threshold value,when the first is the largest.When the proportion of shareholders holding shares is higher than the threshold value,the promotion effect is more obvious;Fourth,the turnover rate of total assets of the enterprise will also affect the promotion effect of intellectual property ability on the growth of the enterprise;Finally,taking the government financial subsidy as the threshold variable,there is the threshold effect of intellectual property creation ability on the growth of the enterprise,the government should control the subsidy within a certain intensity,and optimize the financial subsidy.The promotion of the creation of intellectual property rights to the growth of enterprises.Combined with the above theoretical and empirical analysis,the following policy implications are obtained:(1)strengthen the quality construction of intellectual property;(2)enhance the training and incentive of innovative talents;(3)increase the investment in R&D;(4)optimize their own business situation;(5)reasonable guidance from the government.