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| Has Intellectual Property Protection Improved the Total Factor Productivity of Enterprises?#br#
— A Study Based on Chinese Ashare Listed Companies |
| Zhao Xicang1, Xu Liang1, Luo Yusen2 |
| 1. School of Finance and Economics; 2. School of Management, Jiangsu University, Zhenjiang 212013, China |
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Abstract Based on the panel data of Chinese Ashare listed companies from 2000 to 2021, this paper constructs a twoway fixed effect model to test the impact and mechanism of intellectual property protection on the total factor productivity of enterprises. The results show that intellectual property protection plays a significant role in promoting the total factor productivity of enterprises, and this conclusion is still valid after a series of robustness tests and endogenous tests. The analysis of the impact mechanism shows that independent innovation and foreign technology spillovers are important intermediary pathways for intellectual property protection to boost the growth of the total factor productivity of enterprises. The results of heterogeneity analysis show that the impact of intellectual property protection on the total factor productivity of enterprises varies with industries, scales, and ownership types. The research reveals the improvement effect and impact path of intellectual property protection on the total factor productivity of enterprises, and provides decisionmaking reference for improving intellectual property strategy and promoting highquality development of enterprises.
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