Intellectual property protection, R&D investment and digital technology innovation: An empirical study based on the revision of the patent law

Abstract

The refinement and sophistication of legal frameworks have consistently served as a pivotal driving force behind technological innovation within enterprises. We use the exogenous impact of the 2009 revision of the patent law to analyze the impact of the improvement of intellectual property protection on the digital technology innovation of listed companies. The results of difference-difference regression show that the revision of the law can significantly improve the digital technology innovation performance of listed companies. This is more pronounced in the eastern region, where financing constraints are lower and high-tech firms are lower. Mechanism analysis shows: Changes to the law can enable companies to increase R&D spending and R&D personnel investment, which in turn can improve performance.

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