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| Performance Expectation Surplus, Intellectual Property Protection and Innovation Investment |
| Jiang Yan,Jin Siyao |
| (Business School，Xiangtan University，Xiangtan 411005，China) |
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Abstract This paper studies the innovative behavior of merit companies, explores the situational effect of the nature of property rights and the protection of intellectual property, and answers the question that enterprises follow "comfortable" or "enterprising" behavior after making profits.The study based on the data of the A-share listed companies from 2011 to 2017 shows that the performance expectation surplus can significantly inhibit the innovation investment of enterprises, especially in state-owned enterprises.It means that the innovation of merit companies tends to the "comfortable" behavior after making profits.Meanwhile, we find that the protection of intellectual property can promote enterprise innovation investment and reduce the negative?impact of performance expectation surplus on enterprise innovation investment with the implementation of innovation-driven development strategy and the improvement of intellectual property protection system in China .Furthermore, the stronger protection of intellectual property can promote the mechanism’s effect more effectively to guide merit private companies from "comfortable" to "enterprising" after making profits.This study demonstrates the importance of optimizing the legal environment for scientific and technological innovation in the process of cultivating merit enterprises as innovative leading enterprises.
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Received: 03 December 2019
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