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| Patent Law and Enterprise Innovation: Empirical Research on Listed Company |
| Tian Jun,Ran Zhongming |
| (School of Economics,Nankai University,Tianjin 300071,China) |
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Abstract The improvement of Improvement of the legal systemhas accelerated the development of China's high-quality economy.The relevant legal system reform has improved the innovation output level of enterprises which are in lower financial risk.This paper finds 2009 patent law amendment is a hard-won quasi natural experiment,we established a difference in difference model to empirically examine the causal relationship between law modification and enterprise innovation.The results show that enterprises with lower financial risks have significantly increased output in both quantity and quality.Further analysis shows that the legal change has more obvious acceleration effect on the innovation of enterprises which are with smaller the scale of debt,stronger the solvency,stronger profitability or higher the concentration of ownership.The results of this paper provides empirical evidence for the fourth amendment of patent law that can play a positive and effective role in legal reform,also provides valuable research ideas on how the law modification affects the development of real economy.
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Received: 05 September 2019
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