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| Research on the Optimal Intensity of Intellectual Property Protection for the Growth of Capital Return |
| Yang Jun1,Zhan Shuqin2,Xiao Mingyue3,Jiang Mobing1 |
| (1.School of Economics and Management, Zhejiang Sci-technology University, Hangzhou 310018,China;2.School of International Finance and Trade, Shanghai Foreign Studies University, Shanghai 200083, China;3.School of Investment and Insurance, Zhejiang Finance Vocational College,Hangzhou 310018, China) |
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Abstract Analyzing the motivation of the change of capital return based on the institutional level is helpful to explore the new driving force of economic growth.This paper measures capital return of 82 countries, and analyses its change mechanism from the perspective of intellectual property protection, conclusions are as follows: there is an optimal intensity of intellectual property protection for the growth of capital return, and the theoretical optimum intensity in developing countries is less than that in developed countries; intellectual property protection in developing countries promotes the capital return in a state far from "optimal intensity", while in developed countries it promotes capital return in a state close to "optimal intensity"; the effect of intellectual property protection is more prominent in developing countries and weakened in developed countries after the financial crisis; mechanisms analysis shows that intellectual property protection promotes capital return by promoting technological innovation.
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Received: 28 April 2020
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