Innovation policy and firm patent value: evidence from China
This study aims to contribute to the empirical literature that evaluates the impact of the Science & Technology (S&T) Outline, a Chinese innovation policy implemented in 2006, measured by the scale of patent value. We first create a comprehensive patent valuation model (CPVM), derived from t...
Main Authors: | , , , , |
---|---|
Format: | Article |
Language: | English |
Published: |
Taylor & Francis Group
2021-08-01
|
Series: | Ekonomska Istraživanja |
Subjects: | |
Online Access: | http://dx.doi.org/10.1080/1331677X.2021.1970607 |
id |
doaj-be7b2330c3aa4bd9a75a291f731bbe6b |
---|---|
record_format |
Article |
spelling |
doaj-be7b2330c3aa4bd9a75a291f731bbe6b2021-09-06T13:15:31ZengTaylor & Francis GroupEkonomska Istraživanja1331-677X1848-96642021-08-010013010.1080/1331677X.2021.19706071970607Innovation policy and firm patent value: evidence from ChinaAiting Xu0Caijuan Cheng1Keyang Qiu2Xiaoxu Wang3Yuhan Zhu4School of Statistics and Mathematics, Zhejiang Gongshang UniversitySchool of Statistics and Mathematics, Zhejiang Gongshang UniversitySchool of Statistics and Mathematics, Zhejiang Gongshang UniversitySchool of Statistics and Data Science, Nankai UniversitySchool of Statistics and Mathematics, Zhejiang Gongshang UniversityThis study aims to contribute to the empirical literature that evaluates the impact of the Science & Technology (S&T) Outline, a Chinese innovation policy implemented in 2006, measured by the scale of patent value. We first create a comprehensive patent valuation model (CPVM), derived from the extended patent renewal model and a variety of feature indices, to measure a firm’s patent value. From a database with over 700,000 Chinese patents from 1985 to 2013, we find that the patent value increases after the release of the S&T Outline, and the scale of patent value after 2006 is about 26.52 times more than that before 2006. Further, we use a quasi-difference in differences (DID) model to estimate the growth effect caused by the innovation policy. The results indicate that the S&T Outline had a significant effect on the promotion of patent value, in industries with high patent intensity. Considering the lag effect of the S&T Outline, we construct innovation correlation networks to visualise and compare its promotion effect. We find that regional networks have a gathering tendency after policy implementation, while industrial networks have a decentralising tendency.http://dx.doi.org/10.1080/1331677X.2021.1970607innovation policypatent valuecomprehensive patent valuation modelquasi-difference in differences modelinnovation correlation network |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Aiting Xu Caijuan Cheng Keyang Qiu Xiaoxu Wang Yuhan Zhu |
spellingShingle |
Aiting Xu Caijuan Cheng Keyang Qiu Xiaoxu Wang Yuhan Zhu Innovation policy and firm patent value: evidence from China Ekonomska Istraživanja innovation policy patent value comprehensive patent valuation model quasi-difference in differences model innovation correlation network |
author_facet |
Aiting Xu Caijuan Cheng Keyang Qiu Xiaoxu Wang Yuhan Zhu |
author_sort |
Aiting Xu |
title |
Innovation policy and firm patent value: evidence from China |
title_short |
Innovation policy and firm patent value: evidence from China |
title_full |
Innovation policy and firm patent value: evidence from China |
title_fullStr |
Innovation policy and firm patent value: evidence from China |
title_full_unstemmed |
Innovation policy and firm patent value: evidence from China |
title_sort |
innovation policy and firm patent value: evidence from china |
publisher |
Taylor & Francis Group |
series |
Ekonomska Istraživanja |
issn |
1331-677X 1848-9664 |
publishDate |
2021-08-01 |
description |
This study aims to contribute to the empirical literature that evaluates the impact of the Science & Technology (S&T) Outline, a Chinese innovation policy implemented in 2006, measured by the scale of patent value. We first create a comprehensive patent valuation model (CPVM), derived from the extended patent renewal model and a variety of feature indices, to measure a firm’s patent value. From a database with over 700,000 Chinese patents from 1985 to 2013, we find that the patent value increases after the release of the S&T Outline, and the scale of patent value after 2006 is about 26.52 times more than that before 2006. Further, we use a quasi-difference in differences (DID) model to estimate the growth effect caused by the innovation policy. The results indicate that the S&T Outline had a significant effect on the promotion of patent value, in industries with high patent intensity. Considering the lag effect of the S&T Outline, we construct innovation correlation networks to visualise and compare its promotion effect. We find that regional networks have a gathering tendency after policy implementation, while industrial networks have a decentralising tendency. |
topic |
innovation policy patent value comprehensive patent valuation model quasi-difference in differences model innovation correlation network |
url |
http://dx.doi.org/10.1080/1331677X.2021.1970607 |
work_keys_str_mv |
AT aitingxu innovationpolicyandfirmpatentvalueevidencefromchina AT caijuancheng innovationpolicyandfirmpatentvalueevidencefromchina AT keyangqiu innovationpolicyandfirmpatentvalueevidencefromchina AT xiaoxuwang innovationpolicyandfirmpatentvalueevidencefromchina AT yuhanzhu innovationpolicyandfirmpatentvalueevidencefromchina |
_version_ |
1717779422096916480 |