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...

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Main Authors: Aiting Xu, Caijuan Cheng, Keyang Qiu, Xiaoxu Wang, Yuhan Zhu
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
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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
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