知识产权司法保护会影响企业研发操纵吗?——基于知识产权法庭的研究视角  

Does judicial protection of intellectual property rights affect corporate R&D manipulation?-a study based on intellectual property courts

作　　者：蔡显军 金宇 张键 CAI Xian-jun;JIN Yu;ZHANG Jian

机构地区：[1]南京审计大学会计学院,江苏南京211815 [2]天津财经大学会计学院,天津300221

出　　处：《东南大学学报(哲学社会科学版)》2025年第2期84-97,147,148,共16页Journal of Southeast University(Philosophy and Social Science)

基　　金：国家社会科学基金青年项目(24CJY043);天津市社会科学基金青年项目(TJGLQN22-003)成果之一。

摘　　要：近年来企业研发操纵行为屡见不鲜,不但会影响盈余质量、扰乱资本市场秩序,更会阻碍企业自主创新能力的提升。基于知识产权法庭这一研究视角,利用2010—2022年上市公司数据,采用多期DID方法,对知识产权司法保护与企业研发操纵的关系进行研究发现,知识产权司法保护能够有效抑制企业的研发操纵行为,这一影响主要通过缓解融资约束、强化外部监督两条机制实现;异质性检验发现,知识产权司法保护对于研发操纵的抑制作用主要在小规模和高新技术企业中更为明显;进一步对经济后果进行研究发现,知识产权司法保护缓解了研发操纵对于专利质量和分析师盈余预测准确性的不利影响。As China’s innovation-driven development strategy deepens,corporate R&D activities have garnered increasing attention.However,instances of R&D manipulation in recent years not only impair earnings quality and disrupt capital market order but also impedes corporate independent innovation capabilities.This study investigates whether judicial protection of intellectual property rights(IPR)—a critical policy to incentivize innovation—can mitigate R&D manipulation.From the perspective of intellectual property courts,we analyze data from Chinese listed companies(2010—2022),using a multi-period difference-in-differences(DID)approach.The findings reveal that judicial IPR protection significantly suppresses R&D manipulation primarily through two mechanisms:alleviating financing constraints and strengthening external oversight.Heterogeneity tests indicate that this inhibitory effect is more pronounced in smaller firms and high-tech enterprises.Further analysis of economic consequences demonstrates that judicial IPR protection mitigates the adverse impacts of R&D manipulation on patent quality and analysts’earnings forecast accuracy.This study not only expands the governance perspective on corporate R&D manipulation but also provides policy insights for scaling up the pilot program of intellectual property courts and empowering corporate innovation.

关 键 词：知识产权法庭 企业研发操纵 专利质量 分析师盈余预测 多期DID 

分 类 号：F273.4[经济管理—企业管理]