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The impact of patent protection and financial development on industrial R&D

机译：专利保护和金融发展对工业研发的影响

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摘要

Stronger protection of patent rights is thought to spur innovation through securing returns to R&D investments. Those investments must be financed, however, suggesting that the responsiveness of R&D to patent reforms varies with financial development levels. We examine the joint impact of domestic and international financial-market development and patent protection on R&D intensities in 22 manufacturing industries in 20 OECD countries for the period 1990-2009. We show that stronger patent rights increase R&D intensities in patent-intensive industries, accounting for the need for external financing and the amount of tangible assets. The primary impact varies across types of financial development: patent protection raises R&D in high-patent industries where countries have more limited equity and credit markets. In contrast, in countries with more developed bond markets industry R&D is more sensitive to patent rights. Interestingly, patent rights in countries that are more exposed to foreign direct investment increase R&D intensities at all levels of financial development.
机译：人们认为，加强专利权保护可以通过确保研发投资的回报来刺激创新。但是，必须对这些投资进行融资，这表明研发对专利改革的反应能力随金融发展水平的不同而不同。我们研究了1990-2009年间，国内外金融市场发展和专利保护对20个经合组织国家22个制造业的研发强度的共同影响。我们发现，更强的专利权会增加专利密集型产业的研发强度，这需要外部融资和有形资产的数量。主要的影响因金融发展的类型而异：专利保护提高了国家和地区拥有有限的股权和信贷市场的高专利行业的研发能力。相反，在债券市场发达的国家，研发对专利权更加敏感。有趣的是，在那些更容易受到外国直接投资影响的国家，专利权增加了金融发展各个层面的研发强度。

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  • 来源
    《Research policy》 |2019年第1期|355-370|共16页
  • 作者

    Keith E. Maskus; Sahar Milani; Rebecca Neumann;

  • 作者单位

    Department of Economics, University of Colorado at Boulder;

    Department of Economics, St. Lawrence University;

    Department of Economics, University of Wisconsin at Milwaukee;

  • 收录信息 美国《科学引文索引》(SCI);美国《工程索引》(EI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    RD; Financial development; Patent protection;

    机译：研发;金融发展;专利保护;

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