Innovation policy and firm patent value: evidence from China

Aiting Xu, Caijuan Cheng, Keyang Qiu, Xiaoxu Wang and Yuhan Zhu

Economic Research-Ekonomska Istraživanja, 2022, vol. 35, issue 1, 2615-2644

Abstract: 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.

Date: 2022
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DOI: 10.1080/1331677X.2021.1970607

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