产权保护水平的动态性与企业创新

产权保护为企业创新效率提供了制度基础.相比已有静态性的分析视角,通过《物权法》改革这条主线,在动态性视角下考察产权保护水平对企业创新行为的影响.研究发现,《物权法》实施后,随着产权保护水平的提高,企业的创新活动显著增强,企业的专利数量和质量均显著增加.《物权法》对企业创新行为的促进作用在低市场化进程地区、无政治关联企业以及非国有企业中更为显著.在"法与金融"的研究框架内,从产权保护水平的动态性视角,为企业创新行为提供了合理的解释.物权法的实施进一步发挥了市场在资源优化配置的基础性作用,规范市场经济的民法体系,同时,保护了债权人的利益,促进了外部融资的增长,优化了资源配置效率.研究结论有助于我们正确认识和理解《物权法》实施的政策效果.同时,对于产权保护水平如何影响企业财务行为决策具有重要的政策启示.

Dynamic Nature of Property Protection and Enterprise Innovation

Property protection provides an institutional base for the efficiency of enterprise innovation. Different from the ex-isting static analysis,this paper examines under dynamic perspective the impact of dynamic nature of property protection upon en-terprise innovation behavior mainly based on China's Property Law reform. We find that with the improvement of the property pro-tection after the implementation of Property Law,there is a more significant increase in enterprise innovation,with an obvious in-crease of patents in quality and quantity. The Property Law has a more significant function in promoting the enterprise innovation in the areas with low marketization,in the enterprises with no political connection and in the non-state-owned enterprises. This paper provides a reasonable explanation to enterprise innovation behaviors from the dynamic perspective of property protection within the research framework of"Law and Finance". The implementation of"Property Law"further strengthens the fundamental role of market in the optimized allocation of resources, which regulates the civil law system in market economy. Meanwhile, it protects the creditors'rights and interests,promotes the growth of external financing and optimizes the efficiency of resources allo-cation. The conclusion can help us to recognize and understand correctly the effect of Property Law after its implementation. Meanwhile,it has the important policy implication to the issue how property protection will influence the financial behavior in en-terprise decision-making.