知识产权保险与企业战略激进度——兼议融资约束的中介作用

本文选取2009—2020年我国沪深A股上市公司作为研究样本，采用多时点DID模型、平行趋势检验、安慰剂检验考察知识产权保险对企业战略激进度的影响，进而按照净利润、新增投资支出和机构投资者持股的分类进行异质性分析，并利用逐步回归法兼议融资约束的中介作用。经验证据表明：知识产权保险可以提高企业战略激进度，且知识产权保险会对净利润较多的企业、新增投资支出较多的企业以及机构投资者持股比例较低的企业具有更显著的影响。进一步研究发现，知识产权保险在一定程度上缓解了企业的融资约束困境，进而在影响企业战略激进度中起到中介作用。

Intellectual property Insurance and Corporate Strategic Radicalism: A Discussion on the mediating effect of financing constraints

This paper selects Shanghai and Shenzhen A-share listed companies in China from 2009 to 2020 as research samples, and adopts multi-point DID model, parallel trend test and placebo test to investigate the impact of intellectual property insurance on corporate strategic radicalism, and then conducts heterogeneity analysis according to the classification of net profit, new investment expenditure and shareholding of institutional investors. Stepwise regression is also used to discuss the mediating effect of financing constraints. Empirical evidence shows that intellectual property insurance can improve the strategic radicalization degree of enterprises, and intellectual property insurance has a more significant impact on enterprises with more net profits, enterprises with more new investment expenditures, and enterprises with lower shareholding ratio of institutional investors. Further research shows that intellectual property insurance alleviates the financing constraint dilemma of enterprises to some extent, and then plays an intermediary role in influencing the strategic radicalization degree of enterprises.