Do Stronger Patents Stimulate or Stifle Innovation? The Crucial Role of Financial Development
研究发现专利保护对创新的影响取决于研发企业面临的信贷约束，且金融发展能放松信贷约束从而促进创新，专利保护在金融发展水平较高时更可能产生积极效果。
Abstract This study explores the effects of patent protection in a research and development (R&D)‐based growth model with financial frictions. We find that whether stronger patent protection stimulates or stifles innovation depends on credit constraints faced by R&D entrepreneurs. When credit constraints are nonbinding (binding), strengthening patent protection stimulates (stifles) R&D. The overall effect of patent protection on innovation follows an inverted‐U pattern. By relaxing the credit constraints, financial development stimulates innovation. Furthermore, patent protection is more likely to have a positive effect on innovation under a higher level of financial development. We consider cross‐country panel regressions and find supportive evidence for this result.