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Intellectual property protection and capital allocation efficiency

Author

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  • Li, Rouhui
  • Wang, Yanbo
  • Zheng, Jianwen
  • Wu, Ruijun
  • Li, Xin

Abstract

This study investigates the impact of intellectual property protection on corporate capital allocation efficiency. Using panel data from Chinese A-share non-financial listed enterprises between 2014 and 2022, we find that stronger regional intellectual property protection significantly enhances capital allocation efficiency. Mechanism analysis identifies three main channels: (1) incentivizing increased innovation input; (2) alleviating financial constraint; and (3) attracting analyst attention to improve information transparency. In addition, the positive effects are more pronounced in private enterprises and technology-intensive industries.

Suggested Citation

  • Li, Rouhui & Wang, Yanbo & Zheng, Jianwen & Wu, Ruijun & Li, Xin, 2025. "Intellectual property protection and capital allocation efficiency," International Review of Economics & Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:reveco:v:102:y:2025:i:c:s105905602500509x
    DOI: 10.1016/j.iref.2025.104346
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