Abstract This study investigates the effects of bank equity connections and intellectual property protection on enterprises’ innovation behavior, and the regulating effect of intellectual property protection on the relationship between bank equity connections and innovation. In general, bank equity connections and intellectual property protection not only significantly increase innovation input, but also improve innovation performance. However, the efficiency of bank equity connections is influenced by the heterogeneity of enterprises and the value orientation of the subjects. Bank equity connections have a more significantly positive effect on innovation in private and central enterprises, whereas the principal-agent problem and government intervention may weaken the marginal contribution of bank equity connections to the innovation of local state-owned enterprises. Bank equity connections and intellectual property protection are complementary in promoting enterprise innovation. Not only are the combined effects of bank equity connections and intellectual property protection greater than the individual effects, but when the latter is relatively weak, the former’s positive effect on innovation is obviously weakened and may even crowd out innovation.

中文翻译：

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银行股权关系，知识产权保护和企业创新–银行所有权视角

摘要研究了银行股权关系和知识产权保护对企业创新行为的影响，以及知识产权保护对银行股权关系和创新之间关系的调节作用。一般而言，银行股权关系和知识产权保护不仅可以大大增加创新投入，而且可以提高创新绩效。但是，银行股权连接的效率受到企业异质性和主体价值取向的影响。银行股权关系对私营企业和中央企业的创新具有更显着的积极影响，委托代理问题和政府干预可能会削弱银行股权连接对地方国有企业创新的边际贡献。银行股权联系和知识产权保护是促进企业创新的补充。银行股权联系和知识产权保护的综合作用不仅大于个人作用，而且当后者相对薄弱时，前者对创新的积极作用明显减弱，甚至可能挤出创新。