资本回报率增长的最优知识产权保护强度研究——基于82个国家面板数据的实证

基于制度层面分析资本回报率变动的动因有助于探索经济增长新动力。计算82个国家的资本回报率，并基于知识产权保护视角对其变动机制进行分析，得出以下主要结论：①资本回报率增长存在最优知识产权保护强度，但发展中国家的理论最优强度小于发达国家；②发展中国家知识产权保护以远离最优强度状态促进资本回报率提升，发达国家则以接近最优强度状态促进资本回报率提升；③金融危机后，知识产权保护的促进效应在发展中国家更加明显，在发达国家有所弱化；④机制分析显示，知识产权保护通过促进技术创新提升资本回报率。

Research on the Optimal Intensity of Intellectual Property Protection for the Growth of Capital Return ——The Empirical Study based on Panel Data of 82 Countries

Analyzing the motivation of the change of capital return based on the institutional level is helpful to explore the new driving force of economic growth.This paper measures capital return of 82 countries, and analyses its change mechanism from the perspective of intellectual property protection, conclusions are as follows: there is an optimal intensity of intellectual property protection for the growth of capital return, and the theoretical optimum intensity in developing countries is less than that in developed countries; intellectual property protection in developing countries promotes the capital return in a state far from "optimal intensity", while in developed countries it promotes capital return in a state close to "optimal intensity"; the effect of intellectual property protection is more prominent in developing countries and weakened in developed countries after the financial crisis; mechanisms analysis shows that intellectual property protection promotes capital return by promoting technological innovation.