Intellectual property protection, technological innovation and enterprise value-An empirical study on panel data of 80 advanced manufacturing SMEs

Study the role of intellectual property protection in advanced manufacturing SMEs. Is it to protect the growth of advanced manufacturing SMEs, or to inhibit the growth of SMEs in advanced manufacturing? the paper brings the medium variable - technological innovation to explore acting paths of intellectual property protection in enterprises' value improvement. Through analysis of panel data of 80 SMEs of advanced manufacture collected during the period from 2013 to 2015, Research results show that as for SMEs of advanced manufacture, the inverted-U relationship still exists in the influences brought by intellectual property protection to enterprise values. Meanwhile, U-shaped relations exist between intellectual property protection and technological innovation. Increase of technological innovation investment can promote increase of enterprise values.