技术创新驱动中国经济高质量发展，加大创新投入是企业提高技术创新能力的重要途径，但创新活动存在外部性和信息不对称问题，导致企业创新动力易受到外部环境的影响。为了引导企业加大研发投入，需要不断完善知识产权保护制度。那么知识产权保护能否起到促进企业创新投入的作用，创新活动中的融资约束是否会影响知识产权保护与企业创新投入之间的关系？以上问题有待做进一步的理论分析和实证检验。

    鉴于此，本文对相关文献进行梳理，结合外部性理论、信息不对称理论、技术创新相关理论和资源基础理论，对知识产权保护、融资约束和企业创新投入间的关系进行理论分析。然后，以2015-2020年我国A股创业板上市公司为研究对象，运用线性回归、门槛效应模型等方法对三者的关系进行探讨，并进一步分析了三者的关系在企业所处的行业集中度、区域对外开放程度、区域金融发展水平不同时是否有差异的问题。

    研究结果表明：（1）知识产权保护与当期、下一期企业创新投入均呈显著正相关关系。（2）融资约束与当期、下一期企业创新投入均呈显著负相关关系。（3）融资约束负向调节知识产权保护与企业创新投入间的正向关系，即融资约束会削弱知识产权保护对企业创新投入的促进效果。同时，本文研究还发现，融资约束对企业创新投入的作用过程中存在着基于知识产权保护的单门槛效应，门槛值为0.0203，即当某地区知识产权保护低于门槛值时，该地区企业融资约束对企业创新投入的负面影响更大，当某地区知识产权保护高于门槛值时，该地区企业融资约束对企业创新投入的负面影响相对降低。（4）按行业集中度分组，低行业集中度组知识产权保护能显著促进企业创新投入，高行业集中度组知识产权保护未能显著促进企业创新投入，同时，低行业集中度组的融资约束显著负向调节知识产权保护与企业创新投入间的正向关系，削弱了知识产权保护效果，而高行业集中度组融资约束对知识产权保护的削弱效果不显著。（5）按区域对外开放度分组，低对外开放度组、高对外开放度组的知识产权保护均能显著促进企业创新投入，但高对外开放度组的促进效果更强，同时，高对外开放度组的融资约束显著负向调节知识产权保护与企业创新投入间的正向关系，削弱了知识产权保护效果，而低对外开放度组融资约束对知识产权保护的削弱效果不显著。（6）按区域金融发展水平分组，高金融发展水平组的知识产权保护能显著促进企业创新投入，低金融发展水平组的知识产权保护未能显著促进企业创新投入，同时，低金融发展水平组的融资约束显著负向调节知识产权保护与企业创新投入间的正向关系，削弱了知识产权保护效果，而高金融发展水平组融资约束对知识产权保护的削弱效果不显著。

    最后根据实证结论，提出政府继续健全知识产权保护体系、加强创新资源的扶持和监管、上市公司应积极响应国家创新支持政策、形成良好的商业信誉降低创新融资难度、吸纳创新人才，培育创新进取的企业文化等对策建议。

    Technological innovation drives the high-quality development lor='red'>of China's economy, and increasing innovation input is an important way for enterprises to improve their technological innovation ability. However, there are externalities and information asymmetry in innovation activities, which make enterprises' innovation motivation susceptible to external environment. In order to guide enterprises to increase R&D investment, it is necessary to constantly improve the intellectual property rights protection system. Then can intellectual property rights protection play a role in promoting enterprise innovation input? Will financing constraints in innovation activities affect the relationship between intellectual property rights protection and enterprise innovation input? The above problems need to be further theoretical analysis and empirical test.

    In view lor='red'>of this, this paper combs the relevant literature and theoretically analyzes the relationship among intellectual property rights protection, financing constraints and firm innovation input by combining externality theory, information asymmetry theory and resource-based theory. Then, based on the 2015-2020 a-share listed companies as the research object lor='red'>of the gem in our country, using the linear regression, the threshold effect model method to explore the relationship between the three, and further analyzes the concentration in different industry, opening to the outside world degree and the level lor='red'>of regional financial development lor='red'>of the region, the question lor='red'>of whether the relationship between the three differences.

    The results show that :(1) There is a significant positive correlation between intellectual property rights protection and enterprise innovation input in the current period and the next period. (2) There is a significant negative correlation between financing constraint and enterprise innovation input in the current and next period. (3) Financing constraint negatively moderates the positive relationship between intellectual property rights protection and innovation input, that is, financing constraint weakens the promotion effect lor='red'>of intellectual property rights protection on innovation input. At the same time, this study also finds that there is a single threshold effect based on intellectual property rights protection in the effect lor='red'>of financing constraint on enterprise innovation input, the threshold value is 0.0203, that is, when intellectual property rights protection in a region is lower than the threshold value, the negative effect lor='red'>of financing constraints on enterprise innovation input in the region is greater. When intellectual property rights protection in a region is higher than the threshold value, the negative effect lor='red'>of financing constraints on enterprise innovation investment in the region is relatively lower. (4) Grouped by industry concentration degree, in low concentration groups, the protection lor='red'>of intellectual property rights for the promotion lor='red'>of the innovation effect is better, in the high concentration group, the protection lor='red'>of intellectual property rights lor='red'>of the innovation effect is not obvious. At the same time, in the low industry concentration group, the financing constraint significantly negatively moderates the positive relationship between intellectual property rights protection and enterprise innovation investment, that is, the financing constraint weakens the effect lor='red'>of intellectual property rights protection, while in the high industry concentration group, this effect is not significant. (5) After grouping according to the degree lor='red'>of opening to the outside world, the protection lor='red'>of intellectual property rights in both the low and high openness groups can significantly promote innovation investment, but the promotion effect is better in the high openness group. At the same time, In the high openness group, financing constraint significantly negatively moderates the positive relationship between intellectual property rights protection and firm innovation input, that is, financing constraint weakens the effect lor='red'>of intellectual property rights protection, while in the low openness group, the effect is not significant. (6) After grouping by regional financial development level, In the high financial development level group, intellectual property rights protection can significantly promote firm innovation input, but in the low financial development level group, intellectual property rights protection can not significantly promote firm innovation input. At the same time, in the low level lor='red'>of financial development group, financing constraint significantly negatively moderates the positive relationship between intellectual property rights protection and firm innovation input, that is, financing constraint weakens the effect lor='red'>of intellectual property rights protection, but in the high level lor='red'>of financial development group, this effect is not significant. 

    Finally, according to the empirical conclusions, the countermeasures and suggestions are put forward, such as the government should continue to improve the intellectual property protection system, strengthen the support and supervision lor='red'>of innovation resources, the listed companies should actively respond to the national innovation support policies, form a good business reputation to reduce the difficulty lor='red'>of innovation financing, absorb innovative talents, and cultivate innovative and enterprising enterprise culture.

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