Protection of Intellectual Property Rights, Financial Development and Green Low-Carbon Endogenous Economic Growth
Round 1
Reviewer 1 Report
in-depth work and looks for further deeper findings.
Author Response
According to your comment, we will make a further comparative study on the relationship between the protection of intellectual property rights, financial development and green low-carbon economic growth by region in future manuscript.
We have made some modifications to the manuscript. See the attachment for specific modifications. The modifications have been marked in red.
Author Response File: 
Author Response.doc
Reviewer 2 Report
The key topic needs to be clearer. It is clear but the relationship among IP, financial growth and low carbon economic growth is complicated. But the authors make it simple. The literature review is quite messy and does not give the readers a clear lead. If these factors are endogenous to economic growth, it would be interesting to know which is more relevant to it among IP, financial development and low-carbon. The other thing is the policy implication. What can be learned from this research to policy makers? Are there any real cases relevant to the research? The author may deepen the discussion from the policy perspective.
Author Response
1. According to your comments, we have revised the literature review as follows
- Introduction
What impact will intellectual property protection and financial development have on green low-carbon endogenous economic growth? This paper is based on this problem.
Comprehensively promote the green transformation of economic development cannot do without the strong support of the financial sector. Predecessors have done a lot of research on financial development. They studied the relationship between finance and health [1], renewable energy [2], carbon dioxide emissions [3-5], green growth [6], natural resources, economic growth [7], export diversity, inflation [8], foreign direct investment [9], environmental sustainability [10], growth of the firm [11], renewable energy consumption [12-14], energy intensity [15], energy efficiency [16], energy security [17], total reserves and ecological footprint [18,19], environmental regulation [20], patience [21], government [22] and so on. And found that health promoted financial development, the interaction between financial development and renewable energy reduced carbon dioxide emissions, financial development increased carbon emissions, and the interaction between financial development and technological innovation increased the negative impact on green growth. Foreign direct investment had a significant negative impact on economic growth and financial development. Financial development promoted firm growth and renewable energy consumption, financial development promoted economic growth and showed a linear relationship. Financial development and technological innovation enhanced energy security. Specifically, financial development can improve energy security through technological innovation. There was also a two-way causal relationship between financial development and total reserves and ecological footprint. Financial development was positively related to patience and energy efficiency. Financial development had a positive impact on governance and the impact depended on a country’s development level and openness. Meanwhile, Yang and Ni [23] found that financial development affected the green development through different paths.
As for intellectual property protection, many scholars have conducted relevant research and found that the developed countries had the strongest intellectual property protection, the least developed countries had the weakest protection, and the intellectual property protection level in developed countries is higher than that in developing countries [24]. Moreover, the level of intellectual property protection is also used to regulate the relationship between the aggressiveness of firm technology and the degree of development and exploration of R&D activities abroad [25]. Intellectual property rights have a positive impact on innovation and growth in general, and the impact of intellectual property rights in developed countries on innovation is higher than that in developing countries [26]. At the same time, intellectual property protection affected the export quality of firms through innovation which promote quality upgrading [27]. Gmeiner and Gmeiner [28] found that domestic innovation was positively related to respect for foreign and domestic intellectual property rights. Respect domestic intellectual property rights encouraged innovation. Roh et al. [29] explored the impact of intellectual property rights on green innovation and found that firm intellectual property rights significantly affected open innovation, green process innovation and green goods innovation. Tanaka and Iwaisako [30] studied how intellectual property protection affected innovation and found that strengthening intellectual property protection promoted innovation. On this basis, Zheng et al. [31] analyzed the influence of intellectual property protection in the South and the North. The extent of intellectual property protection in the two countries is different in terms of patent breadth.
However, there is a lack of research on green low-carbon endogenous economic growth by intellectual property protection and financial development. And this paper is based on this research.
First, the literature review gives the domestic and foreign research progress of financial development which has an impact on many aspects, such as carbon dioxide emissions, green growth, economic growth and so on. Then the literature review gives the domestic and foreign research progress of the protection of intellectual property rights, studies the impact of the protection of intellectual property rights on innovation, green innovation and growth, and respects domestic intellectual property rights to encourage innovation. These research progress are the basis for this manuscript to integrate green low-carbon into financial development, consider technological transformation in the R&D sector, and consider the intensity of intellectual property protection in technological transformation.
2. Intellectual property, financial development and low-carbon are all related to economic growth. In the financial development sector, this manuscript takes the firms and residents actively, consciously and autonomously practice of green low-carbon behavior into account. In the total financing scale of firms, this manuscript takes the share of government subsidies, as well as the share of subsidies that firms and residents actively, consciously and autonomously practice green low-carbon behavior into account. That is, this manuscript takes the low-carbon factor into account in the financial development sector. The production of goods depends on the technological transformation of the R&D sector and this manuscript considers the intensity of intellectual property protection in technological transformation. The level of financial development is an important factor affecting the growth of knowledge and technology capital in the R&D sector, so the three complement each other.
3.
According to your comments, we have revised the policy recommendations as follows.
- Policy recommendations
(1) Only by increasing government subsidies and subsidies for firms and residents actively, consciously and autonomously practice green low-carbon behaviors, and expanding the total financing scale of firms, can economic growth be promoted.
(2) Instead of relying solely on the transformation of foreign advanced technology to produce final goods, we should also make independent innovation, develop new technologies, and combine transformation and innovation to maximize output.
(3) From one of the results of this manuscript, it is found that increasing the investment in technological transformation, improving the level of technological transformation, and achieving the ability to enhance their own innovation can promote economic growth.
(4) According to the conclusion of this manuscript, increasing the proportion of human capital used by R&D sectors for advanced technological transformation in developed countries, increasing the proportion of social capital, and improving R&D efficiency will promote economic growth.
(5) Efforts to obtain market information and reduce the risk of asymmetric market information are required to promote the normalization of economic operation.
(6) Increase investment in reducing carbon emissions, promote economic growth at a certain threshold, but slow down rapid economic growth after the certain threshold.
4. We have made some modifications to the manuscript. See the attachment for specific modifications. The modifications have been marked in red.
Author Response File: Author Response.doc
Reviewer 3 Report
Interesting econometric piece
Author Response
Thank you for your comment.
We have made some modifications to the manuscript. See the attachment for specific modifications. The modifications have been marked in red.
Author Response File: Author Response.doc
