Abstract

In the context of innovation-driven development, the value realization of novel technologies generated by academic institutions has attracted increasing attention, yet the relationship between patent novelty and value remains insufficiently explored. Using invention patents from 173 Chinese academic institutions in strategic emerging industries over the period from 2015 to 2019, this study empirically examines the relationship between novelty and value at the micro patent level. The results show that: (1) novelty exhibits a significant inverted U-shaped relationship with patent value, whereby moderate novelty enhances patent value, while excessive novelty hinders its realization; (2) market connectivity of organizations plays a significant moderating role by alleviating the negative effects associated with high novelty and expanding the scope for value realization; and (3) the inverted U-shaped relationship becomes more pronounced in specific contexts, namely for patents without scientific knowledge linkage, for those led by research institutes, within industries characterized by more active industry-university-research institute collaboration, and in regions with relatively weak industrial foundations. Based on these findings, this study suggests improving research evaluation practices, strengthening the effective linkage between academic institutions and industry, and implementing differentiated innovation support policies.