Based on the perspective of the innovation value chain, sci-tech innovation is divided into two stages: R&D and achievement transformation. This paper uses panel data from 25 provinces in China as the sample. We utilize a two-way fixed effect model, spatial Dubin model, and panel threshold model to discuss the impact of two-stage innovation efficiency on the value of the green brand, the spatial effect of this impact, and the threshold role of intellectual property protection in the process. The results indicate that: (1) the two stages of innovation efficiency have a positive impact on the value of green brands, and the effect of the eastern region is significantly better than that of the central and western regions. (2) The spatial spillover effect of the two stages of regional innovation efficiency on the value of green brands is evident, especially in the eastern region. (3) The innovation value chain has a pronounced spillover effect. (4) The single threshold effect of intellectual property protection is significant. When the threshold is crossed, the positive impact of the two stages of innovation efficiency on the value of green brands is significantly enhanced. (5) The influence of economic development level, openness, market size, and marketization degree on the value of green brands shows remarkable regional differences. In conclusion, this study contributes to understanding green brands' growth and provides important implications for developing independent brands in various regions of China.
Keywords: green brand value; innovation efficiency; innovation value chain; intellectual property protection; negative entropy flow; panel threshold model; spatial Dubin model.