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A plethora of publications have discussed the correlation between intellectual property protection (IPR) and innovation capability; however, regarding the hi-tech industry in transition economies, the relationship remains unclear. Based on the data from 30 hi-tech industries in Mainland China during 2004–2016, the study used the SAR Tobit model to analyse the direct, mediating and moderating effects of IPR on China’s hi-tech industry’s innovation efficiency. The findings illustrated that both R&amp;D efficiency and business transformation efficiency of China’s hi-tech industry have significant positive spatial correlation and spatial spillover effect. In addition, IPR significantly promoted R&amp;D efficiency and business transformation efficiency. Market segmentation exerted a significant negative moderating effect between IPR and R&amp;D efficiency, and a significant positive moderating effect between IPR and business transformation efficiency. The technology market development has an intermediary effect between IPR and two-phase innovation efficiency. In particular, the non-linear influence of IPR on business transformation efficiency is the hinge on the level of market segmentation. Ultimately, several possible policy suggestions are proposed.

Impact of intellectual property protection on the innovation efficiency in China’s hi-tech industry