Abstract: Theoretical mechanism of the two-way investment coordination effect affecting the enterprises patent quality is systematically clarified first Then using the matched database, and through the mediating effect model and panel instrument variable method, the effect of two-way investment on the patent quality of innovative enterprises in China is empirically examined from the perspective of patent heterogeneity It is found that: two-way investment is generally beneficial to improving the patent quality of innovative enterprises, and the regression of invention patent is more significant Further, two-way investment helps to improve the quality invention patent and design patent through the mediating effect mechanism of R&D fund input and R&D personnel input Finally, from the heterogeneity analysis, two-way investment can improve the patent quality of enterprises with high financing constraints and non-state-owned enterprises, while foreign direct investment promotes the patent quality of enterprises with low financing constraints, state-owned enterprises and central and western enterprises

Key words: patent heterogeneity, two-way investment, innovative enterprise, innovative quality