专利质押与企业创新:来自中国工业企业的证据
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F272

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国家社会科学基金一般项目“基于企业韧性视角的金融赋能新质生产力发展研究”(24BJY218);国家社会科学基金重大项目“劳动力流动视角下健全城乡融合发展机制研究”(21&ZD077)。


Patent pledge financing and enterprise innovation:Evidence from Chinese industrial enterprises
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    摘要:

    专利质押通过盘活知识产权价值,为企业创新提供融资支持,对于促进企业成果转化和激发企业创新活力具有重要意义。本文以专利质押试点政策作为外生冲击,基于动态双重差分模型,系统考察了专利质押对企业创新的影响。研究发现,专利质押显著提升了企业整体性创新和实质性创新水平,而对企业策略性创新无显著影响。这一效应在市场竞争激烈的行业中更加明显,且在不同所有制和规模企业之间存在较大差异。其中非国有企业和中小型企业对政策的响应更为明显。从区域层面看,当企业位于东部地区,且所在区域银行体系以中小银行为主时,专利质押政策的实施效果更加明显。机制分析表明,专利质押主要通过降低企业债务融资成本、提升经营效率和缓解经营风险,推动企业实现高质量创新。进一步分析表明,融资约束、金融供给能力以及质量信号传递是促进企业实质性创新的重要调节因素。本文验证了以创新质量为导向的专利质押试点政策的有效性,为科技金融工具优化和知识产权质押体系完善提供了经验证据,并为金融资源靶向支持企业创新、推动中国经济高质量发展提供了重要启示。

    Abstract:

    Patent pledge financing revitalizes the value of intellectual property and provides financial support for enterprise innovation, thereby playing an important role in promoting the commercialization of technological achievements and stimulating firms’innovation vitality. Taking the patent pledge pilot policy as an exogenous shock, this paper systematically examines the impact of patent pledge financing on enterprise innovation based on a dynamic difference-in-differences model. The results show that patent pledge financing significantly improves firms’ overall innovation and substantive innovation, while having no significant effect on strategic innovation. This effect is more pronounced in industries with intense market competition,and varies substantially across firms with different ownership structures and sizes. In particular, non-state-owned enterprises and small and medium-sized enterprises respond more strongly to the policy. At the regional level, the implementation effect of the patent pledge policy is more significant when firms are located in eastern China and when the regional banking system is dominated by small and medium-sized banks. Mechanism analysis shows that patent pledge financing promotes high-quality innovation mainly by reducing firms’ debt financing costs, improving operational efficiency, and alleviating business risks. Further analysis indicates that financing constraints, financial supply capacity, and quality signal transmission are important moderating factors in promoting substantive innovation. This paper verifies the effectiveness of the patent pledge pilot policy oriented toward innovation quality, provides empirical evidence for optimizing technology finance instruments and improving the intellectual property pledge financing system, and offers important implications for directing financial resources toward enterprise innovation and promoting high-quality economic development in China.

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白凤兰,史清华,周春阳.专利质押与企业创新:来自中国工业企业的证据[J].中国软科学,2026,(6):140-153

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  • 在线发布日期: 2026-08-02
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