金融生态对专利质押融资的影响机制研究——基于2009—2016年省际面板数据分析

Research on the Influencing Mechanism of Financial Ecology on Patent Pledge Financing—— Based on Interprovincial Panel Data Analysis in 2009—2016

专利质押融资打破了以实物资产作为抵押进行贷款的传统方式,有利于缓解企业“融资难”和“融资贵”的难题。本文围绕专利质押融资的整体流程,阐述了金融生态对于专利质押融资的作用机制,并且以2009—2016年省际面板数据为样本实证检验金融生态环境的不同维度与专利质押融资之间的关系。实证结果表明:①金融生态是专利质押融资的关键制约因素,金融生态的不同维度对于专利质押融资都存在不同程度的影响;②区域金融机构发展水平和关联水平是金融生态中最为重要的因素,两者存在着一定的替代效应,当前金融机构的关联水平对于专利质押融资的效果更为显著;③区域创新能力、技术交易市场对专利质押融资具有显著的正向影响。最后,据此提出了相关政策建议,即各个省份必须致力于改善金融生态环境,促进专利质押融资。

Patent pledge financing has broken the traditional way of using real assets as collateral for loans, which is conducive to alleviating the difficulties and costliness of financing. This paper, focusing on the overall process of patent pledge financing, has elaborated the mechanism of financial ecology for patent pledge financing, and empirically examined the relationship between different dimensions of financial ecology and patent pledge financing with the interprovincial panel data from 2009 to 2016 as the sample. The empirical results show that: ① financial ecology is the key restricting factor of patent pledge financing, and different dimensions of financial ecology have different effects on patent pledge financing; ② the level of development and the level of association of regional financial institutions are the most important factors in the financial ecology, and there is a certain substitution effect between them. At present, the effect of the level of association of financial institutions is more remarkable; ③ regional innovation ability and technology trading market have significant positive impacts on patent pledge financing. Finally, based on this, relevant policy recommendations were put forward, that was, each province must strive to improve the financial ecological environment to promote patent pledge financing.