专利权质押融资影响出质企业绩效的实证研究

Empirical study on the impact of patent pledge financing on the performance of pledged enterprises

本文以实施专利权质押融资对企业绩效的影响为视角,运用PSM-DID模型方法,对2008-2010年间在国家知识产权局备案参与质押融资并经营9年以上的223家企业进行实证研究并提出对策建议。研究结果表明,专利权质押融资对企业绩效具有显著的净效应,这种净效应在时间上呈现出先升后降的变化趋势;深入分析发现,质押专利类型、质押专利数量及其专利剩余保护年限发挥了质押融资对企业绩效的正向调节作用;这种调节作用对成熟企业净效应大于初创企业,对新兴产业企业净效应优于传统产业企业,对中大型企业净效应高于小型企业。上述结论为我们理解知识产权质押融资政策对中小企业的作用及其内在机制提供了经验证据。

Intellectual property pledge financing is an important tool for SME financing,but there is currently no in-depth study of the dynamic mechanism of pledge financing performance. This paper matches the patent pledge contract information filed by the State Intellectual Property Office with the financial data of the China Industrial Enterprise Database,and obtains 223 enterprises that have participated in pledge financing in 2008-2010 and operated for more than 9 years,using the PSM-DID model method to study the impact of patent pledge financing on corporate performance and focuses on the regulation of patent element variables.The research results show that patent pledge financing has a significant effect on corporate performance,the effect shows a trend of rising first and then falling. The in-depth analysis found that the type of pledge patent,the number of patents and the remaining years of patent protection played a positive role in regulating the effect of pledge financing. The positive adjustment effect of patent element variables on mature enterprises is greater than that of start-ups,the effect on emerging industrial enterprises is better than that of traditional industrial enterprises,and the effect on medium and large enterprises is higher than that of small enterprises. The above conclusions provide empirical evidence for understanding the role of intellectual property pledge financing policies in SMEs and their internal mechanisms.The first chapter is the introduction. In response to the financing difficulties caused by the lack of physical assets in SMEs,the Chinese government has explored the introduction of a policy of pledge financing with intellectual property rights,which is a powerful strategic emerging industry. At the same time,scholars have studied the issues of laws and regulations,valuation and pledge risks,financing status and financing models of intellectual property pledge financing. Although existing research has observed that pledge financing is important for the development of SMEs,few studies have explained the relationship between pledge financing and corporate performance. This paper selects the pledged enterprises that have been filed with the State Intellectual Property Office as the research object. Firstly,it verifies the effect of patent pledge financing on the performance of pledged enterprises. Secondly,it examines whether the pledged factor variables play the role of pledged financing in regulating corporate performance. Whether there is a difference in the regulatory effects of factor variables between different types of firms.The second chapter is the research design,including research hypotheses,research methods,data sources and explanations.In the hypothesis section,hypothesis H1 has been proposed,and the patent pledge financing has a positive effect on the performance level of the pledged enterprise;assuming H2,in the case of pledged financing,the pledge invention patent has a significant effect on the enterprise performance than the non-invention patent;assuming H3,the more the number of pledge patents has a significant impact on the performance level of the pledged enterprises;assuming H4,the longer the patent remaining protection period,the more significant the impact on the performance level of the pledged enterprises. In the research method section,this paper proposes a double difference model and explains the model. In the last section,the pledge financing information of the sample companies in this paper comes from the pledge loan contract filed by the State Intellectual Property Office in 2008-2010.The financial data of the sample enterprises are from the 2005-2013 data of the China Industrial Enterprise Database.The third chapter is the empirical results and explanations,it is divided into four parts: propensity score matching analysis,double difference analysis,heterogeneity analysis and robustness test. In the first section,this paper uses the yearly matching method to find matching control groups for each year. In the second section,this paper uses the double difference model to test the effect of pledge financing on firm performance,and verifies that the patent factor variable plays the role of pledge financing to improve the efficiency of the enterprise. In the third subsection,this paper incorporates the characteristics of the firm and analyzes whether there is a difference between the net effect of pledge financing on firm performance between different firms. In the fourth subsection,this paper conducts a robust test on the direct effects of pledge financing and the adjustment of patent factor variables.The fourth chapter is the conclusions and recommendations of the study. Through empirical analysis,this study draws the following conclusions: Firstly,pledge financing has a significant net effect on corporate performance,and generally shows the characteristics of the change of the first rise and then fall,and the effect is limited in the long run;secondly,the pledge of invention patents,the number of patents and the remaining patent protection years effectively play a positive role in pledge financing to improve corporate performance;further,after considering the characteristics of the enterprise,the effect of patent factor variables on the performance adjustment of mature enterprises is greater than that of start-ups,and the performance adjustment effect of emerging industrial enterprises is better than traditional ones. Industrial enterprises have a higher performance adjustment effect on large and medium-sized enterprises than small enterprises.Based on the above conclusions,this paper proposes the following policy recommendations: First,enterprises should pay attention to improving corporate performance through patent pledge financing. Second,the government should improve the pledge financing system with patent elements as its core. Third,banks should optimize the scope of SMEs that implement pledge financing.