知识产权质押融资能否激励企业创新?——基于专利数量与质量的分析

Can Intellectual Property Pledge Financing Stimulate Corporate Innovation?——Analysis Based on the Quantity and Quality of Patents

“双循环”新发展格局背景下面对外部技术封锁的全新历史条件,知识产权质押融资试点能否突破制约企业创新的融资约束障碍?从创新数量与创新质量视角检验知识产权质押融资试点对企业真实创新产出的影响,并重点识别哪种类型企业在政策激励下实现了创新水平的提升。研究发现,知识产权质押融资试点政策有助于提升企业真实创新产出水平,其不仅表现在创新数量上,而且表现在创新质量上。机制分析表明,融资约束在知识产权质押融资激发企业创新活力过程中发挥了中介作用,知识产权质押融资试点政策能够通过降低企业融资约束的方式进而影响企业真实创新产出水平。异质性结果显示,知识产权质押融资试点影响企业创新绩效的方向和程度取决于企业的个体特征与外部环境,相较于其他类型企业,民营企业、高融资约束企业、在位企业以及东部、西部与东北部地区企业对知识产权质押融资试点政策更加敏感。

In the context of the new development pattern of“dual circulation”,in the face of the new historical conditions of technology blockade by the United States,the source of global innovation,can the pilot project of intellectual property pledge financing break through the financing constraints that restrict corporate innovation?This has become a major practical problem that needs to be studied urgently.From the perspective of innovation quantity and innovation quality,this paper examines the impact of intellectual property pledge financing pilot projects on the real innovation output of enterprises,and focuses on identifying which types of enterprises have achieved the improvement of innovation level under policy incentives.The study found that the pilot policy of intellectual property pledge financing is helpful to improve the real innovation output level of enterprises,which is not only reflected in the quantity of innovation,but also in the quality of innovation.The mechanism analysis shows that financing constraints play an intermediary role in the process of intellectual property pledge financing to stimulate the innovation vitality of enterprises,and the pilot policies of intellectual property pledge financing can affect the real innovation output level of enterprises by reducing the financing constraints of enterprises.Heterogeneity results show that the direction and extent of the impact of intellectual property pledge financing pilots on enterprise innovation performance depends on the individual characteristics and external environment of the enterprise.Enterprises in the western and northeastern regions are more sensitive to the pilot policy of intellectual property pledge financing.This paper reveals the micro-mechanism of weakening financing constraints to help enterprise innovation and high-quality economic development,and provides policy directions for promoting enterprise innovation and development from the perspective of intellectual property pledge financing.