专利权质押融资政策、知识产权保护与企业创新

Patent Pledge Financing Policy,Intellectual Property Protection and Corporates'Innovation

专利权质押融资政策打破了传统贷款需要实物抵押的限制,为企业发展提供了新的融资渠道。本文基于2013—2018年A股上市企业数据,运用PSM-DID方法检验了专利权质押融资政策对企业创新的影响以及知识产权保护在其中起到的调节作用。结果表明:专利权质押融资政策显著促进了企业创新,知识产权保护强化了专利权质押融资政策的创新激励效应。专利权质押融资政策对企业创新的促进效应以及知识产权保护的调节效应因区域市场化水平、行业技术密集度等因素存在异质性。

The patent pledge financing policy breaks the limitation that traditional loans require physical mortgage,and provides a new financing channel for enterprise development.In the paper,a quasi-natural experiment is constructed based on patent pledge financing policy,and the data of A-share listed companies from 2013 to 2018 are adopted to test the impact of patent pledge financing policy on enterprise innovation and the moderating effect of intellectual property protection by using PSM-DID model.The results indicate that:The patent pledge financing policy significantly promoted the corporate innovation,and intellectual property protection strengthened the patent pledge financing policies for the promotion of Corporate innovation.The promotion effect of patent pledge financing policy on enterprise innovation and the adjustment effect of intellectual property protection are heterogeneous due to the level of regional marketization and the technology intensity of the industry.