专利质押是否提升了企业全要素生产率?——基于中国专利质押试点的准自然实验

Does Patent Pledge Increase Enterprises’ Total Factor Productivity? Based on the Quasi-natural Experiment of Patent Pledge Pilot in China

本文基于中国2008年以来分批实施的专利质押试点准自然实验,使用沪深A股上市公司2005—2020年数据和多时点DID方法实证检验了专利质押政策的实施对企业全要素生产率的影响。研究发现,专利质押显著促进了企业全要素生产率的提升,平行趋势检验和一系列稳健性检验均表明本文的研究结果是稳健的。专利质押对不同类型企业全要素生产率的影响不同。作用机制分析发现,专利质押政策能够促进企业获得外部融资,降低有形资产在企业融资中的作用,促进企业发明专利产出的增加。

Based on the quasi-natural experiment of patent pledge pilots implemented in batches in China since 2008, this paper uses the data of Shanghai and Shenzhen A-share listed enterprises from 2005 to 2020 and the staggered DID method to empirically test the effect of patent pledge policy on enterprises’ total factor productivity. We find that patent pledge significantly promotes the improvement of enterprises’ total factor productivity. The parallel trend test and a series of robustness tests indicate that the results of this paper are robust. Patent pledge has different effects on total factor productivity of different types of enterprises. The mechanism analysis finds that the patent pledge policy can effectively promote enterprises to obtain external financing, reduce the importance of tangible assets in enterprises’ financing, and promote the increase of the output of enterprises’ invention.