知识产权质押融资试点政策对城市创新能力影响研究——来自准自然实验的证据

Does Intellectual Property Pledge Financing Pilot Policy Promote Urban Innovation Capability?Evidence from a Quasi-Natural Experiment in China

知识产权质押融资试点政策作为知识产权与金融的有机结合,有助于促进知识产权的应用与市场化,对于推动城市创新和发展具有重要作用。该研究将该试点政策作为一项准自然实验,基于2001—2016年我国263个城市的面板数据,采用多期双重差分法分析知识产权质押融资试点政策对于城市创新能力的影响及作用机制。研究结果表明,试点政策既可以直接促进城市创新能力的提升,又可以通过增大科技财政支出和提升人力资本水平进而提升城市创新能力;试点政策对城市创新能力的影响在不同城市等级下有异质性,城市等级越低,试点政策所带来的创新效应越显著,但是在不同政府效率下不具有异质性。研究结论为进一步推广和完善试点政策提供强有力支撑,并为探寻出提升城市创新能力的新路径提供重要参考。

As an organic combination of intellectual property(IP)and finance,China's pilot policy of IP pledge fi⁃nancing helps to promote the application and marketisation of intellectual property and plays an important role in promoting urban development.This study takes the pilot policy as a quasi-natural experiment.Based on the panel data of 263 cities from 2001 to 2016 in China,the difference-in-differences method is used to analyse the impact and mechanism of the pilot policy of IP pledge financing on urban innovation capability.The analysis re⁃sults show that the pilot policy not only directly promotes innovation capability but also improves it indirectly by increasing the fiscal expenditure on science and technology and enhancing human capital.Furthermore,the im⁃pact of the pilot policy on urban innovation capability is significantly heterogeneous under different city levels:the lower the city level,the more significant the innovation effect.However,no heterogeneous effects were seen under different government efficiencies.This study provides strong support for promoting the pilot policy and sup⁃plies important data for exploring new paths to improve urban innovation capabilities.