摘要
我国专利质押市场处于发展的初期阶段,这为研究专利的可质押性对创新的影响创造了条件。本文用我国的专利质押数据研究发现,专利的可质押性正向影响公司创新,而且对融资约束弱的公司影响更大。专利的可质押性通过提高创新的预期收益提升了企业的创新意愿,同时,通过释放信号缓解了信息不对称,吸引了人力资本,并降低了融资成本,从而将创新意愿转化为创新行动,提升了创新产出。用多种方法解决可能存在的内生性后结果依然稳健。本文丰富了文献中专利质押影响创新的渠道,同时提出了相应的政策建议以促进专利质押更好的发展。
Using Chinese patent pledge data,this paper studies the effect of patent pledgeability on firm innovation.We find that patent pledgeability improves both the quantity and quality of firms’innovation output and the effect is larger for firms with weak financial constraint.The patent pledgeability not only enhances the firms’willingness to innovate by increasing the expected benefits of innovation,but also,patent pledgeability as a signal,which alleviates information asymmetry,could attract more human capital and reduce financing cost.As a result,the innovation output increases.The results remain robust after addressing endogeneity concerns.This paper enriches the channels of the effect of patent pledgeability on firm innovation and provides some feasible policy suggestions to promote the development of patent pledge market.
作者
刘春蕊
田轩
Liu Chunrui;Tian Xuan
出处
《会计研究》
CSSCI
北大核心
2024年第2期99-112,共14页
Accounting Research
基金
国家自然科学基金(72202034、71825002)
北京高校卓越青年科学家计划项目(BJJWZYJH01201910003014)的资助
作者简介
通讯作者:田轩,tianx@pbcsf.tsinghua.edu.cn。
