科技型企业专利对外部融资的影响效应研究--基于异质性视角的实证分析*

Research on the Influence of Science and Technology Enterprise Patents on External Financing--Empirical Analysis Based on Heterogeneity Perspective

摘要:

文章选取创业板上市公司2012—2019年数据,研究专利类型对企业融资的影响效应,结果表明发明专利和实用新型专利均有助于企业获得资金,且在短期借款方面发挥着积极作用。此外,从企业地域分布、行业属性、专利授权率及股权结构进行分组讨论,实证结果显示：地区间企业运用专利的融资能力存在差异,东部地区的企业能够充分挖掘专利的融资价值；战略性新兴企业的专利融资效果更为显著；专利的授权率可以显著提高企业融资额；股权集中度较高的企业利用发明专利进行质押融资的效果好于股权集中度较低的企业。在异质性作用下,专利对企业融资的影响效应存在较大差异,具有明显的区域特征、行业差异等特征。

Abstract:

This paper selects the data of GEM listed companies from 2012-2019 to study the impact of patent types on enterprise financing.The results show that both invention patents and utility model patents are helpful for enterprises to obtain funds and play a positive role in short-term borrowing.In addition,from the perspective of geographical distribution, industry attributes,patent authorization rate and ownership structure,the empirical results show that there are differences in the financing ability of enterprises using patents among regions,and the eastern region can fully exploit the financing value of patents.The patent financing effect of strategic emerging enterprises is more significant.Patent licensing rate can significantly increase the financing amount of enterprises;The enterprises with higher ownership concentration can use invention patents to pledge financing better than those with lower ownership concentration.Under the effect of heterogeneity,the impact effect of patents on enterprise financing has great differences,with obvious regional characteristics,industry differences and other characteristics.