知识产权股权融资既是知识产权全面利用能力的重要标志,也是检验包括创新效率在内的国家知识产权战略相关政策效果的重要指标。论文以2019-2021年间在科创板上市的313家企业为样本,实证检验了科创板上市公司创新效率与知识产权股权融资绩效的关系,研究发现：(1)创新效率正向影响知识产权股权融资绩效；(2)异质性检验表明,非国有企业、融资约束和股权集中度程度低的企业,创新效率促进知识产权股权融资绩效作用更强；(3)政府补贴在创新效率促进知识产权股权融资绩效中发挥中介作用。论文揭示了创新效率促进知识产权股权融资绩效的具体机理,并为进一步提升知识产权全面利用能力提供了经验证据。

Technology-based SMEs are an important force in China"s economic development, and it is of great significance to study the Intellectual Property financing performance of SMEs for the development of enterprises. Taking 215 enterprises listed on the Star Market as a sample, this paper empirically examines the relationship between the innovation efficiency and equity financing performance of listed companies on the Star Market, and finds that: (1) the innovation efficiency positively affects the performance of intellectual property equity financing;(2) Through the heterogeneity test, it is found that enterprises with financing constraints, low degree of equity concentration, and enterprises with property rights that are non-state-owned have a significant relationship between innovation efficiency and performance of intellectual property equity financing; (3)Government subsidies play an intermediary role in the relationship between innovation efficiency and IP equity financing performance. In addition, on the basis of empirical research, corresponding countermeasures and suggestions are put forward to improve the performance of enterprise intellectual property equity financing.

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安徽省哲学社会科学规划课题“畅通融资渠道支持安徽科技型中小微企业创新发展的测度研究”（项目编号AHSKY2022D068）；安徽省领导圈定课题“我省打造具有重要影响力的科技创新策源地问题研究”（项目编号SLDQD2020-03）