摘要
专利质押融资试点政策能够缓解中小企业融资约束乃至创新投入不足问题,但政策作用机制尚不明晰。选取对中国经济发展具有重大战略意义的生物医药产业,采用2011—2020年沪深A股生物医药上市公司数据,以2016年实施的专利质押融资试点进行准自然实验,运用双重差分法,分析专利质押融资试点政策对生物医药企业绩效的影响及技术创新在二者之间的中介作用。研究发现:(1)专利质押融资对生物医药企业绩效有直接影响,并通过推动技术创新发挥部分中介效应,即专利质押融资政策可以通过技术创新提升生物医药企业绩效水平。(2)异质性检验表明:专利质押融资试点政策对非国有生物医药企业、大型生物医药企业绩效水平的影响程度更高。(3)进一步分析表明:有形资产比重高低对专利权质押融资影响企业绩效的作用不明显。研究结论不仅为中国目前存在的有关专利质押融资试点政策效力的争论提供了一定的理论依据,同时也对如何准确地落实中国的专利质押融资试点政策提出建议。
The pilot policy of patent pledge financing can alleviate the financing constraints of SMEs and even the lack of innovation investment,but the policy mechanism remains unclear.By choosing the biomedical industry with important strategic role and strong policy guidance for China’s economic development,based on the data of Shanghai and Shenzhen A-share bio-pharmaceutical listed companies from 2011 to 2020,as a quasi-natural experiment,the pilot cities of patent pledge financing were identified.The influence of the pilot policy of patent pledge financing on the performance of biomedical enterprises,and the mediating role of technological innovation between the two were analyzed by using the double difference method.It is found that,firstly,the pilot policy of patent pledge financing can directly influence the performance of biomedical enterprises,and through promoting technological innovation to play partial mediation,that is,the pilot policy of patent pledge financing can improve the performance standard of biomedical enterprises through technological innovation.Secondly,further heterogeneity test shows that the pilot policy of patent pledge financing has a higher impact on the performance level of non-state-owned biopharmaceutical enterprises and large biopharmaceutical enterprises.Thirdly,further analysis shows that the proportion of tangible assets has no obvious effect on the performance of enterprises.The research conclusion not only provides a certain theoretical basis for the current debate about the effectiveness of the patent pledge financing pilot policy in China,but also puts forward some suggestions on how to implement the patent pledge financing pilot policy in China accurately.
作者
李泽建
莫倩
Li Zejian;Mo Qian(Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650500,China)
出处
《技术经济》
CSSCI
北大核心
2023年第2期31-41,共11页
Journal of Technology Economics
基金
云南省省院省校教育合作人文社会科学研究项目“云南省生物医药产业高质量发展对策研究”(SYSX202023)
昆明理工大学创新发展研究基金“基于颠覆性技术的云南省‘专精特新’中小企业自主创新能力提升路径研究”(CFZH202203)
昆明理工大学人文社科培育项目“科技型中小企业创新成长的路径及对策研究”(PYYB2022008)。
关键词
专利质押融资试点政策
企业绩效
技术创新
双重差分法
生物医药企业
patent pledge financing pilot policy
enterprise performance
technology innovation
double difference method
bio-pharmaceutical enterprises
