专利权质押融资是否缓解了中小企业的融资约束?  

Does Patent Pledge Financing Alleviate the Financing Constraints of SMEs in China?

作　　者：张超 唐杰 ZHANG Chao;TANG Jie

机构地区：[1]哈尔滨工业大学(深圳)经济管理学院

出　　处：《中央财经大学学报》2022年第9期39-51,共13页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重大项目“中国经济特区发展史(1978-2018)”(项目编号:16ZDA003);深圳市哲学社会科学规划2022年度课题“深圳率先实现社会主义现代化的路径研究”(课题编号:SZ2022B040)。

摘　　要：抵押物缺乏和信息不对称是引致我国众多中小企业融资困难的重要成因。专利权质押融资使得中小企业有效运用专利设定担保物权和解决信息不对称,缓解资金压力。本文通过设计信贷配给模型发现,在信用贷款条件下由于风险-收益不对称产生信贷市场逆向选择现象,从而出现信贷配给;质押物在信贷市场上对逆向选择起到了抑制作用,且质押物的属性信息降低银企之间信息不对称,在缓解信贷配给上呈现重要作用。基于上述推论,本文运用欧拉方程投资模型实证分析了我国出质中小企业的融资约束程度以及专利权质押的融资效应及信号效应。实证结果表明:我国出质中小企业存在融资约束,专利权质押可以缓解中小企业的融资约束,专利特征信息在质押融资过程中发挥积极信号作用。上述结论为我们理解专利权质押融资对中小企业融资约束的缓解作用及其作用机理提供客观证据。The lack of collateral and information asymmetry are important reasons for the financing difficulties of many small and medium-sized enterprises in China.Small and medium-sized enterprises can effectively use patents to set security rights and solve information asymmetry, thereby alleviate financial pressure.The paper designs a model of credit rationing and finds that the adverse selection in the credit market occurs due to risk-return asymmetry under the conditions of credit loans;the collaterals play an inhibitory effect on adverse selection in the credit market, and the attribute information of the collaterals reduce the information asymmetry between banks and enterprises, and play an important role in alleviating credit rationing.Basing on the above inferences, we use Euler’s equation investment model to empirically analyze the degree of financing constraints of SMEs, and the financing effects and signaling effects of intellectual property pledges.The empirical results show that there are financing constraints in Chinese SMEs, and intellectual property pledges can alleviate the financing constraints of SMEs, and the characteristic information of intellectual property plays a positive signal role in the financing process.The above conclusions provide empirical evidence for our understanding of the mitigation effect and its impact mechanism of patent pledge financing on SME financing constraints.

关 键 词：中小企业 专利权质押 信贷配给 融资约束 专利信号 

分 类 号：F275.1[经济管理—企业管理] F832.4[经济管理—国民经济] F276.6