知识产权保护与企业银行贷款成本  

Intellectual Property Protection and the Cost of Bank Loans

作　　者：吴赢 张翼[2] 李广子[3] YING WU;YI ZHANG;GUANGZI LI

机构地区：[1]南京师范大学商学院 [2]西南财经大学金融学院 [3]中国社会科学院金融研究所、国家金融与发展实验室,100710

出　　处：《中国会计评论》2023年第2期219-244,共26页China Accounting Review

基　　金：国家社会科学基金重点项目(19ZDA074);国家社会科学基金项目(18BJY250);国家社会科学基金重大项目(19ZDA101)的阶段性研究成果。

摘　　要：通过手工收集2009—2016年上市公司国内银行贷款合约数据,本文研究了知识产权保护对企业银行贷款成本的影响。研究发现,知识产权保护降低了企业银行贷款成本。知识产权保护每增加1个单位,企业银行贷款成本平均下降0.0633。本文采用双重差分(DID)法和两阶段最小二乘(2SLS)法控制可能存在的内生性问题,建立了知识产权保护与企业银行贷款成本之间较为可靠的因果关系。机制检验发现,知识产权保护通过增强现金流的稳定性、提高创新产出作为质押物的价值和提高企业的信息透明度来降低企业银行贷款成本。异质性检验发现,知识产权保护与企业银行贷款成本的关系在创新能力较强的企业中更加显著。本文的研究结果表明,知识产权保护是企业银行贷款成本的重要影响因素,政府可以通过加大知识产权保护力度来缓解企业融资难和融资贵的问题。By manually collecting the data of domestic bank loan contracts of listed companies from 2009 to 2016,this paper investigates the impact of intellectual property protection on the cost of bank loans.We find that intellectual property protection has a negative effect on the cost of bankloans.One unite increase in intellectual property protection will lower the cost of bank loans by approximately 0.0633.Using the difference-in-difference(DID)method and two-stage least square(2SLS)method to control the possible endogeneity issues,this paper establishes a reliable causal relationship between intellectual property protection and the cost of bank loans.Mechanism tests find that intellectual property protection can reduce the cost of bank loans by enhancing the stability of cash flow,improving the value of innovation outputs as collateral,and improving information transparency.Heterogeneity test shows that the relationship between intellectual property protection and the cost of bank loans is more prominent for firms with strong innovation abilities.Our study shows that intellectual property protection is one of the important factors affecting the cost of bank loans.The government can alleviate the problem of difficult financing and expensive financing by improving the protection of intellectual property.

关 键 词：知识产权保护 企业银行贷款成本 知识产权法庭 

分 类 号：F204[经济管理—国民经济] F273.1F832.4F832.51