专利质量是否影响企业融资成本?——基于专利诉讼和专利质押的视角  

Does patent quality reduce corporate financing costs?——From the perspective of patent litigation and patent pledge

作　　者：张利飞[1] 贺景景 刘欣怡 张运生[2] ZHANG Li-fei;HE Jing-jing;LIU Xin-yi;ZHANG Yun-sheng(School of Economy and Trade,Hunan University,Changsha 410079,China;School of Business,Central South University,Changsha 410083,China)

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079 [2]中南大学商学院,湖南长沙410083

出　　处：《科学学研究》2025年第2期423-436,共14页Studies in Science of Science

基　　金：国家社会科学基金重点项目(24AGL014);国家自然科学基金面上项目(72274223)。

摘　　要：专利质量的高低在一定程度上决定企业融资成本的大小,有必要进一步探究二者的关系。本文研究专利质量对股权融资成本和债务融资成本的影响,并进一步分析主动专利诉讼以及专利质押风险的中介作用。研究结果表明,专利质量提升对降低企业股权融资成本以及债务融资成本均有显著促进作用。机制检验结果表明,一方面,企业能够通过提高专利质量来增加主动专利诉讼概率从而降低股权融资成本,另一方面,企业能够通过提高专利质量来降低专利质押融资风险从而降低债务融资成本。异质性检验表明,相比于成长期企业,专利质量提升更能降低成熟期企业的股权融资成本,但对债务融资成本的影响要低于成长期企业。另外,相比于模仿型企业,专利质量提升更能降低创新型企业的股权融资成本以及债务融资成本。本文最后从专利信息披露、专利诉讼、专利质押三个方面提出降低企业融资成本的相关建议。Patent quality determines the financing cost of enterprises to some extent,so it is necessary to further explore the relationship between the two.This paper studies the effect of patent quality on equity financing cost and debt financing cost,and further analyzes the mediating role of active patent litigation and patent pledge risk.From the perspective of active patent litigation,high-quality patents can ensure the maximization of the interests of enterprises in patent litigation,and can also play the signal role of patents to increase the trust between enterprises and the government,users and investors,so as to reduce the cost of equity financing of enterprises.From the perspective of patent pledge risk,high-quality patents are more easily accepted by creditors and reduce the lending risk of financial institutions,which are willing to sacrifice some of their current benefits to provide enterprises with loans at lower interest rates,thereby reducing the debt financing costs of enterprises.Using the knowledge width to measure patent quality,OLS regression analysis is conducted on the panel data of 68 ICT enterprises from 2007 to 2020.The results show that the improvement of patent quality can significantly promote the reduction of equity financing cost and debt financing cost of enterprises,and the effect of patent quality improvement on reducing equity financing cost is much higher than that of patent quality improvement on reducing debt financing cost.The mechanism test results show that,on the one hand,enterprises can increase the probability of active patent litigation by improving patent quality,thus reducing the equity financing cost;on the other hand,enterprises can reduce the risk of patent pledge financing by improving patent quality,thus reducing the debt financing cost.Heterogeneity test shows that mature enterprises may have accumulated more litigation experience and can gain the trust of shareholders through active litigation.However,when borrowing from financial institutions,the proportion of patent

关 键 词：专利质量 股权融资成本 债务融资成本 专利诉讼 专利质押 

分 类 号：F276.44[经济管理—企业管理]