创新竞争压力与企业融资计划——来自企业专利被无效宣告的经验证据  

Innovative Competitive Pressure and Corporate Financing Plans:Empirical Evidence from Patent Invalidations

作　　者：王雄元[1] 张琳琅 WANG Xiongyuan;ZHANG Linlang(School of Accounting,Zhongnan University of Economics and Law,Wuhan,430073,China)

机构地区：[1]中南财经政法大学会计学院,湖北武汉430073

出　　处：《中南财经政法大学学报》2025年第2期3-15,共13页Journal of Zhongnan University of Economics and Law

基　　金：国家自然科学基金面上项目“专利竞赛格局下竞争对手发起专利无效宣告与企业创新策略调整”(72372158);国家自然科学基金面上项目“企业进入、投资与全要素生产率:基于市场准入负面清单制度试点的准自然试验”(72172156)。

摘　　要：来自竞争对手的创新竞争压力可能抑制企业融资计划及其后续创新活动。本文以2013—2020年中国资本市场A股上市公司为研究样本,探讨企业专利被无效宣告并面临创新竞争压力时如何调整其融资计划。经验证据表明,面对创新竞争压力时,企业更不可能发布股票增发预案,尤其当企业投融资需求较低、分析师关注较多与监管较严时;若企业放弃股票增发,则会显著降低其后续研发投入、专利申请与专利获批数量;若企业坚持股票增发,则需承担较大融资成本,即股票增发审核时间较长、实际规模较小且与预期规模的差距较大、市场反应较为负面,但使其有可能通过技术并购弥补技术短板。本文研究有助于丰富专利价值和创新竞争方面的文献,并对企业应对创新竞争压力具有借鉴意义。Innovation competitive pressure from competitors may inhibit corporate financing plans and their innovation activities.This paper takes A-share listed companies in China's capital market from 2013 to 2020 as research samples to explore how enterprises adjust their financing plans when their patents are invalidated and they face the pressure of innovation competition.Empirical evidence shows that enterprises are less likely to issue seasoned equity offerings in the face of innovation competition pressure,especially when the investment and financing demand of firms is low,and the attention of analysts and supervision are stricter.If a company abandons seasoned equity offerings,it will significantly reduce its subsequent research and development investment,applied patents and granted patents.If the company continues to issue shares,it needs to bear greater financing costs,that is,the review time of the share issue is longer,the actual size is smaller than the expected size,and the market reaction is more negative,so it may also carry out more technology M&A activities.This study is helpful to enrich the literature on patent value and innovation competition,and has reference significance for firms to cope with the pressure of innovation competition.

关 键 词：创新竞争 专利被无效宣告 股票增发 企业创新 

分 类 号：F272[经济管理—企业管理]