The Effect of Patent Pledgeability on Firm Innovation
Using Chinese patent pledge data,this paper studies the effect of patent pledgeability on firm innovation.We find that patent pledgeability improves both the quantity and quality of firms'innovation output and the effect is larger for firms with weak financial constraint.The patent pledgeability not only enhances the firms'willingness to innovate by increasing the expected benefits of innovation,but also,patent pledgeability as a signal,which al-leviates information asymmetry,could attract more human capital and reduce financing cost.As a result,the innovation output increases.The results re-main robust after addressing endogeneity concerns.This paper enriches the channels of the effect of patent pledgeability on firm innovation and provides some feasible policy suggestions to promote the development of patent pledge market.
万方数据
维普
