Will We Gain Herring in Exchange for what We Lose in Hake?A Study on the Financial Allocation Effect of Patent Pledge Policy
Patent pledge policy is a successful practice to alleviate China's enterprise financing difficulties,but it also brings about the problem of enterprise financial mismatch.Utilizing the panel data of A-share listed companies from 2004 to 2020,the Staggered DID method is used to assess the policy effect of the patent pledge policy on the financial allocation of enter-prises and to explore the occurrence mechanism and the heterogeneity of its performance in different samples.It is found that the implementation of the patent pledge policy deepens the degree of financial mismatch among firms,which is mainly mani-fested in the further increase of the financing cost of firms with inferior capital prices.The mechanism test finds that the finan-cial mismatch effect of patent pledging is mainly realized by inducing strategic innovation and intensifying financialization of enterprises,and enterprises participating in the patent pledging policy are more likely to increase R&D manipulation and subsidy-seeking behaviors as well as reduce the quality of innovations,and the intensity of R&D does not change signifi-cantly,but the degree of financialization of enterprises has increased.Further analysis reveals that the financial mismatch ef-fect of the patent pledge policy is more prominent in non-state-owned enterprises,smaller enterprises,enterprises with weak financing constraints,and high-tech enterprises.The study proves that there is a deviation between the objectives of the pat-ent pledge policy and the results of the policy,and that the gap between the actual capital prices of enterprises is relatively widened during the implementation of the policy,which provides a theoretical basis for the efficiency enhancement and effect optimization of the intellectual property financing policy from the perspective of rational allocation of financial resources.Based on the above conclusions,this paper provides the following suggestions:First,focus on the cost effect of the patent pledge policy to create a fair enterprise financing environment.The government and financial institutions should publicize the patent pledge policy without discrimination,strengthen the full-stage tracking research and feedback on patent pledge enter-prises,and jointly analyze the information on patent pledge financing from science and technology departments and financial supervisory departments and make it public in a timely manner and accept social supervision.Secondly,the quality of patents of pledged enterprises should be assessed efficiently and strictly,so as to reduce the strategic innovation behavior of enter-prises.Continuously improve the methods and models for assessing the innovation ability of science and technology-based en-terprises;efficiently assess the value of patents pledged by enterprises,and allocate loan amounts in the order of high and low value.Third,strengthen the scientific evaluation of the financial indicators of the pledging enterprises,and limit or even cut off the development trend of shadow banking.A scientific and reasonable credit evaluation index system should be con-structed,and the monitoring of enterprise refinancing transactions should be strengthened.Fourthly,while ensuring the uni-versality of the patent pledge policy,it is appropriate to increase the special preferences for enterprises with financing disad-vantages,and to provide a separate credit plan,loan subsidies or special approval rates for enterprises in capital price disad-vantage.
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