当专利成为抵押品：知识产权金融化与企业风险投资

IF 2 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2026-09-01 Epub Date: 2026-08-18 DOI:10.1016/j.econlet.2026.113197

Hao Zhang, Lina Shi

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引用次数: 0

摘要

本文考察了专利融资改革是否会影响企业的外部技术收购策略。利用中国城市间交错推出的专利质押融资试点（PPFP），我们采用差异中差异设计来研究其对企业风险投资（CVC）投资的影响。研究发现，PPFP显著提高了企业的CVC活动，且这种影响主要集中在高新技术企业，而对国有企业的影响较弱。这些发现与专利资产财务价值的增加增强了企业为外部技术采购而从事技术导向型CVC的激励的观点是一致的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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When patents become collateral: Intellectual property financialization and corporate venture capital investment

This paper examines whether patent-backed financing reforms affect firms’ external technology acquisition strategies. Using the staggered rollout of China’s Patent Pledge Financing Pilot (PPFP) across cities, we employ a difference-in-differences design to study its effect on corporate venture capital (CVC) investment. We find that PPFP significantly increases firms’ CVC activity, with the effect concentrated in high-tech CVC, and weaker for state-owned enterprises. These findings are consistent with the view that increasing the financial value of patent assets strengthens firms’ incentives to engage in technology-oriented CVC for external technology sourcing.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.