金融生态对专利质押融资的影响机制研究——基于2009—2016年省际面板数据分析
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摘要
专利质押融资打破了以实物资产作为抵押进行贷款的传统方式,有利于缓解企业"融资难"和"融资贵"的难题。本文围绕专利质押融资的整体流程,阐述了金融生态对于专利质押融资的作用机制,并且以2009—2016年省际面板数据为样本实证检验金融生态环境的不同维度与专利质押融资之间的关系。实证结果表明:①金融生态是专利质押融资的关键制约因素,金融生态的不同维度对于专利质押融资都存在不同程度的影响;②区域金融机构发展水平和关联水平是金融生态中最为重要的因素,两者存在着一定的替代效应,当前金融机构的关联水平对于专利质押融资的效果更为显著;③区域创新能力、技术交易市场对专利质押融资具有显著的正向影响。最后,据此提出了相关政策建议,即各个省份必须致力于改善金融生态环境,促进专利质押融资。
Patent pledge financing has broken the traditional way of using real assets as collateral for loans, which is conducive to alleviating the difficulties and costliness of financing. This paper, focusing on the overall process of patent pledge financing, has elaborated the mechanism of financial ecology for patent pledge financing, and empirically examined the relationship between different dimensions of financial ecology and patent pledge financing with the interprovincial panel data from 2009 to 2016 as the sample. The empirical results show that: ① financial ecology is the key restricting factor of patent pledge financing, and different dimensions of financial ecology have different effects on patent pledge financing; ② the level of development and the level of association of regional financial institutions are the most important factors in the financial ecology, and there is a certain substitution effect between them. At present, the effect of the level of association of financial institutions is more remarkable; ③ regional innovation ability and technology trading market have significant positive impacts on patent pledge financing. Finally, based on this, relevant policy recommendations were put forward, that was, each province must strive to improve the financial ecological environment to promote patent pledge financing.
Patent pledge financing has broken the traditional way of using real assets as collateral for loans, which is conducive to alleviating the difficulties and costliness of financing. This paper, focusing on the overall process of patent pledge financing, has elaborated the mechanism of financial ecology for patent pledge financing, and empirically examined the relationship between different dimensions of financial ecology and patent pledge financing with the interprovincial panel data from 2009 to 2016 as the sample. The empirical results show that: ① financial ecology is the key restricting factor of patent pledge financing, and different dimensions of financial ecology have different effects on patent pledge financing; ② the level of development and the level of association of regional financial institutions are the most important factors in the financial ecology, and there is a certain substitution effect between them. At present, the effect of the level of association of financial institutions is more remarkable; ③ regional innovation ability and technology trading market have significant positive impacts on patent pledge financing. Finally, based on this, relevant policy recommendations were put forward, that was, each province must strive to improve the financial ecological environment to promote patent pledge financing.
引文
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[6]姚王信，朱玲，韩晓宇.创新要素区位分布对省域专利质押融资能力的影响[J].科技进步与对策，2016(22):28-35.
[7]Fischer T,Ringler P. What patents are used as collateral?:An empirical analysis of patent reassignment data[J].Journal of Business Venturing,2014(5):633-650.
[8]Yael V. Hochberg,Carlos J. Serrano,Rosemarie H. Ziedonis.Patent Collateral,Investor Commitment,and the Market for Venture Lending[J]. Journal of Financial Economics,2018(10):74-94.
[9]边燕杰，丘海雄.企业的社会资本及其功效[J].中国社会科学，2000(2):87-99,207.
[10]徐小林.区域金融生态环境评价方法[J].金融研究，2005(11):39-45.
[11]周立，王子明.中国各地区金融发展与经济增长实证分析：1978-2000[J].金融研究，2002(10):1-13.
[12]邓建平，曾勇.金融关联能否缓解民营企业的融资约束[J].金融研究，2011(8):78-92.
[2]华荷锋，鲍艳利.科技型小微企业知识产权融资能力评价指标体系之构建[J].财会月刊，2016(21):71-75.
[3] Amable B,Chatelain J B,Ralf K.Deep Pockets”,Collateral Assignmentsof Patents,and the Growth of Innovations.HAL Working Paper,halshs-00112518,2006.
[4] Amable B,Chatelain J B,Ralf K.Patents as collateral[J].Journal of Economic Dynamics and Control,2010(6):1092-1104.
[5]方厚政.专利质押贷款模式影响因素的实证研究：来自上海市的经验证据[J].上海经济研究，2014(8):50-56,84.
[6]姚王信，朱玲，韩晓宇.创新要素区位分布对省域专利质押融资能力的影响[J].科技进步与对策，2016(22):28-35.
[7]Fischer T,Ringler P. What patents are used as collateral?:An empirical analysis of patent reassignment data[J].Journal of Business Venturing,2014(5):633-650.
[8]Yael V. Hochberg,Carlos J. Serrano,Rosemarie H. Ziedonis.Patent Collateral,Investor Commitment,and the Market for Venture Lending[J]. Journal of Financial Economics,2018(10):74-94.
[9]边燕杰，丘海雄.企业的社会资本及其功效[J].中国社会科学，2000(2):87-99,207.
[10]徐小林.区域金融生态环境评价方法[J].金融研究，2005(11):39-45.
[11]周立，王子明.中国各地区金融发展与经济增长实证分析：1978-2000[J].金融研究，2002(10):1-13.
[12]邓建平，曾勇.金融关联能否缓解民营企业的融资约束[J].金融研究，2011(8):78-92.