Evaluation Of Financing Policy Effect Of Intellectual Property Pledge And Financing Risk

With the rapid development of the era of knowledge economy,the status of intellectual property is becoming more and more important in economic and social development.As a comprehensive embodiment of national hard power and soft power,the role of intellectual property as strategic resources and core elements of international competition is more prominent.As an important part of China’s economy,the enhancement of SMEs’ intellectual property ability can help enterprises innovate and effectively enhance their core competitiveness.At present,the contradiction between the large capital demand of R&D and the financing difficulty of SMEs has become the bottleneck restricting the innovation of SMEs.However,SMEs,especially technology-oriented SMEs,all have valuable intellectual property rights.The pilot policy of intellectual property pledge financing implemented since 2008 not only increases the financing channels for SMEs,but also helps technology-oriented SMEs realize the value of intellectual property rights and promote the application of intellectual property rights.Therefore,as an innovative financing policy,intellectual property pledge financing policy is increasingly important to the development of SMEs.This thesis provides some theoretical basis and practical guidance for the scientific problems of intellectual property pledge financing faced by SMEs and government departments in the context of knowledge economy transformation from both theoretical and empirical aspects.The thesis specifically studies three aspects: first,choose seven dimensions indicators,constructs index system of the protection of intellectual property rights law enforcement level,the use of entropy TOPSIS method to measure the protection of intellectual property rights law enforcement level,combining with the modified GP index to measure levels of intellectual property legislation for the provinces in China in 2006-2018,the level of intellectual property rights protection.Second,the thesis selects companies listed on GEM and SME board from 2006 to 2018 as samples.the use of cash-cash flow sensitivity model,multiple phase double difference method and the mediation effect method,based on the protection of intellectual property rights Angle of view,discuss intellectual property pledge financing policy impact on corporate financing constraints,analysis of policy pledge to the incentive effect of enterprise innovation,research policy pledge to enterprise performance improvement of channel.Finally,the function method is used to dynamically evaluate the financial risk of intellectual property pledge financing enterprises.The main conclusions of this thesis are as follows:First,the level of intellectual property protection in China has shown an overall upward trend.The average level of intellectual property protection in the eastern region is the highest,while the average level of intellectual property protection in the central,western and northeastern regions is basically the same.Second,the pilot policy of intellectual property pledge financing can alleviate the financing constraints of SMEs.The level of regional intellectual property protection affects the implementation effect of pledge financing policy.When the degree of government intervention is high,the pilot policy of intellectual property pledge financing can more effectively solve the financing problems of SMEs.non-state-owned SMEs face relatively large financing constraints.Compared with state-owned SMEs,the pilot policy of intellectual property pledge financing can significantly alleviate the financing constraints of non-state-owned SMEs.Compared with young SMEs,the pilot policy of intellectual property pledge financing plays a greater role in alleviating the financing constraints of mature enterprises.SMEs in different industries have different degrees of financing constraints.The policy effect of intellectual property pledge financing pilot policy on alleviating their financing constraints is quite different.Third,the pilot policy of intellectual property pledge financing has a significant incentive effect on the innovation of SMEs.First,the pilot policy of intellectual property pledge financing has increased the number of patent applications of SMEs.Secondly,in the pilot area of intellectual property pledge financing,there is a double door effect of intellectual property protection in promoting the innovation of SMEs.When the level of intellectual property protection is low,it will hinder the diffusion of technology and inhibit the innovation of SMEs.With the improvement of intellectual property protection level,the positive incentive effect of intellectual property pledge financing pilot policy on the innovation of SMEs is becoming more and more significant.The incentive effect of policy strength at the national level on the innovation performance of SMEs in the pilot area is higher than that at the provincial and municipal level.At the same time,compared with non technology intensive enterprises,the pilot policy of intellectual property pledge financing has a more significant effect on improving the innovation ability of technology intensive enterprises.There are regional differences in policy effects.The pilot policy of intellectual property pledge financing has a significantly higher effect on the innovation of SMEs in the eastern region than in the central,Western and northeast regions.Fourthly,intellectual property pledge financing policy has a significant role in promoting SMEs’ performance.Intellectual property pledge financing policy can effectively improve the performance of SMEs,and innovation is the intermediary factor of the effect of intellectual property pledge financing policy on the performance of SMEs,that is,after the implementation of intellectual property pledge financing policy,enterprises will improve the performance of SMEs through the improvement of innovation ability.The internal and external governance environments also have different influences on the performance improvement of SMEs by ipr pledge financing policies.When the executive shareholding ratio is less than 30%,the pledge financing policy has a negative impact on the improvement of corporate performance;When the executive shareholding ratio is higher than 30%,the pledge financing policy has a positive impact on the improvement of corporate performance.The higher the marketization level is,the greater the effect of intellectual property pledge financing policy on enterprise performance.In particular,product market,factor market and intermediary organization all have a positive impact on the performance of SMEs promoted by intellectual property pledge financing policy,and intermediary organization has a more significant impact.Compared with state-owned SMEs,intellectual property pledge financing policy plays a more significant role in improving the performance of non-state-owned SMEs.When the shareholding ratio of senior executives is less than 30%,intellectual property pledge financing policy has less inhibitory effect on the performance improvement of non-state-owned SMEs compared with state-owned SMEs.The marketization level has a positive impact on the performance improvement of non-state-owned SMEs promoted by intellectual property pledge financing policy.Fifthly,dynamic evaluation of financial risk of intellectual property pledge financing enterprises.This thesis selects 16 financial indicators from 6 aspects,constructs the index system of financial risk evaluation of intellectual property pledge financing enterprises,uses the function evaluation method and the maximum information entropy method to construct the dynamic comprehensive evaluation function curve,and intuitively describes the dynamic financial risk of intellectual property pledge financing of high-tech listed enterprises.Based on the first and second derivatives of the evaluation function curve,the trend of financial risk is further analyzed.At the same time,the dynamic evaluation curve is combined with the optimal time weight curve to accurately calculate the total period value of financing risk.It is found that the level of financial risk of each enterprise is mainly affected by the first-level index with prominent advantage of coefficient of variation,and enterprises with low risk may also have weak influence index.This thesis uses a new evaluation method to dynamically analyze the financial risk of intellectual property pledge financing of technology-oriented SMEs,which can evaluate the financial risk of enterprises more comprehensively and objectively.Finally,the thesis puts forward policy suggestions.From strengthen their own management level,improve the patent pledge financing corresponding legal system,establish intellectual property pledge financing service platform,the development diversified intellectual property pledge financing risk sharing and compensation mechanism and perfect the intellectual property pledge financing evaluation system construction and so on five aspects put forward policy Suggestions on the development of the national intellectual property pledge financing.Marginal contribution and possible innovation of the thesis:First,the measurement of intellectual property protection level.From the two aspects of legislation and law enforcement,select more scientific and practical indicators,and use Entropy TOPSIS method to accurately calculate the level of intellectual property protection in each province over the years based on the constructed index system.Second,Based on intellectual property pledge financing pilot policy between the SMEs financing constraints and the basis of the analysis framework,pilot policy implications of intellectual property pledge financing of SMEs financing constraint problem has made certain margin contribution,to some extent improve the intellectual property pledge financing pilot policy support research system of our country’s SMEs financing.Third,Detailed the research on the innovation of SMEs by the pilot policy of intellectual property pledge financing.This thesis uses the patent data of SMEs to measure the innovation of SMEs,and analyzes in detail the impact of the pilot policy of intellectual property pledge financing on different forms of innovation of SMEs.It is found that the pilot policy of intellectual property pledge financing has a greater promoting effect on the invention and innovation of SMEs,followed by the innovation of utility models,and the promotion effect of design innovation is not obvious.Considering the regulatory role of the intellectual property protection environment,it is found that the intellectual property protection environment affects the promotion of the pilot policy of intellectual property pledge financing on the innovation of SMEs,and there is a threshold effect.At the same time,it analyzes the impact of national,provincial and municipal governments on the supporting policies in the pilot areas.From the perspective of innovation quality,this thesis refines the analysis of the pilot policy of intellectual property pledge financing on the innovation of SMEs.Fourthly,Research on the impact of patent pledge policy on enterprise performance.Although the pilot policy of intellectual property pledge financing aims to stimulate enterprise innovation,the impact on enterprises is finally reflected in enterprise performance.This paper finds that the pilot policy indirectly affects enterprise performance through intermediary effects of innovation,and the implementation effect is affected by the level of intellectual property protection.The analysis of this paper enriches and expands the research on the impact of intellectual property pledge financing pilot policy on enterprise performance.Fifthly,by constructing the dynamic evaluation index system of financial risk before intellectual property pledge financing,and using the functional method to dynamically evaluate the intellectual property pledge financing risk of technology-oriented SMEs.Based on the function of weight data and index data,combined with the weight of maximum entropy time degree,the risk dynamic evaluation function of intellectual property pledge financing is established,the non-parametric method is used to dynamically evaluate the financing risk of pledge financing enterprises.It can more effectively improve the accurate risk assessment of intellectual property pledge financing enterprises,which is conducive to the smooth implementation of the pilot policy.