Research Of The Influence Of Patent Infringement Litigation On The Financing Capacity Of Enterprises

Capital is an important driving force for the development of enterprises,and also an important factor affecting the development level and comprehensive strength of enterprises.Considering the special development of China's financial market,debt financing is the main channel for Chinese enterprises to obtain financing.Thus it can be seen that the level of debt financing capacity will directly affect the development decision-making and strategic positioning of enterprises,thus having a direct impact on the overall strength of enterprises.Therefore,it is necessary to study the financing capability of enterprises.With the increasing protection of intellectual property rights in China,various types of patent infringement disputes emerge in endlessly,and the occurrence of infringement litigation cases will increase the operational risk of enterprises,but also pose a certain threat to the reputation of enterprises.The occurrence of lawsuits will change the internal resource allocation and capital flow of enterprises,and then affect the operation of enterprises.Under this circumstance,when an enterprise tries to obtain bond financing,the creditors may reassess the financing risk,which will have a certain impact on the financing request of the enterprise.Therefore,it is of great significance for the development of the enterprise to study the patent infringement litigation on the financing capacity of the enterprise.In this paper,patent infringement litigation on the financing capacity of enterprises as the research object,choose 2010-2016 Shanghai and Shenzhen A-share listed companies as samples,using literature and empirical analysis methods to carry out research.Taking the ratio of assets and liabilities as the explanatory variable,the frequency and amount of litigation as the explanatory variable,and the cash flow,the scale of the enterprise,the profit of the company and the growth ability of the enterprise as the control variables,the model is constructed to start the empirical analysis.The results show that:(1)whether the enterprise involved in litigation or not has an important impact on the financing ability of the enterprise,and the enterprise involved in litigation bears greater risks than the enterprise not involved in litigation,and its financing ability is also weaker;(2)With the increase of the frequency and amount of litigation involved,the impact of litigation on enterprises will increase,and their financing capacity will become weaker.(3)To test the robustness of the model,the regression results of the change model are consistent with the regression results of the principal model,which shows that this study is robust.The research results of this paper can provide certain theoretical support and reference significance for domestic and foreign research on the financing capacity.