Research On The Influence Of Intellectual Property Financing Ability On The Growth Of Enterprises

Since the 18th National Congress of the Communist Party of China,much attention has been paid on issues concerning the legal system construction of intellectual property and the comprehensive management reform of it.It's proposed that the society should strongly advocate new culture and improve the degree of creation,protection,and application of intellectual property.In particular,strategic emerging industries should follow the policies of the country,adjust the development model,and strengthen the awareness of intellectual property,enabling the intellectual property financing to drive the development of enterprises.Intellectual property financing capacity is one of the manifestations of the"capitalization" of intellectual property.The intellectual property financing capacity of domestic and foreign enterprises are mainly embodied in means such as intellectual property pledge financing,intellectual property securitization,and conversion of intellectual property into shares.The size of intellectual property financing capacity of an enterprise may,to a certain extent,determine its development.Especially for pharmaceutical enterprises which own large quantities of intellectual property,how to transform and apply their advantageous resources to facilitate continuous production is particularly significant.The innovations of the paper mainly lie in two points:on one hand,with the pharmaceutical industry as the study sample,five aspects were innovatively picked out from the internal and extermal perspectives of enterprises to measure the size of their intellectual propeity financing capacity;on the other hand,the intellectual property financing capacity was related with the long-term development of enterprises to explore the degree of the effects of the capacity on the development of enterprises.The conclusions and contributions of the paper are as follows:Firstly,a comprehensive evaluation system for intellectual property financing capacity was established from the following five aspects,namely,creativity of intellectual propeity research&development,value characteristics of intellectual propeity,legal characteristics of intellectual property,financial capacity of the enterprise,and external financing environment for intellectual property.A comprehensive analysis was also conducted on the intellectual property financing capacity through principal component analysis.Secondly,it's proven by empirical analysis that intellectual property financing capacity can significantly promote the development of enterprises,but its five main components exert a different degree of influence.The results showed that among the five main component factors of intellectual property financing capacity,it's more important to improve enterprises' intellectual property financing capacity through the value characteristics of intellectual property and the external financing environment for it.Meanwhile,attention should also be paid to the creativity of intellectual property research&development,financial capacity of the enterprise,and the legal status of intellectual property.The study can provide reference for outside investors on how to measure the intellectual property financing capacity of enterprises,and provide enlightenment for managers on how to improve the intellectual property financing capacity of the enterprise at the same time.