Patent Pledge,R & D Investment And Corporate Value Relationship Studies

As an innovative financing tool,the patent pledge can alleviate the current difficulties of corporate financing,and its operation is simple and fast,which has attracted widespread attention once it is launched.Models,laws and regulations have begun to study the pledge of patent rights,but currently there is a lack of research on the enterprise value effect of patent pledge financing.Stakeholders of the enterprise pay more attention to the value of the enterprise,regard the enterprise value as an indicator to measure the future development of the enterprise,and believe that the long-term goal of the company's operation and development is to increase the enterprise value.Therefore,to study the relationship between the pledge of patent rights and enterprise value,increase R & D investment and analyze whether there is an intermediary role,which can be used as a reference for enterprise management when making decisions.First of all,this paper sorts out the literature related to patent pledge,R & D investment and enterprise value,and finds that the current research generally focuses on the risks and modes of patent pledge loan,and there are not many studies on the enterprise value effect of patent pledge,research and development There are few articles devoted to what role exists between the two.Secondly,on the basis of signal transmission theory,agency cost theory and core competitiveness theory,analyze the relationship between patent right pledge,R & D investment and enterprise value,and explore the mechanism of action between the three,and propose three Study hypotheses and build three regression models.This paper selects the 2016-2019 data of GEM companies,screens out and sorts out 890 companies as research samples,and performs regression analysis on the obtained data to test the relationship between patent pledge and corporate value.The role played by the impact of corporate value.The research results show that:(1)Patent pledges have a negative impact on corporate value.(2)The pledge of patent rights has a negative impact on R & D investment.(3)R & D investment plays a part of the intermediary role in the process of the impact of patent pledge on corporate value.(4)According to the intensity of R& D investment intensity,the research sample can be divided into a high R & D investment group and a low R & D investment group.R & D investment plays a significant intermediary effect in the high R & D investment group,but the effect in the low R & D investment group is not obvious.The above results show that thepledged patent rights of enterprises have a negative impact on the value maximization goals of enterprises,and R & D investment plays a part of the intermediary effect between the two,which is more obvious in the high R & D group.When an enterprise pledges a patent right,it needs to consider the economic consequences it brings.If the government wants to promote the pledge of patent rights,it also needs to consider the enthusiasm of the enterprise's pledge.Therefore,the article puts forward corresponding suggestions based on the above conclusions.