| As the main body of technological innovation,small and medium-sized enterprises play an important role in the adjustment of economic and social structure and the transformation of development pattern.However,due to the characteristics of high uncertainty and long output cycle of innovation activities,small and medium-sized enterprises are often faced with problems such as lack of real assets mortgage,and it is difficult to obtain enough credit funds in the capital market,which seriously restricts the development of Chinese science and technology innovation.The patent pledge financing policy is a new financing method specially launched by the government for small and medium-sized enterprises,which can alleviate the financing problem of small and medium-sized enterprises and promote enterprise innovation.Therefore,it is of great practical value to study the influence of patent pledge financing policy on enterprise innovation.The intellectual property protection system,as the basic institutional guarantee to promote the innovation and development of Chinese enterprises,will affect the innovation incentive effect of the patent pledge financing policy.Based on the trial of patent pledge financing policy in 2016,this paper studied the relationship among patent pledge financing policy,intellectual property protection and enterprise innovation through theoretical analysis and empirical analysis,taking Chinese Ashare listed enterprises as samples.Taking Chinese A-share listed companies as research samples,this paper uses PSM-DID method to empirically test the impact of patent pledge financing policy on corporate innovation,and takes the level of intellectual property protection as A moderating variable.The heterogeneity is further analyzed.In addition,the paper also analyzes the intermediary mechanism of patent pledge financing policy affecting enterprise innovation.The results show that:(1)patent pledge financing policy can effectively promote enterprise innovation.(2)Intellectual property protection strengthens the promotion effect of patent pledge financing policy on enterprise innovation.(3)The patent pledge financing policy can better promote the innovation performance of enterprises in high-market regions,high-tech enterprises and non-state-owned enterprises.The protection of intellectual property rights can also strengthen the promotion effect of patent pledge financing policy on the innovation of the above enterprises.(4)In the analysis of intermediary mechanism,the patent pledge financing policy can exert its innovation incentive effect on enterprises through alleviating the financing constraints of enterprises and enhancing the innovation consciousness of senior executives. |
