Patent pledge and corporate risk-taking: A quasi-natural experiment from China's patent pledge pilot

Jiawei Li, Tiezhi Wang and Meiqi You

Finance Research Letters, 2024, vol. 66, issue C

Abstract: Intellectual property pledge financing, as a novel financing method, plays a significant role in alleviating financial constraints for enterprises and encouraging them to increase their risk-taking levels. Empirical research results demonstrate that patent pledging significantly enhances the risk-taking levels of enterprises. Further studies reveal that the effect of patent pledging on enhancing corporate risk-taking is more pronounced in samples with greater financing constraints and higher human capital. These research findings provide substantial micro-level evidence for the state to further promote the objectives of the patent pledge policy.

Keywords: Patent pledge; Corporate risk-taking; Financing constraints (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324005890

DOI: 10.1016/j.frl.2024.105559

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