Bank competition, market concentration and innovation: Insights from China’s patent pledge financing policy

Shuang Liang

Finance Research Letters, 2025, vol. 82, issue C

Abstract: This study evaluates the impact of China’s patent pledge financing pilot policy on firm innovation using data from A-share listed manufacturing firms between 2003 and 2022. The findings indicate that the policy significantly enhances innovation quantity, especially among firms constrained by financing. Innovation quality is improved most in areas with low bank competition and high market concentration. Our analysis also identifies variations in the policy’s impact across firm lifecycles, city sizes, and development levels, highlighting its relevance to policy refinement within the treatment effect framework in market equilibrium.

Keywords: Patent pledge financing; Firm innovation; Policy optimization; Intellectual property (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:82:y:2025:i:c:s1544612325008499

DOI: 10.1016/j.frl.2025.107590

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