The Impact of Patent Pledgeability on the Financial Risk of High-Tech Startups

Anqi Shi ()
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Anqi Shi: Tianjin University of Finance and Economics, International Business School

A chapter in Proceedings of the 2026 6th International Conference on Enterprise Management and Economic Development (ICEMED 2026), 2026, pp 220-226 from Springer

Abstract: Abstract Taking high-tech startups listed on the ChiNext Board from 2018 to 2024 as the research sample, this paper deeply explores the impact mechanism of patent pledgeability on corporate financial risk based on the theoretical framework of patent pledge financing. The research finds that patent pledgeability significantly reduces corporate financial risk: enterprises with patents have higher Z-scores and a lower probability of falling into financial distress. Further analysis shows that the above effect exists significantly in enterprises of different sizes, but is more pronounced in small-scale enterprises. This study provides new empirical evidence for understanding the impact of intellectual property financialization on the decision-making of startups.

Keywords: Patent Pledgeability; Financial Risk; High-Tech Startups; ChiNext Board (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6239-719-4_25

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DOI: 10.2991/978-94-6239-719-4_25

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