专利质押融资与中小企业高质量创新

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中图分类号：F272 文献标识码：A doi：10.3969/j.issn.1672-2272.202505003

Patent Pledge Financing and High Quality Innovation of Small and Medium Sized Enterprises

Zhang Ting，Xi Min （Chongqing Intelectual Property College，Chongqing University of Technology，Chongqing 40o054，China）

Abstract：Smalland medium-sized enterprises （SMEs） serve as the mainstay of national economic and social development，forming a crucial foundation for building a modern economic system and driving high-quality economic growth.Based on data from SMEs listed on the Small and Medium Enterprise Board between 20o05 and 202O，this study employs a multi-period diference-in-differences （DID） model to evaluate the impact of the pilot patent pledge financing policy on corporate innovation quality. The research finds that this policy significantly promoted the enhancement of innovation quality among SMEs，a conclusion validated through robustness checks.Mechanism tests reveal that the policy influences innovation quality improvement through three pathways：alleviating corporate financing constraints，increasing R&D investment intensity，and elevating human capital levels.Heterogeneity tests indicate that the policys effects are particularly pronounced in non-state-owned enterprises and smallersized firms.This research provides empirical evidence for promoting patent pledge financing，refining policy precision，deepening cooperation among financial institutions，and strengthening talent support mechanisms.

Key Words：Pilot Policy for Patent Pledge Financing;Smalland Medium-sized Enterprises（SMEs）;Innovation Quality;Financing Constraints;R&D investment;Human Capital

0 引言

党的二十大报告强调要“加快实施创新驱动发展战略”"强化企业科技创新主体地位”。（剩余17852字）