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

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Listed:
  • Li, Jiawei
  • Wang, Tiezhi
  • You, Meiqi

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.

Suggested Citation

  • Li, Jiawei & Wang, Tiezhi & You, Meiqi, 2024. "Patent pledge and corporate risk-taking: A quasi-natural experiment from China's patent pledge pilot," Finance Research Letters, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324005890
    DOI: 10.1016/j.frl.2024.105559
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    References listed on IDEAS

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    1. Xiaodong Yuan & Xiaotao Li, 2022. "Pledging Patent Rights for Fighting Against the COVID-19: From the Ethical and Efficiency Perspective," Journal of Business Ethics, Springer, vol. 179(3), pages 683-696, September.
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    Full references (including those not matched with items on IDEAS)

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