【摘要】 本文以我国专利质押政策试点作为准自然实验，采用多期双重差分法研究了专利质押对企业商业信用融资水平的影响及其作用机制。研究结果表明，专利质押政策显著提升了企业商业信用融资水平。通过双重机器学习方法、政策有效性检验等一系列稳健性检验后，本文结论依然成立。机制检验表明，专利质押政策通过传递创新价值和缓解融资约束提升了企业商业信用融资水平。在进一步经济后果方面，专利质押政策通过提升企业商业信用融资水平，不仅降低了企业财务费用率，还提升了企业全要素生产率。本文识别了专利质押和企业商业信用融资的因果关系，厘清了其作用机制，为如何通过专利质押拓展企业非正式融资渠道和促进企业高质量发展提供了新的经验证据。更多还原

【Abstract】 This paper investigates the impact of patent pledge on firm trade credit financing and its mechanisms. Based on China’s patent pledge financing pilot policies implemented in batches since 2008 as a quasi-natural experiment, a staggered difference-in-difference method is applied to examine how patent pledge policies affect corporate trade credit financing. The results show that the patent pledge policy significantly enhances corporate trade credit financing, and the above conclusion passes a series of robustness tests such as the double debiased machine learning and the validity of patent pledge policy. Unlocking the value of innovation and the alleviation of financing constraints brought about by the patent pledge policy are the important mechanisms through which it promotes corporate trade credit financing. In terms of further economic consequences, the increase in trade credit financing as a result of patent pledging policies can reduce corporate financial expense ratio, while increase firms’ total factor productivity. This paper identifies the causal relationship between patent pledging policies and trade credit financing of firms and clarifies its mechanisms, providing new empirical evidence on how to utilize patent pledge to expand informal financing channels of enterprises and promote high-quality development of enterprises.更多还原