重庆交通大学学报（社会科学版）2025，Vol.25Issue(6)：105-115,11.
专利质押对企业债务违约风险的影响研究
Impact of Patent Pledge Financing on Corporate Debt Default Risk
摘要
Abstract
In order to clarify the risk control mechanism of patent pledge financing,based on panel data of 510 high-tech enter-prises among A-share listed companies from 2011 to 2021,the impact of patent pledge pilot on the risk of corporate debt default in 2016 was deeply explored through the differential-in-differential(DID)model.The empirical results indicate that patent pledge financing significantly increases the debt default risk of enterprises,and this conclusion still holds after introducing an instrumen-tal variable to solve endogeneity problems and passing multiple robustness tests.In addition,heterogeneity studies have found that patent pledge financing has a more significant positive impact on corporate debt default risk for companies with high external audit quality,low education expenditure levels in their regions,and a high proportion of the secondary industry to GDP in their regions.关键词
专利质押融资/债务违约风险/外部审计质量/教育水平/产业结构Key words
patent pledge financing/corporate debt default risk/external audit quality/education level/industrial structure分类
管理科学引用本文复制引用
MA Feng,TANG Yunxiang,ZHANG Hongguang..专利质押对企业债务违约风险的影响研究[J].重庆交通大学学报（社会科学版）,2025,25(6):105-115,11.基金项目
安徽省社会科学创新发展研究课题"农村财务管理机制创新促进农村集体经济发展壮大"(2023CX093) （2023CX093）
合肥市省市领导圈定课题"合肥打造全国一流营商环境城市研究"(SQKT202206) （SQKT202206）
