| 余明桂,王俐璇,赵文婷,胡彦琦.专利质押、融资约束与企业劳动雇佣[J].数量经济技术经济研究,2022,(9):70-93 | | 专利质押、融资约束与企业劳动雇佣 | | Patent Collateral, Financial Constraints and Corporate Employment | | | | DOI： | | 中文关键词: 专利质押融资 企业劳动雇佣 融资约束 | | 英文关键词: Patent collateral financing Financial constraints Corporate employment | | 基金项目:本文获得国家自然科学基金项目（72172158；71872137）的资助 | | | 中文摘要: | | 本文研究专利质押融资试点政策对企业劳动雇佣的影响及其作用机制。以2005~2015年沪深A股上市公司的数据为样本，采用双重差分法评估专利质押融资政策试点对企业劳动雇佣的影响。研究发现，专利质押融资试点政策显著增加了企业员工总数和高技术员工人数，并且这一作用主要通过缓解融资约束、增加银行信贷、降低债务融资成本以及缓解经营风险不确定性来实现。进一步检验发现，专利质押融资试点政策对企业劳动雇佣的影响主要存在于专利价值高、轻资产型和地区金融发展水平较低的企业。本文研究结果表明，专利质押融资试点政策具有促进充分就业和提高劳动配置效率的作用，为专利质押融资的试点提供了新的经验证据。 | | 英文摘要: | | Companies cannot ignore the strategic role of intellectual property under the requirement of high-quality development. This emphasizes the importance of capitalizing intellectual property in order to achieve effective capital financing. The employment issue has gradually come to the forefront due to factors such as increasing economic downward pressure and the spread of the COVID-19 epidemic. Against this backdrop, whether pilot patent pledge financing policy promotes full employment and improves the efficiency of labor allocation? So far, researchers have not given a definite answer. Using the sample of A-share listed companies in Shanghai and Shenzhen from 2005 to 2015, this paper studies the impact of the pilot patent pledge financing policy on corporate labor employment and its mechanism by constructing a difference-in-differences（DID）method. The results show that the pilot patent pledge financing policy significantly increased the total number of corporate employees and the number of highly skilled employees. The main mechanism is financial constraint, bank credit and business risk. Further tests indicated that the effect of the pilot patent pledge financing policy on corporate employment is more pronounced for enterprises with high patent value, asset-light types, and the low level of regional financial development. The results of this paper prove that the pilot patent pledge financing policy has the effect of promoting the social employment and improving the efficiency of labor allocation, providing a new empirical evidence for the pilot patent pledge financing.This paper contributes to literatures in several ways. Firstly, it expands the literature related to the economic consequences of patent pledge financing policies from the perspective of corporate labor investment. Secondly, it enriches the literature related to the impact of different types of collateral and pledges on corporate investment and financing from the perspective of patent pledges. Thirdly, this paper provides a new insight into how financing constraints and business risks affect corporate employment from the perspective of patent pledge financing.The research results have policy implications in the following four aspects. Firstly, the policy pilot and promotion of patent pledge financing should be strengthened and improved. Government should place great emphasis on optimizing the patent pledge process in order to improve credit allocation and reduce business risks, release the value of patent collateral, and promote national factor market reform. Secondly, it provides new ideas to solve the problem of “stable employment” in China. Improving the allocation of credit resources is one of the important ways to promote enterprises to expand the demand for employment, and a package of supporting policies to stimulate employment and innovation investment should be arranged in an integrated manner. Thirdly, strengthen the support of the patent pledge financing pilot program for light-asset technology enterprises, optimize patent recognition and pre-credit evaluation for light-asset technology enterprises, and make more use of patent pledge financing to alleviate financing constraints. Fourthly, improve the evaluation mechanism of patent value, reduce the problem of patent value information transmission of small and medium-sized enterprises, and tilt more resources to small and medium-sized asset-light technology enterprises with less financing ability and high development potential, so as to enhance the vitality of economic development. | | 查看全文 相关附件： 下载数据代码附录.zip |
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