Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy
This paper employs patent collateral data from China’s State Intellectual Property Office and finds that patent collateral policy increases the use of patents as collateral and corporate debt financing; further, patent insurance policy enhances the effect of patent collateral policy. However, these...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2024-10-01
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| Series: | China Journal of Accounting Studies |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/21697213.2025.2520215 |
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| author | Xiaoxi Li Qinger Zhong Guochao Yang Pingui Rao |
| author_facet | Xiaoxi Li Qinger Zhong Guochao Yang Pingui Rao |
| author_sort | Xiaoxi Li |
| collection | DOAJ |
| description | This paper employs patent collateral data from China’s State Intellectual Property Office and finds that patent collateral policy increases the use of patents as collateral and corporate debt financing; further, patent insurance policy enhances the effect of patent collateral policy. However, these policies only lead to an increase in corporate short-term debt. Additionally, we document a stronger effect for cities that integrate an effective government and an efficient market, cities where governments provide guarantees to firms, firms with high-quality patents, and financial constrained firms. As a result, increases in corporate short-term debt resulting from patent collateral policy and patent insurance policy lead to higher patent output in the short run, rather than in the long run. |
| format | Article |
| id | doaj-art-c57d6b546e32459a93bd0d7d0d2fc780 |
| institution | DOAJ |
| issn | 2169-7213 2169-7221 |
| language | English |
| publishDate | 2024-10-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | China Journal of Accounting Studies |
| spelling | doaj-art-c57d6b546e32459a93bd0d7d0d2fc7802025-08-20T02:39:25ZengTaylor & Francis GroupChina Journal of Accounting Studies2169-72132169-72212024-10-0112483986010.1080/21697213.2025.2520215Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policyXiaoxi Li0Qinger Zhong1Guochao Yang2Pingui Rao3School of Management, Jinan University, Guangzhou, ChinaSchool of Management, Jinan University, Guangzhou, ChinaInstitute of New Institutional Accounting, School of Accounting, Zhongnan University of Economics and Law, Wuhan, ChinaSchool of Management, Jinan University, Guangzhou, ChinaThis paper employs patent collateral data from China’s State Intellectual Property Office and finds that patent collateral policy increases the use of patents as collateral and corporate debt financing; further, patent insurance policy enhances the effect of patent collateral policy. However, these policies only lead to an increase in corporate short-term debt. Additionally, we document a stronger effect for cities that integrate an effective government and an efficient market, cities where governments provide guarantees to firms, firms with high-quality patents, and financial constrained firms. As a result, increases in corporate short-term debt resulting from patent collateral policy and patent insurance policy lead to higher patent output in the short run, rather than in the long run.https://www.tandfonline.com/doi/10.1080/21697213.2025.2520215Institutional innovation of patent financingpatent collateralpatent insurancecorporate debt financing |
| spellingShingle | Xiaoxi Li Qinger Zhong Guochao Yang Pingui Rao Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy China Journal of Accounting Studies Institutional innovation of patent financing patent collateral patent insurance corporate debt financing |
| title | Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy |
| title_full | Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy |
| title_fullStr | Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy |
| title_full_unstemmed | Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy |
| title_short | Does institutional innovation of patent financing ease corporate financing woes? Evidence from patent collateral and patent insurance policy |
| title_sort | does institutional innovation of patent financing ease corporate financing woes evidence from patent collateral and patent insurance policy |
| topic | Institutional innovation of patent financing patent collateral patent insurance corporate debt financing |
| url | https://www.tandfonline.com/doi/10.1080/21697213.2025.2520215 |
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