专利质押融资政策是助企纾困解难的重要路径，对于企业优化自身资产结构、实现高质量发展具有深远意义。然而，现有关于专利质押融资政策对企业资本结构动态调整的影响研究较为缺乏。本文以2001—2022年中国A股上市公司为样本，采用多期DID方法检验了专利质押试点政策对企业资本结构动态调整的影响。本文研究发现，专利质押试点政策能够降低企业资本结构偏离度。机制分析表明，专利质押试点政策降低资本结构偏离度的作用主要通过缓解融资约束来实现。异质性分析发现，专利质押试点政策对企业资本结构偏离度的降低作用在非国有性质、规模较小和行业竞争水平较高的企业中更加明显。从调整速度来看，专利质押试点政策能够提高企业资本结构调整速度；区分调整方向后发现，专利质押试点政策既能够提高企业资本结构向上调整速度，又能够提高企业资本结构向下调整速度；从调整方式来看，专利质押试点政策主要通过债务融资方式提高企业资本结构调整速度。本研究不仅丰富了企业资本结构动态调整影响因素和专利质押政策经济效果的相关研究，还为深入开展专利质押试点工作、优化企业融资结构提供了决策参考。

The patent pledge financing policy is an important path to help enterprises to alleviate difficulties，which is of far-reaching significance for enterprises to optimize their asset structure and achieve high-quality development. However，there is a lack of research on the impact of patent pledge financing policies on the dynamic adjustment of corporate capital structure. This paper used a multi-period DID method to test the impact of patent pledge pilot policy on the dynamic adjustment of corporate capital structure based on the sample of China's A-share listed companies from 2001 to 2022. This paper found that the pilot policy of patent pledge can reduce the deviation of corporate capital structure. The mechanism analysis showed that the role of patent pledge pilot policy in reducing capital structure deviation is mainly achieved by alleviating financing constraints. The heterogeneity analysis showed that the reduction effect of patent pledge pilot policy on the deviation of corporate capital structure is more obvious in enterprises with non-state-owned nature，smaller scale and higher level of industry competition. From the perspective of adjustment speed，the patent pledge pilot policy can improve the speed of corporate capital structure adjustment；and after distinguishing the adjustment direction，it was found that the patent pledge pilot policy can not only improve the upward adjustment speed of corporate capital structure，but also improve the downward adjustment speed of corporate capital structure. From the perspective of adjustment methods，the patent pledge pilot policy mainly improves the speed of corporate capital structure adjustment through debt financing. This study will not only enrich the related research on the influencing factors of dynamic adjustment of enterprise capital structure and the economic effect of patent pledge policy，but also provide decision-making reference for further execution of the pilot work of patent pledge and optimization of the financing structure of enterprises.