在知识经济时代,知识产权与金融资源的深度融合,对于激发企业创新活力,加速科技成果转化具有重要意义。本文选取2015—2021年中国上市企业数据,在理论分析基础上运用双向固定效应模型研究知识产权融资与企业科技成果转化的关系。研究发现:(1)知识产权融资能够显著提升企业科技成果转化能力,这一结论经过一系列稳健性检验仍成立。(2)机制分析表明,知识产权融资可以通过缓解融资约束与提高创新投入,作用于企业科技成果转化,产生激励效应。(3)进一步分析表明,高新技术企业与大规模企业的知识产权融资行为对企业科技成果转化的促进作用更为明显。本文从微观视角丰富了促进科技成果转化的影响因素研究,厘清了知识产权融资与企业科技成果转化二者间的作用机制,研究结论能够为拓展知识产权金融化发展格局、提高技术转移转化市场效率提供经验依据。

In the era of knowledge economy, the deep integration of intellectual property (IP) with financial resources is of great significance in stimulating corporate innovation vitality and accelerating the transformation of enterprises’ scientific and technological (S&T) achievements. Based on the panel data of Chinese listed enterprises from 2015 to 2021, this paper empirically examined the impact of IP financing on the transformation of enterprises’ S&T achievements by employing a two-way fixed effects model alongside theoretical analysis. The results showed that: (1) IP financing could significantly promote enterprises’ capacity to transform S&T achievements, supported by various robustness tests. (2) The mechanism analysis revealed that IP financing can exert an incentive effect on the transformation of S&T achievements in enterprises by alleviating financing constraints and increasing innovation investments. (3) Further analysis revealed that IP financing for high-tech and large-scale enterprises has a more prominent role in promoting the transformation of S&T achievements. This paper has enriched the literature on factors promoting the transformation of S&T achievements from a micro-perspective and clarifies the mechanism through which IP financing could affect the transformation of enterprises’ S&T achievements. The conclusions are conducive to optimizing the landscape of IP financing and enhancing the efficacy of the technology transfer market.