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.