Research on the impact of intellectual property financing on the transformation of enterprises’ scientific and technological achievements

Shi Xing; Li Jie

doi:10.19571/j.cnki.1000-2995.2026.06.018

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Science Research Management ›› 2026, Vol. 47 ›› Issue (6) : 183-192. DOI: 10.19571/j.cnki.1000-2995.2026.06.018 CSTR: 32148.14.kygl.2026.06.018

Research on the impact of intellectual property financing on the transformation of enterprises’ scientific and technological achievements

Shi Xing ,
Li Jie

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Abstract

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.

Key words

enterprise intellectual property financing / transformation of scientific and technological achievement / financing constraint / investment in innovation

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Shi Xing , Li Jie. Research on the impact of intellectual property financing on the transformation of enterprises’ scientific and technological achievements[J]. Science Research Management. 2026, 47(6): 183-192 https://doi.org/10.19571/j.cnki.1000-2995.2026.06.018

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