Intellectual property pledge financing empowers the high-quality development of small and medium-sized enterprises

Zhao Zhenyang; Gong Jiahui; Wang Jingzhen; Yang Qing; Yang Jinghai

doi:10.19571/j.cnki.1000-2995.2026.08.019

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Science Research Management ›› 2026, Vol. 47 ›› Issue (8) : 187-197. DOI: 10.19571/j.cnki.1000-2995.2026.08.019 CSTR: 32148.14.kygl.2026.08.019

Intellectual property pledge financing empowers the high-quality development of small and medium-sized enterprises

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Abstract

Small and medium-sized enterprises (SMEs) are a vital source of economic vitality and resilience. Exploring ways to promote their high-quality development is of great significance for achieving stable economic growth and Chinese-style modernization. This paper took New Third Board-listed enterprises from 2016 to 2023 as the research object, took corporate patent pledge as the entry point, and empirically examined the impact of patent pledge on the total factor productivity (TFP) of small and medium-sized enterprises (SMEs) using a fixed-effects model. The research results showed that patent pledge can significantly improve the TFP of SMEs and empower their high-quality development; the mechanism analysis indicated that financing constraints and enterprise innovation play a mediating role between patent pledge and the TFP; the heterogeneity test revealed that the promotion effect of patent pledge on TFP is more significant in non-state-owned enterprises, enterprises in eastern and central regions, enterprises with less government subsidies, and non-"little giant" enterprises (enterprises specialized in a particular field, with sophisticated technologies and innovative capabilities). The research conclusions will provide empirical evidence for advancing the implementation, improvement and promotion of patent pledge policies, as well as enhancing the TFP of SMEs.

Key words

intellectual property pledge financing / patent pledge / total factor productivity

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Zhao Zhenyang , Gong Jiahui , Wang Jingzhen , et al . Intellectual property pledge financing empowers the high-quality development of small and medium-sized enterprises[J]. Science Research Management. 2026, 47(8): 187-197 https://doi.org/10.19571/j.cnki.1000-2995.2026.08.019

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