經濟學系講座: Patent Financing, R&D Investment and TFP Dynamics

講者: 陳志遠教授/中國人民大學商學院助理教授

日期: 3/9/2025 (三)

時間: 11:00-12:15

語言: 英語

地點: E21B-G016

內容: This paper studies the impact of the pledgeability of intangible assets on aggregate productivity under financial constraints. Enhancing the pledgeability of intangible assets improves the capability of firms to engage in R&D and capital investment. The former improves firm productivity, while the latter improves capital allocation efficiency, together inducing higher aggregate productivity. Exploiting China’s pilot patent pledging policy in a difference-in-differences design, we document substantial gains in firm R&D investment, profitability, and the efficiency of capital allocation. To quantify the effect of this policy on aggregate productivity, we develop a general equilibrium model in which firms endogenously choose to pledge intangible assets under financial constraints, linking intangible financing to aggregate productivity through firm-level R&D investment and aggregate-level capital allocation efficiency. Structural estimation suggests that the patent pledging policy raises aggregate TFP by roughly 14%, with about 70% of the gain due to better capital allocation and 30% from direct productivity enhancements. Counterfactual analysis indicates that patent-backed financing boosts TFP more than traditional tangible collateral, highlighting that financial innovations based on intangible assets can be particularly effective during certain development phases. These findings underscore the policy importance of financing innovation via intangible assets like patents under financial frictions.