Research On The Impact Of The Patent Pledge Financing Pilot Policy On The Performance Of Biopharmaceutical Companie

At present,China’s economy has entered the "new normal",in this context,t-echnological innovation is both a central element in achieving firm value growth and a fundamental driver in the transformation and upgrade of industrial structure.The biomedical industry is a strategic new industry and has an irreplaceable role in driving the transformation and escalation of traditional pharmaceutical manufacturing.However,the biomedical industry has a long R & D cycle,large inputs,high risks and high income.Whether technological innovation or product research and development,a huge amount of funds to support,which shows that in the process of promoting the development of the biomedical industry,there must be enough funds to support.Due to the extrinsic a nd intrinsic factors affected by the financing environment in China and the self-development characteristics of biomedical enterprises,the financing channels and funds of enterprises are limited.Patent pledge can well solve the capital problem of enterpr ises.Patent pledge financing is a new financing mode with the property right in the patent right as collateral,so as to obtain funds.It is an important means to solve the financing conundrum of SMEs.At present,the state increasingly values the innovat ive inputs of enterprises,and has introduced a series of Pilot policy of patent pledge financing to encourage enterprises to innovate.Therefore,it is necessary to conduct an in-depth and comprehensive analysis of the patent pledge financing pilot policy.On the one hand,it is helpful to evaluate the practical application effect of the Pilot policy of patent pledge financing,and at the same time,It will shed light on how biomedical companies can make adequate and effective use of external policy resour ces and improve their own performance.Based on the theories of debt governance,technological innovation and information asymmetry,in this paper,we focused on the biomedical industry among the seven leading strategic industries in China,and adopts the data of listed biomedicine enterprises in Shanghai and Shenzhen A-shares from 2011 to 2020 as samples,and carries out a quasi-natural experiment with the patent pledge financing pilot implemented in 2016,using the double difference method,Analyze the im pact of Pilot policy of patent pledge financing on the performance of bio-pharmaceutical enterprises and the intermediary role of technological innovation between the two.The research show that:(1)Patent pledge financing has a direct impact on the performance of bio-pharmaceutical enterprises,and gives full play to some intermediary effect by promoting technological innovation,that is,patent pledge financing policy can improve the performance level of biopharmaceutical enterprises through technological innovation.(2)The heterogeneity test shows that The impact of the pilot policy of benefit commitment financing on the performance level of non-state-owned biomedical enterprises and large biomedical enterprises is higher.(3)Further analysis shows that t he specific gravity discretion of tangible capitals has little effect on the impact of patent right pledge financing on enterprise performance.The conclusions of the study not only provide a certain theoretical basis for the current debate on the effectiv eness of patent pledge financing pilot policy in China,but also puts forward suggestions on how to accurately implement China’s patent pledge financing pilot policy.