Abstract: In order to clarify the risk control mechanism of patent pledge financing, based on panel data of 510 high tech enterprises among A share listed companies from 2011 to 2021, the impact of patent pledge pilot on the risk of corporate debt default in 2016 was deeply explored through the differential in differential（DID）model. The empirical results indicate that patent pledge financing significantly increases the debt default risk of enterprises, and this conclusion still holds after introducing an instrumental variable to solve endogeneity problems and passing multiple robustness tests. In addition, heterogeneity studies have found that patent pledge financing has a more significant positive impact on corporate debt default risk for companies with high external audit quality, low education expenditure levels in their regions, and a high proportion of the secondary industry to GDP in their regions.

Key words: patent pledge financing, corporate debt default risk, external audit quality, education level, industrial structure

摘要： 为厘清专利质押融资的风险控制机理，基于2011—2021年A股上市公司中510家高新技术企业的面板数据，通过双重差分模型，深入探究2016年专利质押融资试点对企业债务违约风险的影响。实证结果表明，专利质押融资会显著提高企业的债务违约风险，且在引入工具变量解决内生性问题和通过多项稳健性检验后，该结论依然成立。异质性分析发现，对于外部审计质量低、所处区域教育水平低和第二产业占GDP比重高的企业，专利质押融资对于企业债务违约风险的正向影响更显著。

关键词: 专利质押融资, 债务违约风险, 外部审计质量, 教育水平, 产业结构