專利抵押

Abstract

抵押貸款是企業籌措資金時因其較低的成本，是企業籌措資金的重要管道。對於缺乏有形資產的公司而言，專利作為抵押品成為了重要的方式。本研究使用1980-2020年的專利轉讓與上市公司財務資料，首先探討了影響專利作為抵押品的特徵，結果顯示專利被引用次數、涉及廣泛程度以及流動性會使專利更容易成為抵押品。我也探討了將專利做為抵押品之公司特徵，結果顯示當公司擁有的專利越多，越可能將專利做為抵押品。而公司財務相關之結果顯示市值低、現金流不足以及不發股利之公司越可能將專利作為抵押品。此外，我透過區分高科技公司，與專利數量與現金流之交互作用，進一步探討高科技公司以及沒有財務緊縮且同時擁有許多專利的公司之專利抵押，結果顯示高科技公司越可能將專利做為抵押品；而公司擁有許多專利且有財務緊縮的情形之下，更可能將專利做為抵押品。

Mortgages are essential for companies to raise funds due to their less cost. However, for companies lacking tangible assets, patents serve as an alternative form of collateral. In this paper, we use patent assignment data and financial statement data from 1980-2020. Firstly, we investigate the characteristics of pledged patents. Our findings reveal that patents with higher citation counts, generality, and fluidity are more likely to be accepted as collateral. Next, we explore the characteristics of companies that use patents as collateral. The results show that companies with a greater number of patents and higher citation counts are more likely to use patents as collateral. Additionally, companies with lower market value, insufficient cash flow, and no dividend payouts are more inclined to utilize patents as collateral. Finally, we examine the use of patent mortgages among high-tech companies and companies without financial constraints but with patents. The evidence suggests that high-tech companies are more likely to pledge patents as collateral. Firms facing significant financial constraints (proxied by cash holdings) are more likely to pledge patents as collateral for patenting companies.