Intellectual Property Pledge Financing Empowers the High-Quality Development of Small and Medium Sized Enterprises

This article selects data from non-financial companies listed on the New Third Board from 2016 to 2023 as the research sample. The patent pledge data comes from the enterprise patent pledge announcement in the small and medium-sized enterprise share transfer system, which is manually collected. The patent data is from the China National Intellectual Property Administration, and the data at the enterprise level is from the Wind database. In combination with the information disclosed by the company's annual report, Oriental Fortune, Shenzhen Stock Exchange, Shanghai Stock Exchange and other professional websites, the research related data has been verified and verified. This article filters the sample data as follows: (1) Delete ST and * ST enterprises; (2) Remove samples with missing data; (3) To mitigate the impact of outliers, all continuous variables were truncated at the 1% and 99% percentiles, resulting in 12510 observations.