The Impact of Patent Pledgeability on the Financial Risk of High-Tech Startups

DOI

10.2991/978-94-6239-719-4_25How to use a DOI?

Keywords

Patent Pledgeability; Financial Risk; High-Tech Startups; ChiNext Board

Abstract

Taking high-tech startups listed on the ChiNext Board from 2018 to 2024 as the research sample, this paper deeply explores the impact mechanism of patent pledgeability on corporate financial risk based on the theoretical framework of patent pledge financing. The research finds that patent pledgeability significantly reduces corporate financial risk: enterprises with patents have higher Z-scores and a lower probability of falling into financial distress. Further analysis shows that the above effect exists significantly in enterprises of different sizes, but is more pronounced in small-scale enterprises. This study provides new empirical evidence for understanding the impact of intellectual property financialization on the decision-making of startups.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Anqi Shi
PY  - 2026
DA  - 2026/07/09
TI  - The Impact of Patent Pledgeability on the Financial Risk of High-Tech Startups
BT  - Proceedings of the 2026 6th International Conference on Enterprise Management and Economic Development (ICEMED 2026)
PB  - Atlantis Press
SP  - 220
EP  - 226
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-719-4_25
DO  - 10.2991/978-94-6239-719-4_25
ID  - Shi2026
ER  -