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二重移行への資金供給：特許担保が無形資産を活用しデジタル・グリーン相乗変革を促す仕組み

Financing the Twin Transition: How Patent Pledges Leverage Intangible Assets for Digital–Green Synergistic Transformation (原題)

An Ping Pan, Puyu Mi, Yijiao Shi, Xunpeng Shi

Business Strategy and the Environment📚 査読済 / ジャーナル2026-09-25#気候金融Origin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1002/bse.71577
原典: https://doi.org/10.1002/bse.71577

🤖 gxceed AI 要約

日本語

中国A株上場企業2010〜2022年のデータを用い、特許担保融資が企業のデジタル・グリーン相乗変革（DGST）に与える影響を検証。特許担保はDGSTを有意に促進し、その主要経路は資金制約の緩和とイノベーション構造の最適化である。ハイテク企業や銀行取引関係の強い大企業で効果が強く、債務不履行リスクは効果を弱める。

English

Using Chinese A-share listed firms (2010–2022), this study examines how patent pledge financing affects firms' digital–green synergistic transformation (DGST). Patent pledges significantly promote DGST by easing financing constraints and optimizing innovation structure, with stronger effects for high-tech, bank-connected, and large firms. Debt default risk weakens the effect, and only invention patent pledges show significant impact.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本では無形資産・知財を担保とした資金調達は依然限定的だが、GX推進機構やトランジション・ファイナンスの文脈で知財担保型融資の可能性を示唆。SSBJ開示と知的資本の接続を考える上で参考になる。

In the global GX context

Adds to transition finance scholarship by showing how intellectual property can serve as collateral for green-digital investment, a mechanism largely absent from TCFD/ISSB-aligned disclosure frameworks. Relevant to debates on financing intangible assets for decarbonization beyond traditional green bonds.

👥 読者別の含意

🔬研究者:知財金融とGX資金調達の交差点における実証的枠組みを提供する。

🏢実務担当者:知財を担保にした資金調達がGX投資の選択肢になり得ることを示唆する。

🏛政策担当者:知財担保制度の整備が企業のグリーン・デジタル投資を促す可能性を示す。

📄 Abstract（原文）

ABSTRACT Against the backdrop of aligning digital expansion with green growth objectives, exploring effective financial support pathways for firms' digital–green synergistic transformation (DGST) holds significant theoretical and practical value. This study examines the impact, mechanisms, and heterogeneity of patent pledge financing on firms' DGST, using data from Chinese A‐share listed companies between 2010 and 2022. The results show: First, patent pledges significantly promote DGST, and this finding remains robust after robustness checks and endogeneity treatments. Second, mechanism analysis confirms that alleviating financing constraints and optimizing innovation structure are the key channels through which patent pledges drive DGST; by addressing funding bottlenecks and improving the allocation of innovation resources, they provide dual support for integrated digital–green development. In addition, patent pledges enhance managerial incentives, further promoting DGST. Third, we uncover significant regional and corporate divergence in how patent pledges drive DGST. The impact intensifies for high‐tech entities and those with robust banking ties and large‐scale firms, whereas regional factors such as heightened green commitment and digital maturity further amplify these benefits. Fourth, debt default risk weakens the positive effect of patent pledges on DGST. Moreover, both digital patent pledges and green patent pledges significantly promote DGST, whereas only invention patent pledges exhibit a significant transformation effect, highlighting the importance of patent quality and financing capacity. This study enriches the literature on intellectual property finance and DGST, offering empirical evidence and policy implications for improving patent pledge financing systems and promoting high‐quality corporate transformation.

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