Abstract: The quality of patents to a certain extent determines the size of financing costs for enterprises, and it is necessary to further explore the relationship between the two. This article explores the impact of patent quality on equity financing costs and debt financing costs, and further analyzes the mediating role of active patent litigation and patent pledge risks. The research results indicate that improving patent quality has a significant promoting effect on reducing the cost of equity financing and debt financing for enterprises. The mechanism test results indicate that on the one hand, enterprises can increase the probability of active patent litigation and reduce equity financing costs by improving patent quality. On the other hand, enterprises can reduce the risk of patent pledge financing and lower debt financing costs by improving patent quality. Heterogeneity testing shows that compared to growth stage enterprises, improving patent quality can more effectively reduce the equity financing costs of mature enterprises, but its impact on debt financing costs is lower than that of growth stage enterprises. In addition, compared to imitative enterprises, improving patent quality can better reduce the equity and debt financing costs of innovative enterprises. Finally, this article proposes relevant suggestions for reducing corporate financing costs from three aspects: patent information disclosure, patent litigation, and patent pledge.

摘要： 专利质量的高低在一定程度上决定企业融资成本的大小，有必要进一步探究二者的关系。本文研究专利质量对股权融资成本和债务融资成本的影响，并进一步分析主动专利诉讼以及专利质押风险的中介作用。研究结果表明，专利质量提升对降低企业股权融资成本以及债务融资成本均有显著促进作用。机制检验结果表明，一方面，企业能够通过提高专利质量来增加主动专利诉讼概率从而降低股权融资成本，另一方面，企业能够通过提高专利质量来降低专利质押融资风险从而降低债务融资成本。异质性检验表明，相比于成长期企业，专利质量提升更能降低成熟期企业的股权融资成本，但对债务融资成本的影响要低于成长期企业。另外，相比于模仿型企业，专利质量提升更能降低创新型企业的股权融资成本以及债务融资成本。本文最后从专利信息披露、专利诉讼、专利质押三个方面提出降低企业融资成本的相关建议。