【主讲人】倪骁然 教授
【主持人】高明 长聘副教授
【报告题目】Intertemporal Bridging: How Patent Pledgeability Shapes Corporate Tax Planning

【报告摘要】When assets can serve as collaterals, their values contain a pledgeability premium, which facilitates firms’ strategic usages. In the context of China’s staggered Patent Pledge Financing Pilot program, contrary to standard theory predicts that improved credit access reduces internal financing needs, we find that patent pledgeability increases corporate tax savings by 12-23% of the sample standard deviation. This counterintuitive result is due to the coincidence of the intertemporal structure of patent collaterals and the intertemporal nature of tax planning: To develop patents that may or may not materialize, firms have to incur immediate innovation costs but only realize future pledgeability benefits. To bridge this gap, firms employ tax-deferred cash flows to temporally fund patenting activities. The increase in tax savings is especially pronounced among firms that are financially constrained, have weaker innovation capabilities, and face greater proprietary cost concerns. Notably, the forward-looking value of pledgeability still matters for firms that have actually pledged their patents. Overall, we shed new light on the pledgeability premium of patents and on the role of tax planning in achieving dynamic optimization in intertemporal decision-making.

【主讲人介绍】中央财经大学创新发展学院、中国金融发展研究院教授、博士生导师。入选国家级青年人才、财政部高层次财会人才计划。在《经济研究》（2篇）、《管理世界》《经济学（季刊）》《中国工业经济》（2篇）、《金融研究》（3篇）、《经济学动态》《统计研究》《中国社会科学（英文版）》等国内重要期刊和包括UTD 24、FT 50、ABS 3/4在内的国际学术期刊如Journal of International Business Studies、Journal of Business Ethics（2篇）、Journal of Economic Behavior and Organization、Journal of Corporate Finance（7篇）、Journal of Banking and Finance（7篇）、Journal of Empirical Finance、Journal of Financial Markets、Financial Management等发表论文60余篇。主持国家自然科学基金面上项目、青年项目。2017-2025年曾在厦门大学经济学院、王亚南经济研究院历任助理教授、副教授、教授。