Can patent pledges affect corporate financialization?

This study examined the impact of patent pledges on corporate financing, drawing on data from China's A-share listed companies from 2006 to 2022. Mechanism testing illustrates that implementing patent pledges can decrease corporate financialization by reducing financing constraints and improving total factor productivity. The findings provide policy recommendations for patent pledge implementation that mitigates business financial risks and promotes economic development. Additional investigation indicates that asset-light and nonstate-owned enterprises gained more significant advantages.