專利活動和市場價值——基于信號理論的解釋

摘要： 專利是企業(yè)創(chuàng)新的重要產(chǎn)出形式,作為一種專有性資產(chǎn)會給企業(yè)帶來競爭優(yōu)勢。圍繞此議題,已有研究通過資源觀視角提供了豐富的理論解釋和實證檢驗。在企業(yè)實踐中,專利的戰(zhàn)略作用還體現(xiàn)在向利益相關(guān)者釋放企業(yè)技術(shù)水平的信號,但在現(xiàn)有研究、特別是中國情境的研究中沒有受到足夠的關(guān)注。研究運(yùn)用信號理論的相關(guān)觀點(diǎn)探討了企業(yè)專利活動在資本市場上的信號釋放作用以及影響信號有效性的調(diào)節(jié)機(jī)制?；谥袊? 250家上市公司2001—2011年14 817個觀測值的面板數(shù)據(jù)分析可以得出的初步結(jié)論是:中國企業(yè)的專利數(shù)量對上市公司的市場價值有顯著的正向影響,說明專利活動向投資者傳遞了積極的信號;同時,這種正向影響在企業(yè)可見性和行業(yè)競爭強(qiáng)度更高時更強(qiáng)。
Patent is an important output of firm innovation, and would lead to competitive advantage due to asset specificity. Previous studies provide plenty theoretical explanation and empirical test through resource based view on this topic. In practice, signaling to stakeholders about the quality of firms is another strategic role of patents.While such signaling role is under explored, especially in the context of China. This paper examine show firms' patent signal in capital market, and moderating mechanism on the effectiveness of patent signal based on signaling theory. Empirical analysis is based on panel data of 14817 observations from 2250 public firms in Shanghai and Shenzhen Stock Market, from year 2001 to 2011. The number of patents has positive effect on market value,suggesting patent is a positive signal to investors. Meanwhile, the results show that the positive effect is stronger both when firm visibility and industry competitive intensity is higher.