Standing on the Shoulders of Science
Standing on the Shoulders of Science
复制标题
DOI：
10.1002/smj.3598
复制
发表时间：
2019-05
期刊：
影响因子：
--
通讯作者：
M. Watzinger;Monika Schnitzer
中科院分区：
文献类型：
--
作者：
M. Watzinger;Monika Schnitzer
今天的创新依赖于过去的科学发现，但只有一些公司的研发直接建立在科学产出的基础上。在这篇文章中，我们分析了美国专利，以调查公司如何通过建立在现有技术“更接近”科学创造价值。我们发现，专利价值随着与科学的距离而下降。总体而言，我们发现公司内部的科学溢价在5.0%到18.3%之间。如果我们允许企业根据其相对优势分为不同的研发模式，也就是说，当我们不控制企业的固定效应时，我们会发现更大的科学溢价：直接建立在科学出版物上的专利为4.0-42.3%比没有直接基于科学的相同技术的专利更有价值。建立在科学研究的基础上可以让公司获得更多的价值从他们的发明。通过分析美国专利及其与科学出版物的联系，我们的论文描述了发明与科学文献的“接近度”与上市公司估值之间的关系，以异常股票市场回报率为衡量标准。我们的研究结果表明，建立在科学基础上的专利价值要高出5.0-18.3%。如果我们考虑到企业之间的R&D战略的差异，溢价变得更大，从4.0%到42.3%不等。此外，研究结果表明，将科学见解融入研发的价值提升效益对于拥有更多科学经验的公司来说更大。总之，这些结果强调了将科学作为企业创新基础的竞争优势。
Today's innovations rely on scientific discoveries of the past, yet only some corporate R&D builds directly on scientific output. In this article, we analyze U.S. patents to investigate how firms generate value by building on prior art “closer” to science. We show that patent value is decreasing in distance‐to‐science. Overall, we find a science premium within firms ranging from 5.0 to 18.3%. If we allow for firm sorting into different modes of R&D based on their relative advantage, that is, when we do not control for firm fixed effects, we find an even larger science premium: patents building directly on scientific publications are 4.0–42.3% more valuable than patents in the same technology that are not directly based on science.Building on scientific research allows firms to capture significantly more value from their inventions. By analyzing U.S. patents and their linkages to scientific publications, our paper describes the relationship between invention “proximity” to the scientific literature and public firm valuations—as measured in abnormal stock market returns. Our findings indicate that patents building on science are 5.0–18.3% more valuable. If we account for variations in R&D strategies among firms, the premium becomes even larger, ranging from 4.0 to 42.3%. Further, the results show that the value‐enhancing benefits of integrating scientific insights into R&D are greater for firms with more experience building on science. Together, the results underscore the competitive advantages of using science as a foundation for corporate innovation.