Patents and the Survival of Internet-Related Ipos
Patents and the Survival of Internet-Related Ipos
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DOI：
10.1016/j.respol.2009.12.003
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发表时间：
2007-06
期刊：
影响因子：
--
通讯作者：
I. Cockburn;Stefan Wagner
中科院分区：
文献类型：
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作者：
I. Cockburn;Stefan Wagner
我们研究了专利对356家互联网相关公司生存前景的影响，这些公司在20世纪90年代末股市泡沫的高峰时期在纳斯达克进行了首次公开募股。到2005年3月，几乎三分之二的公司已经从交易所退市。20世纪90年代，美国法律的环境发生了变化，这使得获得软件专利变得更加容易，最终也使得获得商业方法专利变得更加容易，尽管在我们的样本中，只有不到1/2的公司获得了或试图获得专利。对于那些这样做的人，我们假设专利赋予了竞争优势，转化为更高的生存概率，尽管它们也可能只是公司质量的一个信号。控制其他决定企业生存的因素，专利与生存呈正相关。通过收购退出与通过因业务失败而从交易所退市退出相比，管理退出的程序似乎完全不同。申请更多专利的公司不太可能被收购，但如果他们获得了异常高引用的专利，他们可能是一个更有吸引力的收购目标。这些发现一般不适用于“商业方法”专利，因为它们似乎并不赋予生存优势。
We examine the effect of patenting on the survival prospects of 356 Internet-related firms that made an initial public offering on the NASDAQ at the height of the stock market bubble of the late 1990s. By March 2005, almost 2/3 of these firms had delisted from the exchange. Changes in the legal environment in the US in the 1990s made it much easier to obtain patents on software, and ultimately, on business methods, though less than 1/2 of the firms in our sample obtained, or attempted to obtain, patents. For those that did, we hypothesize that patents conferred competitive advantages that translate into higher probability of survival, though they may also simply be a signal of firm quality. Controlling for other determinants of firm survival, patenting is positively associated with survival. Quite different processes appear to govern exit via acquisition compared to exit via delisting from the exchange due to business failure. Firms that applied for more patents were less likely to be acquired, though if they obtain unusually highly cited patents they may be a more attractive acquisition target. These findings do generally not hold true for “business method” patents, which do not appear to confer a survival advantage.