Does patenting always help new firm survival? Understanding heterogeneity among exit routes
Does patenting always help new firm survival? Understanding heterogeneity among exit routes
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DOI：
10.1007/s11187-021-00481-w
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发表时间：
2021-05-25
影响因子：
6.4
通讯作者：
Honjo Y
中科院分区：
文献类型：
--
作者：
Kato M;Onishi K;Honjo Y
虽然专利是确保企业竞争优势的宝贵资源，但关于专利在新企业生存和退出战略中的作用的证据有限。为了填补文献的空白，我们在考虑专利的内生性的同时，考察了专利对新企业生存的影响是否因退出途径（破产、合并和自愿清算）的不同而不同。我们使用了2003-2013年期间日本制造业和信息服务业新公司的大规模样本。研究结果表明，拥有较高专利存量的新公司不太可能破产。相反，拥有更高专利存量的新公司更有可能通过合并退出市场。无论专利存量是基于专利申请还是授权专利来衡量，这些发现都是一致的。此外，我们提供的证据表明，拥有更高授权专利存量的新公司更有可能自愿清算其业务。新公司能否在生存和退出结果方面享受“专利溢价”？研究结果表明：(1)专利制度降低了企业破产的风险；(2)专利制度增加了企业通过兼并和自愿清算退出的可能性。一方面，专利可以确保新公司获得竞争优势，从而在产品市场中生存下来。另一方面，它使新公司能够在市场上寻求成功的退出策略。本研究的结论是，新企业在生存和退出结果上都可以享受专利溢价。在通过创业促进可持续经济增长方面，政策制定者需要将重点从创建更多企业转移到创建创新型企业。
While patents are a valuable resource ensuring the competitive advantage of firms, there is limited evidence on the role of patents in the survival and exit strategies of new firms. To fill the gap in the literature, we examine whether the effects of patenting on new firm survival vary according to exit routes (bankruptcy, merger, and voluntary liquidation), while considering the endogeneity of patenting. We use a large-scale sample of new firms in the Japanese manufacturing and information services sectors for the period 2003–2013. The findings indicate that new firms with a higher stock of patents are less likely to go bankrupt. Conversely, new firms with a higher stock of patents are more likely to exit via merger. These findings are consistent, regardless of whether patent stock is measured based on the patent applications or granted patents. Furthermore, we provide evidence that new firms with a higher stock of granted patents are more likely to voluntarily liquidate their businesses. Can new firms enjoy a “patent premium” in terms of survival and exit outcomes? The findings of this study indicate that (1) patenting reduces the risk of bankruptcy, and (2) it increases the odds of exit via merger and voluntary liquidation. On the one hand, patenting ensures that new firms obtain competitive advantages, and thus, survive in the product market. On the other hand, it enables new firms to pursue successful exit strategies in the markets for ideas. This study concludes that new firms can enjoy a patent premium in terms of survival and exit outcomes. In promoting sustainable economic growth via entrepreneurship, policymakers need to shift their focus from creating more firms to creating innovative firms.
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影响因子：
2
作者：
AUDRETSCH, DB;MAHMOOD, T
通讯作者：
MAHMOOD, T
影响因子：
6.4
作者：
Balconi, Margherita;Fontana, Roberto
通讯作者：
Fontana, Roberto
影响因子：
2.5
作者：
Cefis, E;Marsili, O
通讯作者：
Marsili, O
DOI：
10.1016/0167-7187(95)00499-8
发表时间：
1995-12-01
影响因子：
1.5
作者：
Audretsch, DB
通讯作者：
Audretsch, DB
影响因子：
1.2
作者：
Buddelmeyer, Hielke;Jensen, Paul H.;Webster, Elizabeth
通讯作者：
Webster, Elizabeth