Market value and patent citations
Market value and patent citations
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发表时间：
2005
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影响因子：
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通讯作者：
Bronwyn H Hall;A. Jaffe;M. Trajtenberg
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作者：
Bronwyn H Hall;A. Jaffe;M. Trajtenberg
我们探讨了专利引用的有用性作为衡量一个公司的专利的“重要性”，如股票市场对公司的无形知识存量的估值。利用1963- 1995年的专利和引文，我们估计了关于R&D与资产存量、专利与R&D以及引文与专利的比率的托宾q方程。我们发现，每一个比率都显著影响市场价值，每一项专利的额外引用都会使市场价值提高3%。进一步的研究结果表明，“不可预测”的引用比可预测的部分有更强的效果，自我引用比外部引用更有价值。
We explore the usefulness of patent citations as a measure of the "importance" of a firm's patents, as indicated by the stock market valuation of the firm's intangible stock of knowledge. Using patents and citations for 1963--1995, we estimate Tobin's q equations on the ratios of R&D to assets stocks, patents to R&D, and citations to patents. We find that each ratio significantly affects market value, with an extra citation per patent boosting market value by 3%. Further findings indicate that "unpredictable" citations have a stronger effect than the predictable portion, and that self-citations are more valuable than external citations.