Real Options, Patents, Productivity and Market Value: Evidence from a Panel of British Firms
Real Options, Patents, Productivity and Market Value: Evidence from a Panel of British Firms
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实物期权、专利、生产力和市场价值：来自英国公司小组的证据
DOI：
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发表时间：
2001
期刊：
影响因子：
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通讯作者：
J. Van Reenen
中科院分区：
文献类型：
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作者：
N. Bloom;J. Van Reenen
专利引用是技术创新的潜在有力指标。分析新的IFS Leverhulme数据库，自1968年以来，超过200家主要的英国公司，我们表明，专利有经济和统计上的显着影响，企业层面的生产力和市场价值。我们还发现，虽然专利权会立即增加市场价值，但对生产力的影响似乎较慢。这可能是因为需要在新设备、培训和营销方面进行昂贵的投资，以便将专利纳入新产品和工艺。这可能会产生有价值的真实的选择，因为专利提供了开发新创新的专有权，从而使公司能够推迟投资。我们发现，更高的市场不确定性，这增加了真实的期权的价值，减少了新的专利对生产率的影响。这些真实的期权效应对宏观和微观稳定在采用新技术和生产率增长中的作用具有影响。
Patents citations are a potentially powerful indicator of technological innovation. Analysing the new IFS-Leverhulme database on over 200 major British firms since 1968 we show that patents have an economically and statistically significant impact on firm-level productivity and market value. We also find that while patenting feeds into market values immediately it appears to have a slower effect on productivity. This is potentially because of the need for costly investment in new equipment, training and marketing required to embody patents into new products and processes. This may generate valuable real options because patents provide exclusive rights to develop new innovations, thereby enabling firms to delay their investments. We find that higher market uncertainty, which increases the value of real options, reduces the impact of new patents on productivity. These real options effects have implications for the role of macro and micro stability in the take up of new technologies and productivity growth.