The impact of private equity on firms? patenting activity
The impact of private equity on firms? patenting activity
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私募股权投资对企业的影响？
DOI：
10.1016/j.euroecorev.2015.08.013
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发表时间：
2016
影响因子：
2.8
通讯作者：
Amess K
中科院分区：
文献类型：
--
作者：
Amess K
本文分析了私募股权（PE）支持的杠杆收购（LBO）对创新产出（专利）的影响。使用407英国交易的样本，我们发现，杠杆收购有一个积极的因果关系的影响，专利股票和质量调整后的专利股票。我们的研究结果表明，在交易三年后，质量调整专利存量增加了6%。创新活动的增长主要集中在私人对私人的交易中，经质量调整的专利存量增长了14%。我们还发现了私募股权公司促进金融约束放松的证据。总之，我们的研究结果表明，私募股权公司不会以牺牲具有长期回报的创业投资机会为代价来促进短期成本削减。
The paper analyses the impact of private equity (PE) backed leveraged buyouts (LBOs) on innovative output (patenting). Using a sample of 407 UK deals we find that LBOs have a positive causal effect on patent stock and quality-adjusted patent stock. Our results imply a 6% increase in quality-adjusted patent stock three years after the deal. The increase in innovative activity is concentrated among private-to-private transactions with a 14% increase in the quality-adjusted patent stock. We also find evidence suggesting that PE firms facilitate the relaxation of financial constraints. In sum, our findings suggest that PE firms do not promote short-term cost-cutting at the expense of entrepreneurial investment opportunities with a long-term pay-off.