Economic Analysis of R&D, Intellectural Property Right, and Productivity

本研究考察了研发与知识产权的关系。首先，我研究了美国国际贸易委员会（USITC）的专利侵权诉讼。美国《关税法》第337条规定了专利侵权的“行政诉讼”。与普通专利诉讼不同的是，它涉及的是进口商品造成的侵权。由于337条款诉讼是由特殊程序管辖的，因此具有很强的执行权。我估计与337条款诉讼相关的公司价值变化。发现了几个程式化的事实。例如，一项投诉（据称被侵权）通常以牺牲被告方（据称侵权人）的利益为代价，显著提高其价值。“行政法官”的个人影响、“行业类型”、“企业国籍”等非专利特征影响判决。其次，研究了企业价值与知识产权的关系。制药公司由两类资产组成。一种是“有形资产”，如PPE（财产、厂房和设备），另一种是“无形资产”，如专利。后者的价值由“期权价值”组成，因为企业需要投资于研发以将技术转化为商业产品。我估计了制药公司的价值，并将其与专利的期权价值联系起来。第三，研究日本大学和非营利性研究机构的作用。企业的研发效率取决于进行学术研究的社会基础设施。虽然这一作用被广泛宣传，但只有有限的实证研究来评估学术研究对商业研究的影响。通过使用制药和生物技术的专利数据，我评估了非营利研究机构的作用，以及他们的技术如何转移到企业和其他行业。

This research investigates R&D and intellectual property right. First, I study patent infringement suits at United States International Trade Commission (USITC). The US Section 337 of the Tariff Act regulates "administrative suit" on patent infringement. Unlike ordinary patent suits, it deals with infringement made by imported goods. Because the Section 337 suits is governed by special procedures, it has a strong enforcement power. I estimate the change of corporate value associated with the Section 337 suits. Several stylized facts are found. For example, a complaint (allegedly infringed) usually increases its value significantly at the expense of respondents (allegedly infringer). Characteristics other than patent such as individual effects of "administrative judge", "type of industries", and "nationality of the firm" affect the decisions.Second I investigate the relationship between firm value and intellectual property rights. Pharmaceutical firms consist of two types of assets. One is "tangible assets" like PPE (properties, plants, and equipments), the other is "intangible assets" like patents. Value of the latter consists of "option value" because the firm needs to invest in research and development to transform technology to commercial products. I estimate the value of pharmaceutical firms and relate it to option value of patent.Third I study the roles of universities and non-profit research institutes of Japan. Productivities of R&D of firms depend on social-infrastructure in which academic research is carried out. Although this role is widely publicized, there is only limited number of empirical studies to evaluate impact of academic research on commercial research. By using patent data on pharmaceutical and biotechnology, I evaluate the roles of non-profit research institutes, and how their technology is transferred to firms and other industries.