专利活动和市场价值——基于信号理论的解释

Patent Activities and Market Value: An Explanation Based on Signaling Theory

专利是企业创新的重要产出形式,作为一种专有性资产会给企业带来竞争优势。围绕此议题,已有研究通过资源观视角提供了丰富的理论解释和实证检验。在企业实践中,专利的战略作用还体现在向利益相关者释放企业技术水平的信号,但在现有研究、特别是中国情境的研究中没有受到足够的关注。研究运用信号理论的相关观点探讨了企业专利活动在资本市场上的信号释放作用以及影响信号有效性的调节机制。基于中国2 250家上市公司2001—2011年14 817个观测值的面板数据分析可以得出的初步结论是:中国企业的专利数量对上市公司的市场价值有显著的正向影响,说明专利活动向投资者传递了积极的信号;同时,这种正向影响在企业可见性和行业竞争强度更高时更强。

Patent is an important output of firm innovation, and would lead to competitive advantage due to asset specificity. Previous studies provide plenty theoretical explanation and empirical test through resource based view on this topic. In practice, signaling to stakeholders about the quality of firms is another strategic role of patents. While such signaling role is under explored, especially in the context of China. This paper examine show firms＇ patent signal in capital market, and moderating mechanism on the effectiveness of patent signal based on signa- ling theory. Empirical analysis is based on panel data of 14817 observations from 2250 public firms in Shanghai and Shenzhen Stock Market, from year 2001 to 2011. The number of patents has positive effect on market value, suggesting patent is a positive signal to investors. Meanwhile, the results show that the positive effect is stronger both when firm visibility and industry competitive intensity is higher.