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1.
文章基于风险投资的"认证监督假说"和"道德风险假说",利用我国创业板上市公司2010—2014年的数据,实证检验风险投资对上市公司内部控制缺陷的作用是"抑制"还是"放纵",结果发现:(1)风险投资能"抑制"被投资企业内部控制缺陷,且随着风险投资持股比例的增加,其"抑制"作用更加显著;(2)采用分组检验的办法,发现在风险投资持股比例高的样本中,其对内部控制缺陷有显著的"抑制"作用,在风险投资持股比例低的样本中,风险投资对于内部控制具有不显著的"放纵"作用;(3)文章还发现股权集中度越高,会削弱风险投资对于内部控制缺陷的"抑制"作用;(4)不同背景风险投资对内部控制缺陷的作用不同,政府背景和企业背景风险投资对企业内部控制缺陷具有"抑制"作用,其中企业背景风险投资的"抑制"作用显著,而独资背景的风险投资对内部控制缺陷具有不显著的"放纵"作用。 相似文献
2.
Thomas B. Åstebro 《Research Policy》2005,34(9):1404-1418
Research on technological opportunity has typically focused on the impact of broad industry characteristics on R&D intensity of firms. This study complements such approaches by examining the impact of a multidimensional vector that measures technological opportunity on independent inventors’ decisions to patent and commercialize inventions. Using data from 559 inventions and controlling for demand, appropriability, and competitive conditions, we found two of four tested dimensions of technological opportunity - technical performance and technical uncertainty - to be significant and important determinants of the likelihood of commercialization. Technical feasibility appears important in affecting patenting but unimportant in affecting commercialization. Technical significance carries a negative, although insignificant, sign conditioning commercialization. 相似文献
3.
Experienced entrepreneurial founders, organizational capital, and venture capital funding 总被引：1，自引：0，他引：1
David H. Hsu 《Research Policy》2007,36(5):722-741
This paper empirically investigates the sourcing and valuation of venture capital (VC) funding among entrepreneurs with varied levels of prior start-up founding experience, academic training, and social capital. Social ties with VCs have been identified as an important precursor to organizational resource attainment and performance, and so this study analyzes the correlates of heterogeneous social links with VCs. I also examine venture valuation, as it reflects enterprise quality and entrepreneurs’ cost of financial capital. Using data from a survey of 149 early stage technology-based start-up firms, I find several notable results. First, prior founding experience (especially financially successful experience) increases both the likelihood of VC funding via a direct tie and venture valuation. Second, founders’ ability to recruit executives via their own social network (as opposed to the VC's network) is positively associated with venture valuation. Finally, in the emerging (at the time) Internet industry, founding teams with a doctoral degree holder are more likely to be funded via a direct VC tie and receive higher valuations, suggesting a signaling effect. The paper therefore underscores some important dimensions of heterogeneity among VC-backed entrepreneurs. 相似文献
4.
Do capabilities evolve differently as a function of the firm's unique ties or through the cumulative exposure to specific types of knowledge? We view capability evolution with respect to a firm's accumulation of knowledge-derived assets—patents. This study proposes that capabilities evolve by way of a firm's solo and joint invention experiences, and contends that these capabilities are uniquely shaped by the firm's history of patenting with two specific types of ties, upstream and downstream partners. Using a sample of 11,593 patents produced by 256 biotechnology firms from 1985 to 2006, we find that prior joint invention experience diversifies the capabilities of the firm and broadens its strategic options. In uncovering an inverted ‘U’ relationship, we also find that capabilities evolve differently according to the firm's unique joint invention experiences. Moreover, firms that continue to engage in more joint invention experiences develop broader capabilities than firms that retreat from this strategy and pursue solo inventions, whereby more specialized capabilities develop. Focusing on how R&D strategies impact capability development, our findings extend research on capabilities by accounting for how the path dependent role of shared property rights influences the technological trajectory of the firm. 相似文献
5.
This study investigates empirically whether patents can be signals to financial markets, thus reducing problems of asymmetric information. In particular we study how patenting behaviour impacts on the way investors perceive software firms’ growth potential through an increase in the amount invested at the initial public offering (IPO) of firms in the US and Europe. This study performs regressions on the relationship of patent applications before IPO and the amount of money collected at the IPO, while controlling other factors that may influence IPO performance. We also attempt to account for a potential source of endogeneity problems that can arise for self-selection bias and simultaneity between the number of patent applications prior to going public and the amount of money collected at IPO. We find significant and robust positive correlations between patent applications and IPO performance. The signalling power of patenting is significantly different for US and European companies, and is related to the difficulty in obtaining a signal and its scarcity. An additional patent application prior to IPO increases IPO proceeds by about 0.507% and 1.13% for US and European companies, respectively. Results suggest that a less ‘applicant friendly’ patenting system increases the credibility of patents as signals and their value for IPO investors. 相似文献
6.
This work explores the relationship between product innovation and the decision to invest in fixed capital assets among a sample of SMEs in six European Union countries located in both peripheral and more central areas. We find that the presence of product innovation reduces the probability to invest. A firm’s size exerts a direct, inverted U-shape effect on the probability to invest and an indirect effect through the linear effect of size on the probability to innovate. The gap in the probability to invest between innovative and non-innovative firms increases with size. 相似文献
7.
《Research Policy》2023,52(6):104785
Drawing on the resource-based view of the firm, we examine the effect of technological competition over a patent on the firm's choice of patenting strategy. We claim that technological competition makes the traditional strategy of protecting focal innovations from imitation less likely and increases the likelihood of a play strategy — i.e. using patents to avoid the risk of hold-up by other patent owners, or as a bargaining chip in litigation and cross-licensing. However, we claim also that technological competition over a target close to the firm's core technology should lead to use of a fence strategy i.e. to blocking the commercial endeavors of rivals and preempting substitute inventions. We find support for our hypotheses using data from a large-scale survey of European patent applications. 相似文献
8.
In recent years, firms have increasingly contributed to and been confronted with a patent landscape characterized by numerous but marginal inventions, overlapping claims and patent fences. As a result, firms risk their patent applications to be pre-empted or to be infringed upon by rivals. While both aspects constitute major challenges for the appropriation of returns to inventive activity, extant literature suggests that participation in the market for technology might actually resolve or at least alleviate these problems. In this paper, we investigate the effect of pre-empted and infringed patents on firms’ engagement in in- and cross-licensing. Based on a sample of more than 1100 German manufacturing firms our results show that firms engage in in-licensing as a reaction to pre-empted patents and in cross-licensing if their protected IP was infringed upon. However, these effects vary depending on the fragmentation of technology fields and whether the firm operates in a discrete or complex product industry. 相似文献
9.
《Research Policy》2022,51(5):104496
The study examines the role of a patent filed by government scientists in regard to the dissemination of scientific discoveries in government laboratories. While a patent filed by government scientists decreases the rate of follow-on patents in a technological area that overlaps with the areas of the focal patent, it increases the rate of follow-on patents in non-overlapping technological areas. The increase in follow-on inventions is attributed to risk-taking inventions, that is, inventions involve a high chance of resulting in either impactful or failure patents, rather than incremental inventions. It is also characterized by inventions with a high level of originality. Inventors in distant locations in terms of geographical and technological proximity are most affected by the patents filed by government scientists. The patent effect is pronounced when the government scientists involved in the focal discovery have fewer social connections and when the scientific field is less familiar in the industry. These findings are consistent with the idea that patenting by government scientists helps facilitate the dissemination of technological information or potential of scientific discoveries in government laboratories. Policy and managerial implications are also discussed. 相似文献
10.
This study investigates how R&D subsidy and non-R&D subsidy affect entrepreneurial firms’ initial public offering (IPO) performance in an emerging economy like China. Analyzing data from 269 IT (information technology) entrepreneurial firms in China, we found that R&D subsidy has an inverted U-shape effect on IPO performance, while non-R&D subsidy has a positive effect on IPO performance. Furthermore, both state ownership and patent intensity moderate the inverted U-shape relationship between R&D subsidy and IPO performance. In contrast, neither of them moderates the positive relationship between non-R&D subsidy and IPO performance. These findings contribute to the literature on the effectiveness of government subsidy by highlighting the symbolic effect of government subsidy on external financing in emerging economies, and offer important practical implications to entrepreneurial firms and government funding agencies in China. 相似文献
11.
Business cycles modify firms’ incentives to innovate and the direction of innovation. By introducing a new measure of patent unconventionality this paper explores the impact of the business cycle on firms’ technological search strategies. We find that during upturns firms generate inventions characterized by a higher level of technological unconventionality. We also find that financially resilient and diversified firms produce more unconventional patents. While patent unconventionality is associated with technological impact and market value, firms extract more value by investing in unconventional inventions in downturns. 相似文献
12.
《Research Policy》2023,52(5):104741
Patents are an important signal of the unobserved quality of young, innovative firms. We study patents that protect radical inventions associated with high earnings potential but also a high risk of failure. These previously disregarded signals convey positive and negative information simultaneously, i.e., strong signals that have a dark side. We argue that whether firms that send such signals are attractive investment targets for venture capital (VC) investors depends on the characteristics of the investors. Reputable VC investors are attracted to the strong quality signals of patents protecting radical inventions and are better able than other VC investors to deal with the dark side of these signals through syndication. These effects are stronger in the first financing round than in follow-on rounds, as the (positive and negative) informational value of patents protecting radical inventions diminishes over time as information asymmetries between young firms and prospective VC investors are reduced. We test these predictions using a sample of 759 young life science firms and 555 VC investors. Econometric estimates from a matching model support our predictions. 相似文献
13.
This paper provides an empirical investigation of the national determinants of outbound international patenting, particularly focusing on the roles of trade-related influences and the destination countries’ strength of intellectual property protection. Based on cross-patenting from 30 member countries in the World Intellectual Property Organization (WIPO) between 1995 and 1998, empirical results suggest that the behavior of outbound international patenting is strongly and positively associated with trade-related influences, like exports and outward foreign direct investments. Moreover, controlling for other variables, a country with stronger protection of intellectual property rights (IPR) tends to force more foreign inventors to file for patent applications, lending a supportive view of cross-country evidence for the strong-IPR hypothesis. 相似文献
14.
Patents, venture capital, and software start-ups 总被引：1，自引：0，他引：1
This paper analyzes the relation between the patenting behavior of startup firms and the progress of those firms through the venture capital cycle. Linking data relating to venture capital financing of software startup firms with data concerning the patents obtained by those firms, we find significant and robust positive correlations between patenting and several variables measuring the firm's performance (including number of rounds, total investment, exit status, receipt of late stage financing, and longevity). The data also show that (1) only about one in four venture-backed software firms acquired even one patent during the period of the study; (2) patenting practices very considerably among the sub-sectors of the software industry; and (3) the relationship between patent metrics and firm performance depends less on the size of the patent portfolio than on the firm's receipt of at least one patent. 相似文献
15.
On the relationship between environmental management, environmental innovation and patenting: Evidence from German manufacturing firms 总被引：1，自引：0，他引：1
This paper analyses empirically the relationship between environmental innovations, environmental management and patenting. In particular it tests a number of propositions on how environmental management systems and the interaction with environmentally more or less concerned stakeholders are associated with the probability of firms to pursue innovation in general (measured as patenting behaviour) and specifically environmental innovation (measured based on firm self-assessment and through patent data). In applying a negative binomial as well as binary discrete choice models the relationship is studied using data on German manufacturing firms. As a novel and important insight, the study finds that environmental innovation can be meaningfully identified using patent data and that environmental innovation defined this way is less ubiquitous than self-reported environmental innovation. It also reveals that the implementation level of environmental management systems has a positive effect exclusively on environmental process innovation, whereas it is negatively associated with the level of a firms’ general patenting activities. For environmental product innovation and patented environmental innovations a positive relationship with environmentally concerned and a negative link with environmentally neutral stakeholders is found. 相似文献
16.
Implementing Bayh-Dole-like laws: Faculty problems and their impact on university patenting activity 总被引：1，自引：0，他引：1
Nicola Baldini 《Research Policy》2009,38(8):1217-1224
The implementation of a Bayh-Dole-like legislation outside the US is still a major concern that needs to be addressed. I fill this gap in two ways. First, I report the results of a faculty survey on obstacles to patenting activity in Italian universities, targeted both to inventors and to those non-inventors which reported to engage in university patenting activity and to give up before any patents could be filed. Second, I investigate their effect in a regression model using universities’ patent counts as the dependent variable. Results show that obstacles to university patenting activity reduce to four dimensions: lack of support mechanisms (including insufficient reward for researchers, lack of a TTO, lack of funds to cover patenting costs), commercialisation problems, too heavy teaching and administrative duties, and personal/cultural problems (related to the scarce knowledge of institutional-level patent regulations and to the “open science” mentality of the university). Among them, however, only the lack of support by the university administration reduces the patent counts. Publication productivity has an inverted U-shaped relation with patent counts, but the overall effect is still largely positive, given the current publication levels. 相似文献
17.
Nicola Baldini 《Research Policy》2006,35(4):518-532
This paper focuses on Italian universities’ patenting activities between 1965 and 2002 and on the way they were affected by internal IPR regulations, set as part of broader responses to the increased level of autonomy granted to universities during the 1990s. Our analyses are based on a unique dataset including detailed information on all patents filed by Italian universities and university-level characteristics. Results show that: (1) in the last 10 years, the number of Italian university patents rose substantially; (2) patenting activities almost tripled in universities with an internal IPR regulation, after controlling for several universities’ characteristics, previous patenting activity and time trends; (3) each time a university creates its own patent regulation, there is a 9% increase in the likelihood that universities without any internal patent regulation will adopt one. Implications for university technology transfer policies are discussed. 相似文献
18.
Xibao Li 《Research Policy》2012,41(1):236-249
This paper examines a number of forces that have possibly contributed to the explosive growth of Chinese patenting over the past decade. After a review of previous hypotheses and conventional wisdom, this study proposes an additional explanation and argues that patent subsidy programs implemented by each provincial region have played an important role in the growth of Chinese patenting. This institutional change, taking place at the province-level, has induced an increase in patent propensity among not only firms, universities, and research institutes, but also individuals. Empirical evidence based on publicly available data provides solid support for this argument. It was also found that a larger fraction of applications are granted patent rights since the implementation of such programs, suggesting that reduction in patent application quality may not be a serious concern, unless the criteria used for patent examination have been lowered. 相似文献
19.
In the presence of asymmetric information, economic agents need to communicate their quality to investors and other parties. This paper investigates how information generated during the patenting process affects the ability of new ventures to attract VC financing. While much of the literature on information asymmetries focuses on patent applications, we argue that the entire examination process should be considered, including information that emerges in the course of patent examination and review. We test several hypotheses using a sample of British and German companies that seek venture capital. We find that the filing of patent applications is positively related to VC financing. Moreover, the examination process at the patent office generates valuable technological and commercial information via search reports, citations and opposition procedures which affect the likelihood of VC financing. Our results suggest that the patenting process supports investors in updating their expectations regarding the quality of new ventures. 相似文献
20.
Venture capital financing and the growth of high-tech start-ups: Disentangling treatment from selection effects 总被引：3，自引：0，他引：3
The financial and innovation literature generally claims that venture capital (VC) investments spur the growth of new technology-based firms (NTBFs). However, it has proved difficult so far to separate the “treatment” effect of the VC investment from the “selection” effect attributable to the ability of the VC investor to screen high growth NTBFs. The aim of this work is to test whether VC investments have a positive treatment effect on the growth of employment and sales of NTBFs. For this purpose we consider a 10-year longitudinal data set for 538 Italian NTBFs, most of which are privately held. The sample includes both VC-backed and non-VC-backed firms. We estimate Gibrat-law-type dynamic panel-data models augmented with time-varying variables that capture the VC status of firms. To control for the endogeneity of VC investments we use several GMM estimators. The econometric results strongly support the view that VC investments positively influence firm growth. The treatment effect of VC investments is of large economic magnitude, especially on growth of employment. Most of it is obtained immediately after the first round of VC finance. Conversely, the selection effect of VC appears to be negligible in the Italian context. 相似文献