Patents, real options and firm performance

被引：314

作者：

Bloom, N ^{[1
]}

Van Reenen, J ^{[1
]}

机构：

[1] UCL, London WC1E 6BT, England

来源：

ECONOMIC JOURNAL | 2002年 / 112卷 / 478期

基金：

英国经济与社会研究理事会;

关键词：

D O I：

10.1111/1468-0297.00022

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Analysing the new IFS-Leverhuhne 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. While patenting feeds into market values immediately it appears to have a slower effect on productivity. This generates valuable real options because patents provide exclusive rights to develop new innovations, enabling firms to delay investments. Higher market uncertainty, which increases the value of real options, reduces the impact of new patents on productivity. If the government's policy, to reduce uncertainty is successful then this should increase the productivity of Britain's knowledge capital.

引用

页码：C97 / C116

页数：20

共 43 条

[1] Optimal investment with costly reversibility [J].