首页> 外文期刊>Journal of engineering and technology management >Co-patent, financing constraints, and innovation in SMEs: An empirical analysis using market value panel data of listed firms
【24h】

Co-patent, financing constraints, and innovation in SMEs: An empirical analysis using market value panel data of listed firms

机译:中小企业的共同专利,融资约束与创新:使用上市公司市场价值面板数据的实证分析

获取原文
获取原文并翻译 | 示例
       

摘要

We have studied how small and medium-sized firms (SME) can overcome the liability of smallness (Clegg et al., 1996; Thorgren et al., 2012) and obtain value from co-patents. We examined the relationship between the co-ownership of the patent and the firm's market value, along with the moderating role of government subsidies and upstream supplier's trade credit. The study finds that co-patent intensity is negatively correlated with the SME's market value. Further, supplier financing mitigates the negative relationship between the co-patent intensity and the market value of SMEs while the government subsidies strengthen the negative relationship between the co-patent intensity and the market value of SMEs. The results above imply that because the patent needs to be shared among the partners, this raises capital market' perception of the SME's commercial uncertainty and has a negative impact on the market value of SMEs. However, like general patent in which it signals the strength of SMEs in R&D, co-patent also reduces the external market's perception of an SME's technological uncertainty. The SME thus attracts more external funding. These findings provide us a more comprehensive understanding of the motivation of SMEs in co-patenting and how SMEs overcome the liability of smallness in capturing value from the co-patent.
机译:我们研究了中小型企业(SME)如何克服小型责任(Clegg等,1996; Thorgren等,2012),并从共同专利中获得价值。我们研究了专利的共同所有权与公司的市场价值之间的关系,以及政府补贴和上游供应商贸易信贷的调节作用。研究发现,共同专利强度与中小企业的市场价值负相关。此外,供应商融资减轻了中小企业专利权强度与市场价值之间的负关系,而政府补贴则增强了中小企业专利权强度与市场价值之间的负关系。以上结果表明,由于专利需要在合作伙伴之间共享,因此提高了资本市场对中小企业商业不确定性的认识,并对中小企业的市场价值产生了负面影响。但是,与表明中小企业在研发中实力的普通专利一样,共同专利也降低了外部市场对中小企业技术不确定性的认识。因此,中小企业吸引了更多的外部资金。这些发现为我们提供了对中小企业共同专利动机的更全面理解,以及中小企业如何克服小小的责任,以从共同专利中获取价值。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号