Venture Capital Investment Selection: Do Patents Attract Investors?

摘要

Scholars have argued that tighter protection of intellectual property rights reduces expropriation risks and encourages venture capitalists to finance technology projects. The patenting of technological innovation reduces information asymmetry and Hsk of adverse seCection by venture capital investors, contributes to firm's competitive advantage and produces firm's intangible value. Venture capital firms investing in patent-intensive technology firms do not jeopardize their ability to successfully manage information asymmetries and produce profitable outcomes.