企业专利信号与企业价值评估——基于风险投资机构的视角

发布时间：2018-04-27 04:41

本文选题：专利信号 + 企业价值　；参考：《上海经济研究》2017年10期

【摘要】：风险投资机构在投资初创企业时由于信息的不对称性往往会借助企业的专利信号来判断其创新能力从而调整其对企业价值的评估。该文通过2013-2015年风险投资数据实证研究发现,专利信号能显著提高企业在风投中获得的估值,平均每多一个专利能显著提高其估值约0.7%,而且有外资风投参与时对企业专利信号的敏感性约是内资风投的三倍多。该文还使用Heckman两阶段法修正了企业自选择问题可能造成的偏误,发现上述结论仍成立。基于此,该文认为企业专利信号确实能提高其在风险投资中获得的估值,并对此提出引导中资风投进一步重视企业专利信号及完善专利引用制度等相关建议。
[Abstract]:Venture capital institutions often use the patent signal to judge their innovation ability and adjust their evaluation of enterprise value because of the asymmetry of information when they invest in start-up enterprises. Through empirical research on venture capital data for 2013-2015, this paper finds that patent signals can significantly improve the valuation of enterprises in venture capital. On average, each additional patent can significantly increase its valuation by about 0.7%, and the sensitivity to the patent signal of enterprises with the participation of foreign venture capital is more than three times that of domestic venture capital. In this paper, the Heckman two-stage method is used to correct the bias caused by the problem of enterprise selections, and it is found that the above conclusion is still true. Based on this, this paper holds that the enterprise patent signal can improve the valuation of venture capital, and puts forward some suggestions to guide the Chinese venture capital to pay more attention to the patent signal of the enterprise and to perfect the patent citation system.
【作者单位】：上海交通大学安泰经济与管理学院;香港理工大学会计与金融学院;
【基金】：国家自然科学基金项目“不确定性视角下我国早期阶段风险投资行为研究”(71573174);国家自然科学基金项目“风险投资与科技创新:基于专利敏感度的视角”(71503225)
【分类号】：F273.1;F275

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