实物期权视角下的多层次专利决策框架研究
|
摘要
试图从实物期权的视角,重构企业在投资和处置专利中面临的多层面管理决策。首先,研究识别和匹配了传统视角中专利层面的申请、维持和实施决策和实物期权逻辑中的典型期权决策。在此基础上,构建专利组合层面期权更新的决策过程模型。最后,从企业层面讨论企业内部(组织战略和资源)和外部因素(环境不确定性和期权独占性)对专利组合更新决策的影响。
The value of patent as a real option has been examined in previous research, while the understandings on the pattern and process of patent option decision-making is relatively lacking. This study draws from real option theory and tries to reconstruct the various management decisions faced by companies in the investment and disposal of patent options. First, the study identifies and matches the traditional perspective of patent-level application, maintenance, and implementation decisions and the typical option decisions in real option logic. On this basis, the decision-making process model for option updating of patent portfolios is constructed. Finally, the impact of internal(organizational strategies and resources) and external factors(environmental uncertainty and option exclusivity) on the decision-making of patent portfolio renewal was discussed at the corporate level.
The value of patent as a real option has been examined in previous research, while the understandings on the pattern and process of patent option decision-making is relatively lacking. This study draws from real option theory and tries to reconstruct the various management decisions faced by companies in the investment and disposal of patent options. First, the study identifies and matches the traditional perspective of patent-level application, maintenance, and implementation decisions and the typical option decisions in real option logic. On this basis, the decision-making process model for option updating of patent portfolios is constructed. Finally, the impact of internal(organizational strategies and resources) and external factors(environmental uncertainty and option exclusivity) on the decision-making of patent portfolio renewal was discussed at the corporate level.
引文
[1]MARKMAN G D, ESPINA M I, PHAN P H. Patents as surrogates for inimitable and non-substitutable resources[J]. Journal of Management, 2004, 30(4):529-544.
[2]SOMAYA D. Patent strategy and management:an integrative review and research agenda[J]. Journal of Management, 2015, 38(4):1084-1114.
[3]毛昊, 刘澄, 林瀚. 中国企业专利实施和产业化问题研究[J]. 科学学研究, 2013, 31(12):1816-1825.
[4]HUANG C, JACOB J. Determinants of quadic patenting: market access, imitative threat, competition and strength of intellectual property rights[J]. Technological Forecasting & Social Change, 2014, 85(1):4-16.
[5]BLOOM N, REENEN J V. Patents, real options and firm performance[J].Economic Journal, 2002, 112(478):C97-C116.
[6]MYERS S C. Finance theory and financial strategy[J].Interfaces, 1984, 14(1):126-137.
[7]MCGRATH R G, NERKAR A. Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms[J].Strategic Management Journal, 2004, 25(1):1-21.
[8]TSENG C Y. Valuation of patent-a real options perspective[J].Applied Economics Letters, 2006, 13(5):313-318.
[9]房四海,范为,曾勇,等.基于连续型实物期权与专利竞赛模型的创业投资策略研究[J].管理学报,2011,8(6):929-937.
[10]刘小青, 陈向东. 基于复合期权模型的外国在华专利价值研究[J].科学学与科学技术管理, 2009, 30(11):57-62.
[11]周艳丽, 吴洋, 葛翔宇. 一类高新技术企业专利权价值的实物期权评估方法:基于跳扩散过程和随机波动率的美式期权的建模与模拟[J].中国管理科学, 2016, 24(6):19-28.
[12]COX J C, ROSS S A. A survey of some new results in financial option pricing theory[J]. Journal of Finance, 1976, 31(2):383-402.
[13]MYERS S C. Determinants of corporate borrowing [J].Journal of Financial Economics, 1977, 5(2):147-175.
[14]ADNER R, LEVINTHAL D A. What is not a real option: considering boundaries for the application of real options to business strategy[J].Academy of Management Review, 2004, 29(1):74-85.
[15]TRIGEORGIS L, REUER J J. Real options theory in strategic management[J]. Strategic Management Journal, 2017, 38(1):42-63.
[16]LEIBLEIN M J, CHEN J S, POSEN H E. Resource allocation in strategic factor markets: a realistic real options approach to generating competitive advantage[J]. Journal of Management, 2017, 43(8):2588-2608.
[17]SMIT H T J, TRIGEORGIS L. Strategic NPV: real options and strategic games under different information structures[J]. Strategic Management Journal, 2017, 38(13):2555-2578.
[18]ZEE R D V, SPINLER S. Real option valuation of public sector R&D investments with a down-and-out barrier option[J]. Technovation, 2014, 34(8):477-484.
[19]HA Y J, LEE J Y, WEI Y. When real options theory meets the network perspective: investment hysteresis and MNE’s networks[J]. Academy of Management Annual Meeting Proceedings, 2017(1):11456.
[20]乔明哲, 张玉利, 张玮倩,等. 公司创业投资与企业技术创新绩效:基于实物期权视角的研究[J]. 外国经济与管理, 2017, 39(12):38-52.
[21]CUYPERS I R, MARTIN X. What makes and what does not, make a real option? A study of equity shares in international joint ventures[J]. Journal of International Business Studies, 2010, 41(1):47-69.
[22]CASSIMON D, ENGELEN P J, LIEDEKERKE L V. When do firms invest in corporate social responsibility? A real option framework[J]. Journal of Business Ethics, 2016, 137(1):15-29.
[23]BAUDRY M, DUMONT B. Patent renewals as options: improving the mechanism for weeding out lousy patents[J]. Review of Industrial Organization, 2006, 28(1):41-62.
[24]LEVITAS E, CHI T. A look at the value creation effects of patenting and capital investment through a real options lens: the moderating role of uncertainty[J]. Strategic Entrepreneurship Journal, 2010, 4(3):212-233.
[25]KLINGEBIEL R, ADNER R. Real options logic revisited: the performance effects of alternative resource allocation regimes[J]. Academy of Management Journal, 2015, 58(1):221-241.
[26]BOWMAN E H, HURRY D. Strategy through the option lens: an integrated view of resource investments and the incremental-choice process[J]. Academy of Management Review, 1993, 18(4):760-782.
[27]BOWMAN E H, MOSKOWITZ G T. Real options analysis and strategic decision making[J]. Organization Science, 2001, 12(6):772-777.
[28]IPSMILLER E, BROUTHERS K D, DIKOVA D. 25 Years of real option empirical research in management[J].European Management Review, 2018,Early View.
[29]LOWE R A, VELOSO F M. Patently wrong? Firm strategy and the decision to disband technological assets[J]. European Management Review, 2015, 12(2):83-98.
[30]RASSENFOSSE G D, JAFFE A B. Are patent fees effective at weeding out low-quality patents?[J]. Journal of Economics & Management Strategy, 2018, 27(1):134-148.
[31]GAMBARDELLA A, HARHOFF D, VERSPAGEN B. The economic value of patent portfolios[J]. Journal of Economics & Management Strategy, 2017, 26(4):735-756.
[32]BAUDRY M, DUMONT B. Market maturity, patent renewals and the pace of innovation: the case of wind power in Germany[J]. Journal of Innovation Economics, 2016, 20(2):131-150.
[33]BANERJEE A, BAKSHI R, SANYAL M K. Valuation of patent: a classification of methodologies[J]. Research Bulletin, 2017, 42(4):158-174.
[34]TORRISI S, GAMBARDELLA A, GIURI P, et al. Used, blocking and sleeping patents: empirical evidence from a large-scale inventor survey[J]. Research Policy, 2016, 45(7):1374-1385.
[35]WALSH J P, LEE Y N, JUNG T. Win, lose or draw? The fate of patented inventions[J]. Research Policy, 2016, 45(7):1362-1373.
[36]LEUNG C M, KWOK Y K. Real options games analysis of sleeping patents[J]. Decisions in Economics & Finance, 2010, 34(1):41-65.
[37]KIM J, LEE S H. Patent litigation as real option exercise in a highly competitive, dynamic market[J]. Academy of Management Annual Meeting Proceedings, 2014(1):12474.
[38]LUEHRMAN T A. Strategy as a portfolio of real options [J]. Harvard Business Review, 1998, 76(5):89-101.
[39]CHIOU J Y, MAGAZZINI L, PAMMOLLI F, et al. Learning from successes and failures in pharmaceutical R&D[J]. Journal of Evolutionary Economics, 2016, 26(2):271-290.
[40]VASSOLO R S, ANAND J, FOLTA T B. Non-additivity in portfolios of exploration activities: a real options-based analysis of equity alliances in biotechnology[J]. Strategic Management Journal, 2004, 25(11):1045-1061.
[41]BELDERBOS R, TONG T W, WU S. Multinationality and downside risk: the roles of option portfolio and organization[J]. Strategic Management Journal, 2014, 35(1):88-106.
[42]JELL F, HENKEL J, WALLIN M W. Offensive patent portfolio races[J]. Long Range Planning, 2017, 50(5):531-549.
[43]TURANAY C P D, OLGA B P D, JOHN E P P D. Flow signals: evidence from patent and alliance portfolios in the us biopharmaceutical industry[J]. Journal of Management Studies, 2016, 55(2):232-264.
[44]GRIMALDI M, CRICELLI L, ROGO F. Valuating and analyzing the patent portfolio: the patent portfolio value index[J]. European Journal of Innovation Management, 2017, 21(2):174-205.
[45]DYKEMAN D J, ABRAMSON D T. Patent strategies for life sciences companies to navigate the changing patent landscape[J]. Journal of Commercial Biotechnology, 2011, 17(4):358-364.
[46]詹爱岚. 企业专利战略理论及应用研究综述[J]. 情报杂志, 2012, 31(5):27-32.
[47]BLIND K, CREMERS K, MUELLER E. The influence of strategic patenting on companies’ patent portfolios[J]. Research Policy, 2009, 38(2):428-436.
[48]ARETZ K, POPE P F. Real options models of the firm, capacity overhang, and the cross-section of stock returns[J]. Journal of Finance. Forthcoming.
[49]刘慧, 綦建红. 中国企业如何选择对外直接投资的延迟时间?基于实物期权的视角[J]. 经济评论, 2015(4):109-121.
[50]郝威亚, 魏玮, 温军. 经济政策不确定性如何影响企业创新?实物期权理论作用机制的视角[J]. 经济管理, 2016(10):40-54.
[2]SOMAYA D. Patent strategy and management:an integrative review and research agenda[J]. Journal of Management, 2015, 38(4):1084-1114.
[3]毛昊, 刘澄, 林瀚. 中国企业专利实施和产业化问题研究[J]. 科学学研究, 2013, 31(12):1816-1825.
[4]HUANG C, JACOB J. Determinants of quadic patenting: market access, imitative threat, competition and strength of intellectual property rights[J]. Technological Forecasting & Social Change, 2014, 85(1):4-16.
[5]BLOOM N, REENEN J V. Patents, real options and firm performance[J].Economic Journal, 2002, 112(478):C97-C116.
[6]MYERS S C. Finance theory and financial strategy[J].Interfaces, 1984, 14(1):126-137.
[7]MCGRATH R G, NERKAR A. Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms[J].Strategic Management Journal, 2004, 25(1):1-21.
[8]TSENG C Y. Valuation of patent-a real options perspective[J].Applied Economics Letters, 2006, 13(5):313-318.
[9]房四海,范为,曾勇,等.基于连续型实物期权与专利竞赛模型的创业投资策略研究[J].管理学报,2011,8(6):929-937.
[10]刘小青, 陈向东. 基于复合期权模型的外国在华专利价值研究[J].科学学与科学技术管理, 2009, 30(11):57-62.
[11]周艳丽, 吴洋, 葛翔宇. 一类高新技术企业专利权价值的实物期权评估方法:基于跳扩散过程和随机波动率的美式期权的建模与模拟[J].中国管理科学, 2016, 24(6):19-28.
[12]COX J C, ROSS S A. A survey of some new results in financial option pricing theory[J]. Journal of Finance, 1976, 31(2):383-402.
[13]MYERS S C. Determinants of corporate borrowing [J].Journal of Financial Economics, 1977, 5(2):147-175.
[14]ADNER R, LEVINTHAL D A. What is not a real option: considering boundaries for the application of real options to business strategy[J].Academy of Management Review, 2004, 29(1):74-85.
[15]TRIGEORGIS L, REUER J J. Real options theory in strategic management[J]. Strategic Management Journal, 2017, 38(1):42-63.
[16]LEIBLEIN M J, CHEN J S, POSEN H E. Resource allocation in strategic factor markets: a realistic real options approach to generating competitive advantage[J]. Journal of Management, 2017, 43(8):2588-2608.
[17]SMIT H T J, TRIGEORGIS L. Strategic NPV: real options and strategic games under different information structures[J]. Strategic Management Journal, 2017, 38(13):2555-2578.
[18]ZEE R D V, SPINLER S. Real option valuation of public sector R&D investments with a down-and-out barrier option[J]. Technovation, 2014, 34(8):477-484.
[19]HA Y J, LEE J Y, WEI Y. When real options theory meets the network perspective: investment hysteresis and MNE’s networks[J]. Academy of Management Annual Meeting Proceedings, 2017(1):11456.
[20]乔明哲, 张玉利, 张玮倩,等. 公司创业投资与企业技术创新绩效:基于实物期权视角的研究[J]. 外国经济与管理, 2017, 39(12):38-52.
[21]CUYPERS I R, MARTIN X. What makes and what does not, make a real option? A study of equity shares in international joint ventures[J]. Journal of International Business Studies, 2010, 41(1):47-69.
[22]CASSIMON D, ENGELEN P J, LIEDEKERKE L V. When do firms invest in corporate social responsibility? A real option framework[J]. Journal of Business Ethics, 2016, 137(1):15-29.
[23]BAUDRY M, DUMONT B. Patent renewals as options: improving the mechanism for weeding out lousy patents[J]. Review of Industrial Organization, 2006, 28(1):41-62.
[24]LEVITAS E, CHI T. A look at the value creation effects of patenting and capital investment through a real options lens: the moderating role of uncertainty[J]. Strategic Entrepreneurship Journal, 2010, 4(3):212-233.
[25]KLINGEBIEL R, ADNER R. Real options logic revisited: the performance effects of alternative resource allocation regimes[J]. Academy of Management Journal, 2015, 58(1):221-241.
[26]BOWMAN E H, HURRY D. Strategy through the option lens: an integrated view of resource investments and the incremental-choice process[J]. Academy of Management Review, 1993, 18(4):760-782.
[27]BOWMAN E H, MOSKOWITZ G T. Real options analysis and strategic decision making[J]. Organization Science, 2001, 12(6):772-777.
[28]IPSMILLER E, BROUTHERS K D, DIKOVA D. 25 Years of real option empirical research in management[J].European Management Review, 2018,Early View.
[29]LOWE R A, VELOSO F M. Patently wrong? Firm strategy and the decision to disband technological assets[J]. European Management Review, 2015, 12(2):83-98.
[30]RASSENFOSSE G D, JAFFE A B. Are patent fees effective at weeding out low-quality patents?[J]. Journal of Economics & Management Strategy, 2018, 27(1):134-148.
[31]GAMBARDELLA A, HARHOFF D, VERSPAGEN B. The economic value of patent portfolios[J]. Journal of Economics & Management Strategy, 2017, 26(4):735-756.
[32]BAUDRY M, DUMONT B. Market maturity, patent renewals and the pace of innovation: the case of wind power in Germany[J]. Journal of Innovation Economics, 2016, 20(2):131-150.
[33]BANERJEE A, BAKSHI R, SANYAL M K. Valuation of patent: a classification of methodologies[J]. Research Bulletin, 2017, 42(4):158-174.
[34]TORRISI S, GAMBARDELLA A, GIURI P, et al. Used, blocking and sleeping patents: empirical evidence from a large-scale inventor survey[J]. Research Policy, 2016, 45(7):1374-1385.
[35]WALSH J P, LEE Y N, JUNG T. Win, lose or draw? The fate of patented inventions[J]. Research Policy, 2016, 45(7):1362-1373.
[36]LEUNG C M, KWOK Y K. Real options games analysis of sleeping patents[J]. Decisions in Economics & Finance, 2010, 34(1):41-65.
[37]KIM J, LEE S H. Patent litigation as real option exercise in a highly competitive, dynamic market[J]. Academy of Management Annual Meeting Proceedings, 2014(1):12474.
[38]LUEHRMAN T A. Strategy as a portfolio of real options [J]. Harvard Business Review, 1998, 76(5):89-101.
[39]CHIOU J Y, MAGAZZINI L, PAMMOLLI F, et al. Learning from successes and failures in pharmaceutical R&D[J]. Journal of Evolutionary Economics, 2016, 26(2):271-290.
[40]VASSOLO R S, ANAND J, FOLTA T B. Non-additivity in portfolios of exploration activities: a real options-based analysis of equity alliances in biotechnology[J]. Strategic Management Journal, 2004, 25(11):1045-1061.
[41]BELDERBOS R, TONG T W, WU S. Multinationality and downside risk: the roles of option portfolio and organization[J]. Strategic Management Journal, 2014, 35(1):88-106.
[42]JELL F, HENKEL J, WALLIN M W. Offensive patent portfolio races[J]. Long Range Planning, 2017, 50(5):531-549.
[43]TURANAY C P D, OLGA B P D, JOHN E P P D. Flow signals: evidence from patent and alliance portfolios in the us biopharmaceutical industry[J]. Journal of Management Studies, 2016, 55(2):232-264.
[44]GRIMALDI M, CRICELLI L, ROGO F. Valuating and analyzing the patent portfolio: the patent portfolio value index[J]. European Journal of Innovation Management, 2017, 21(2):174-205.
[45]DYKEMAN D J, ABRAMSON D T. Patent strategies for life sciences companies to navigate the changing patent landscape[J]. Journal of Commercial Biotechnology, 2011, 17(4):358-364.
[46]詹爱岚. 企业专利战略理论及应用研究综述[J]. 情报杂志, 2012, 31(5):27-32.
[47]BLIND K, CREMERS K, MUELLER E. The influence of strategic patenting on companies’ patent portfolios[J]. Research Policy, 2009, 38(2):428-436.
[48]ARETZ K, POPE P F. Real options models of the firm, capacity overhang, and the cross-section of stock returns[J]. Journal of Finance. Forthcoming.
[49]刘慧, 綦建红. 中国企业如何选择对外直接投资的延迟时间?基于实物期权的视角[J]. 经济评论, 2015(4):109-121.
[50]郝威亚, 魏玮, 温军. 经济政策不确定性如何影响企业创新?实物期权理论作用机制的视角[J]. 经济管理, 2016(10):40-54.