企业专利与外部融资——信号情境的调节作用
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摘要
除保护技术输出的传统职能外,专利在企业和利益相关者沟通中也发挥着重要的信号传递职能。其中,专利在资本市场上的信号价值近年来备受关注,已有研究指出专利作为质量信号有助于企业获得投资者认可,并且专利信号效果依赖于投资者获得企业信息的多少。在此基础上,进一步讨论了投资者获得企业信息的内容对信号价值的影响。具体地,在负面信号情境下(企业过去的财务绩效差、收益波动性大、未来不确定性高),专利的信号价值更强,而在正面信号情境专利信号效果减弱。利用来自深沪两市1 787家上市公司2000-2011年面板数据验证了以上假设,专利数量和外部融资之间存在正向关系,并且在负面信号情境下二者正向关系更强。稳健性检验进一步表明,发明专利的信号效应比非发明专利更强,而私企的专利信号效应比国企更强。
In addition to the conventional role of protecting technology output,patent plays an information role in the communication between firms and their stakeholders.Recently studies have been focused on the signaling value of patents in capital market,suggesting patents as quality signals are recognized by investors.Also studies show that the signaling effect of patents depends on to what extent investors know about firms.Further,this study discusses if patents' signaling effect depends on what investors know about firms.Specifically,this study proposes in negative signal context(firms with lower past performance,higher return volatility,higher future uncertainty),the signaling value of patents would be stronger and vice versa.Panel data analysis based on 1787 firms on Shanghai and Shenzhen stock market from 2000 to 2011 support these hypotheses.Patent number has positive effect on external financing,and the effect is stronger in negative context.Robustness test shows that invention patents have stronger signaling effect than non-invention patents,and private firms benefit more from patent signal than state-owned firms do.
In addition to the conventional role of protecting technology output,patent plays an information role in the communication between firms and their stakeholders.Recently studies have been focused on the signaling value of patents in capital market,suggesting patents as quality signals are recognized by investors.Also studies show that the signaling effect of patents depends on to what extent investors know about firms.Further,this study discusses if patents' signaling effect depends on what investors know about firms.Specifically,this study proposes in negative signal context(firms with lower past performance,higher return volatility,higher future uncertainty),the signaling value of patents would be stronger and vice versa.Panel data analysis based on 1787 firms on Shanghai and Shenzhen stock market from 2000 to 2011 support these hypotheses.Patent number has positive effect on external financing,and the effect is stronger in negative context.Robustness test shows that invention patents have stronger signaling effect than non-invention patents,and private firms benefit more from patent signal than state-owned firms do.
引文
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[30] SONG Z.Asset growth and idiosyncratic return volatility[J].Review of Finance,2016,20(3):1235-1258.
[31] DONELSON D C,RESUTEK R J.The predictive qualities of earnings volatility and earnings uncertainty[J].Review of Accounting Studies,2015,20(1):470-500.
[32] BARRON O E,STEVENS D E.Using analysts'forecasts to measure properties of analysts'information environment[J].Accounting Review,1999,73(4):64-72.
[33] DAS S,LEVINE C B,SIVARAMAKRISHNAN K.Earnings predictability and bias in analysts'earnings forecasts[J].Accounting Review,1998,73(2):277-294.
[34] PORTA R L.Legal determinants of external finance[J].Journal of Finance,1997,52(3):1131-1150.
[35]吴超鹏,吴世农,程静雅,等.风险投资对上市公司投融资行为影响的实证研究[J].经济研究,2012(1):105-119.
[36] ANG A,HODRICK R J,XING Y,et al.High idiosyncratic volatility and low returns:international and further US evidence[J].Journal of Financial Economics,2009,91(1):1-23.
[37] FAMA E F,FRENCH K R.Common risk factors in the returns on stocks and bonds[J].Journal of Financial Economics,1993,33(1):3-56.
[38]程新生,谭有超,刘建梅.非财务信息、外部融资与投资效率——基于外部制度约束的研究[J].管理世界,2012(7):137-150.
[39]曲婉,冯海红.高技术产业对服务企业的技术溢出效应研究[J].科研管理,2016,37(7):71-80.
[2] NARIN F,NOMA E,PERRY R.Patents as indicators of corporate technological strength[J].Research Policy,1987,16(2-4):143-155.
[3] LONG C.Patent signals[J].University of Chicago Law Review,2002,69(2):625-680.
[4] MANN R J,SAGER T W.Patents,venture capital,and software start-ups[J].Research Policy,2007,36(2):193-208.
[5] COCKBURN I M,MACGARVIE M J.Entry and patenting in the software industry[J].Management Science,2006,57(5):915-933.
[6] ZHOU H,SANDNER P G,MARTINELLI S L,et al.Patents,trademarks,and their complementarity in venture capital funding[J].Technovation,2016,47:14-22.
[7] CONTI A,THURSBY M,ROTHAERMEL F T.Show me the right stuff:signals for high tech startups[J].Journal of Economics&Management Strategy,2011,22(2):341-364.
[8] HOENEN S,KOLYMPIRIS C,SCHOENMAKERS W,et al.The diminishing signaling value of patents between early rounds of venture capital financing[J].Research Policy,2014,43(6):956-989.
[9] HAEUSSLER C,HARHOFF D,MUELLER E.How patenting informs VC investors——The case of biotechnology[J].Research Policy,2014,43(8):1286-1298.
[10] SOMAYA D.Patent strategy and management:an integrative review and research agenda[J].Journal of Management,2012,38(4):1084-1114.
[11] HSU D H,ZIEDONIS R H.Resources as dual sources of advantage:implications for valuing entrepreneurial-firm patents[J].Strategic Management Journal,2013,34(7):761-781.
[12]MYERS S,MAJLUF N,MYERS S.Corporate financing and investment when firms have information shareholders do not have[J].Journal of Financial Economics,1984,13(2):187-221.
[13] BRENNAN M,KRAUS A.Efficient financing under asymmetric information[J].Journal of Finance,1987,42(5):1225-1243.
[14] LANG M H,LUNDHOLM R J.Voluntary disclosure and equity offerings:reducing information asymmetry or hyping the stock[J].Contemporary Accounting Research,2000,17(4):623-662.
[15] UZZI B.Embeddedness in the making of financial capital:how social relations and networks benefit firms seeking finance[J].American Sociological Review,1999,64(4):481-505.
[16] MEULEMAN M,DE MAESENEIRE W.Do R&D subsidies affect SMEs'access to external financing[J].Research Policy,2012,41(3):580-591.
[17]于蔚,汪淼军,金祥荣.政治关联和融资约束:信息效应与资源效应[J].经济研究,2012(9):125-139.
[18]陈道富.我国融资难融资贵的机制根源探究与应对[J].金融研究,2015(2):45-52.
[19]郭娜.政府?市场?谁更有效——中小企业融资难解决机制有效性研究[J].金融研究,2013(3):194-206.
[20]郑莹,陈传明,任华亮.专利活动和市场价值——基于信号理论的解释[J].科学学与科学技术管理,2016,37(3):68-78.
[21] CONNELLY B L,CERTO S T,IRELAND R D,et al.Signaling theory:a review and assessment[J].Journal of Management,2011,37(1):39-67.
[22] CZARNITZKI D,HALL B H,HOTTENROTT H.Patents as quality signals?the implications for financing constraints on R&D[C].National Bureau of Economic Research,Inc,2014.
[23] KAHNEMAN D,TVERSKY A.Prospect theory:an analysis of decision under risk[J].Econometrica,1979,47(2):263-292.
[24] LEE B S,LI L.The idiosyncratic risk-return relation:a quantile regression approach based on the prospect theory[J].Journal of Behavioral Finance,2016,17(2):124-143.
[25] VARAIYA N,KERIN R A,WEEKS D.The relationship between growth,profitability,and firm value[J].Strategic Management Journal,1987,8(5):487-497.
[26]RAPPAPORT A.Corporate performance standards and shareholder value[J].Journal of Business Strategy,1983,3(4):28-38.
[27] CAMPBELL J Y,LETTAU M,MALKIEL B G,et al.Have individual stocks become more volatile?an empirical exploration of idiosyncratic risk[J].Journal of Finance,2000,56(1):1-43.
[28] PAN Y,WANG T Y,WEISBACH M S.Learning about CEO ability and stock return volatility[J].Review of Financial Studies,2003(7).
[29] MITRA R K.The association between earnings quality and firm-specific return volatility:evidence from Japan[J].Review of Accounting and Finance,2016,15(3):294-316.
[30] SONG Z.Asset growth and idiosyncratic return volatility[J].Review of Finance,2016,20(3):1235-1258.
[31] DONELSON D C,RESUTEK R J.The predictive qualities of earnings volatility and earnings uncertainty[J].Review of Accounting Studies,2015,20(1):470-500.
[32] BARRON O E,STEVENS D E.Using analysts'forecasts to measure properties of analysts'information environment[J].Accounting Review,1999,73(4):64-72.
[33] DAS S,LEVINE C B,SIVARAMAKRISHNAN K.Earnings predictability and bias in analysts'earnings forecasts[J].Accounting Review,1998,73(2):277-294.
[34] PORTA R L.Legal determinants of external finance[J].Journal of Finance,1997,52(3):1131-1150.
[35]吴超鹏,吴世农,程静雅,等.风险投资对上市公司投融资行为影响的实证研究[J].经济研究,2012(1):105-119.
[36] ANG A,HODRICK R J,XING Y,et al.High idiosyncratic volatility and low returns:international and further US evidence[J].Journal of Financial Economics,2009,91(1):1-23.
[37] FAMA E F,FRENCH K R.Common risk factors in the returns on stocks and bonds[J].Journal of Financial Economics,1993,33(1):3-56.
[38]程新生,谭有超,刘建梅.非财务信息、外部融资与投资效率——基于外部制度约束的研究[J].管理世界,2012(7):137-150.
[39]曲婉,冯海红.高技术产业对服务企业的技术溢出效应研究[J].科研管理,2016,37(7):71-80.