时   间：2024年10月31日（周四）14:00-15:30

地   点：史带楼601室

主   题：Value-destructive Patents

主讲人：周开国  首都经济贸易大学金融学院院长

摘   要：

The quantity of patent granted, often referred to as patent count, serves as a significant indicator of a country's innovation capability and is widely utilized as a measure of research and development (R&D) output in academia and industry. Patent counts are generally considered as economic goods and important metrics for assessing a firm's innovative prowess. However, contrary to conventional wisdom, this paper uncovers a negative relationship between patent count and the Tobin Q of Chinese listed firms. More specifically, a one-percent increase in total patent counts will lead to a 2.51 percent drop in Tobin Q, suggesting that patent counts can be economic bads, and may lead to value destruction. We propose the“inflated patent count hypothesis” as a potential explanation: Firms may choose to produce high-quality patents or low-quality patents. Both types incur production costs but the low-quality patent’s production cost is lower, and the low-quality patent does not contribute to firm’s production. However, when firms have (external) incentives to reach a desired level of patent counts, and their optimal patent counts fall below the desired level, they will produce low-quality patents to reach the level, resulting in lower firm value Our empirical results are highly consistent with the above “inflated patent count hypothesis”.

简   介:

周开国，现任首都经济贸易大学金融学院院长、二级教授、博导，此前曾供职于中山大学岭南学院，担任教授、博导，曾任金融系主任。主要研究领域包括公司金融、企业创新、金融风险管理，重点研究金融服务实体经济高质量发展以及系统性金融风险传染机制。主持国家社科基金重大项目、教育部重大课题攻关项目、国家自然科学基金面上项目等十余项国家级和省部级课题。在国内外顶级和一流期刊发表学术论文60余篇，包括《经济研究》（7篇）、《管理世界》（2篇）、《经济学（季刊）》、《管理科学学报》、《金融研究》、《世界经济》、《财贸经济》、Management Science（2篇）、Energy Economics、Pacific-Basin Finance Journal等。另外出版《系统性金融风险的测度与传染机制研究》等专著3本。研究成果获得了广东省哲学社会科学优秀成果奖一等奖、广东金融学会优秀金融科研成果一等奖、亚洲金融学会最佳论文奖等多项国内和国际科研奖励。

金融与财务学系

2024-10-24