| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19947 |
| 来源ID | Working Paper 19947 |
| Patents as Quality Signals? The Implications for Financing Constraints on R&D | |
| Dirk Czarnitzki; Bronwyn H. Hall; Hanna Hottenrott | |
| 发表日期 | 2014-02-27 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital for financing R&D externally, resulting in financing constraints on R&D especially for firms with limited internal resources. Previous literature provided evidence for start-up firms on the role of patents as signals to investors, in particular to Venture Capitalists. This study adds to previous insights by studying the effects of firms' patenting activity on the degree of financing constraints on R&D for a panel of established firms. The results show that patents do indeed attenuate financing constraints for small firms where information asymmetries may be particularly high and collateral value is low. Larger firms are not only less subject to financing constraints, but also do not seem to benefit from a patent quality signal. |
| 主题 | Financial Economics ; Corporate Finance ; Development and Growth ; Innovation and R& ; D |
| URL | https://www.nber.org/papers/w19947 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577618 |
| 推荐引用方式 GB/T 7714 | Dirk Czarnitzki,Bronwyn H. Hall,Hanna Hottenrott. Patents as Quality Signals? The Implications for Financing Constraints on R&D. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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