Revisiting Analyst Coverage and Corporate Innovation: The Patent Value Perspective
Other Title
再探討分析師報導與企業創新—專利價值的觀點
Journal
財務金融學刊
Journal Volume
31
Journal Issue
3
Start Page
1
End Page
32
ISSN
1022-2898
Date Issued
2023-09
Author(s)
楊曉琳
Abstract
How analyst coverage may affect corporate innovation remains unclear. We suggest that when the manager is myopic due to pressure from financial analysts and decides to reduce innovation, the firm should retain better innovation projects and forego worse projects. Accordingly, the average value of innovations improves. Empirically, we find that analyst coverage is positively correlated with patent value. We perform a difference-in-differences analysis and confirm our previous findings. Further, the positive effect of analyst coverage on patent value is lower for firms with more long-term projects and for firms with fewer patents per technology class.
分析師報導如何影響企業創新未有定論。本文提出，當管理者因分析師壓力造成短視近利而減少創新時，會選擇保留好計畫並放棄較差項目，提高整體創新價值。實證發現分析師報導與專利價值為正相關。使用差異中之差異分析，結果仍成立。而當公司有較多長期計畫或每項技術類別專利數較少時，會減弱分析師報導對專利價值的正效果。
Subjects
Analyst coverage
patent value
innovation
分析師報導
專利價值
創新
Type
journal article