Innovation and the Market Value of UK Firms, 1989–1995*
利用1989-1995年英国企业数据，研究发现研发投入和新技术的使用对企业市场价值有显著正向影响，但专利数量在面板估计中反而有负向影响。
Using a new data set covering a sample of UK firms, 1989-1995, we study the impact of innovation and innovation assets on firm value. We find, for all reporting firms, that the now of R&D and the use of new technologies (as measured by investment in tangible assets) have significant positive impacts on market value. A patent count variable is insignificant in cross section estimates, although significant but impacting negatively in panel estimates. A sample of firms reporting their R&D for the first dine yields much larger estimates of the impact of R&D on market value than in the sample of all reporting firms. Copyright 2002 by Blackwell Publishing Ltd