The Importance of Patent Scope: An Empirical Analysis
基于国际专利分类法构建专利范围代理指标，利用173家生物技术企业的535轮融资数据，发现专利范围每增加一个标准差，企业价值提升21%，且当同类产品替代品较多时，宽范围专利更有价值。
This article examines the impact of patent scope on firm value. I develop a proxy for patent scope based on the International Patent Classification scheme. Using a sample of 535 financing rounds at 173 privately held venture-backed biotechnology firms. I show that the breadth of patent protection significantly affects valuations. A one standard deviation increase in average patent scope is associated with a 21% increase in the firm's value. Broad patents are more valuable when substitutes in the same product class are plentiful, a finding consistent with theoretical suggestions.