Patents, Real Options and Firm Performance
研究发现专利对企业生产率和市场价值有显著正向影响，但专利对生产率的影响较慢，而市场价值反应更快。市场不确定性会削弱专利对生产率的作用，政府降低不确定性可提升英国知识资本的生产率。
... that patents have an economically and statistically significant impact on firm-level productivity and market value. While patenting feeds into market values immediately it appears to have a slower effect on productivity. This generates valuable real options because patents provide exclusive rights to develop new innovations, enabling firms to delay investments. Higher market uncertainty, which increases the value of real options, reduces the impact of new patents on productivity. If the government's policy to reduce uncertainty is successful then this should increase the productivity of Britain's knowledge capital.