Innovate to Survive: The Effect of Technology Competition on Corporate Bankruptcy
研究发现企业创新能力比Z值、信用评级等传统指标更能预测破产，技术竞争导致的破产对经济周期和行业景气度不敏感，且这类企业盈利和股价下滑更严重。
This paper establishes a strong relation between technology competition and corporate bankruptcy. Using detailed firm‐level patent data, we show that: 1) the capability of firms to innovate predicts future bankruptcies better than the typical measures such as Z‐score and credit rating, 2) technology‐related bankruptcies are less sensitive to the business cycle and industry success, and 3) firms that go bankrupt as a result of technology competition experience larger declines in earnings and stock prices.