Corporate science, firm value, and vertical specialization: evidence from the semiconductor industry
研究了美国半导体行业中设计型无晶圆厂与制造型企业参与科学研究的差异，发现无晶圆厂通过科学贡献获得价值溢价，而制造型企业则没有。
We examine the involvement of firms in scientific research and its implications for valuation in the context of the US semiconductor industry. We specifically compare design-oriented fabless firms to manufacturers. Whereas fabless firms produce more scientific publications over time, manufacturing firms are producing more science-based patents. Fabless firms enjoy a value premium when contributing to science, whereas manufacturing firms do not. We consider the different strategies pursued by fabless and manufacturing firms as potential explanation of these differences.