Misvaluation and Corporate Inventiveness
研究发现股票市场高估值会显著提升企业的创新创造力，包括专利的新颖性、原创性和范围，且这种效应主要通过非股权渠道实现，高估值可能通过鼓励企业进行高风险高回报的“登月计划”产生社会价值。
Abstract We test how market overvaluation affects corporate innovation. Estimated stock overvaluation is strongly associated with measures of innovative inventiveness (novelty, originality, and scope), as well as research and development (R&D) and innovative output (patent and citation counts). Misvaluation affects R&D more via a nonequity channel than via equity issuance. The sensitivity of innovative inventiveness to misvaluation increases with share turnover and overvaluation. The frequency of exceptionally high innovative inputs/outputs increases with overvaluation. This evidence suggests that market overvaluation may generate social value by increasing innovative output and encouraging firms to engage in “moon shots.”