Intellectual Property Rights and Debt Financing

IF 6.8 1区 经济学 Q1 BUSINESS, FINANCE Review of Financial Studies Pub Date : 2022-09-13 DOI:10.1093/rfs/hhac067
Paula Suh
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引用次数: 1

Abstract

I examine how the investment and financing of innovation are affected by the contractual allocation of intellectual property rights using a Federal Circuit ruling that strengthened firms’ property rights to employee patents. I find that treatment firms’ total debt-to-assets ratio and R&D spending increase by 18% and 9%, respectively, as the residual control over patents increases firms’ incentives to innovate. These effects are more pronounced when ex ante holdup exposure is high. Furthermore, I find a positive marginal effect of asset complementarity as it limits the decline in employee incentives. Consistently, I show that firms’ ex post asset complementarity improves.
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知识产权与债务融资
我利用联邦巡回法院的一项裁决,研究了创新的投资和融资如何受到知识产权合同分配的影响,该裁决加强了企业对员工专利的产权。我发现,由于对专利的剩余控制增加了企业的创新动机,治疗公司的总负债与资产比率和研发支出分别增加了18%和9%。当事前滞留暴露量高时,这些影响更加明显。此外,我发现资产互补性具有积极的边际效应,因为它限制了员工激励的下降。我一致地表明,企业的事后资产互补性有所改善。
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来源期刊
CiteScore
16.00
自引率
2.40%
发文量
83
期刊介绍: The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.
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