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风险投资机构在投资初创企业时由于信息的不对称性往往会借助企业的专利信号来判断其创新能力从而调整其对企业价值的评估。该文通过2013-2015年风险投资数据实证研究发现,专利信号能显著提高企业在风投中获得的估值,平均每多一个专利能显著提高其估值约0.7%,而且有外资风投参与时对企业专利信号的敏感性约是内资风投的三倍多。该文还使用Heckman两阶段法修正了企业自选择问题可能造成的偏误,发现上述结论仍成立。基于此,该文认为企业专利信号确实能提高其在风险投资中获得的估值,并对此提出引导中资风投进一步重视企业专利信号及完善专利引用制度等相关建议。
Venture capital institutions investing in start-ups due to information asymmetry often rely on the company’s patent signal to determine its innovative ability to adjust its assessment of the value of the enterprise. The empirical study of venture capital data from 2013 to 2015 found that the patent signal can significantly improve the valuation of venture capital firms, with an average of more than one patent for each significantly increased its valuation of about 0.7%, and foreign venture capital participation Sensitivity to corporate patent signals is more than three times that of domestic VCs. The article also uses Heckman’s two-stage method to correct the possible errors caused by the self-selection of enterprises, and finds that the above conclusion still holds. Based on this, the article thinks that the patent signal of enterprises can really improve its valuation in venture capital, and put forward some suggestions such as guiding Chinese VCs to pay more attention to the patent signal and improving the patent reference system.