無形資產(chǎn)管理、計(jì)量和呈報(bào)外文翻譯-全文預(yù)覽
【正文】 subsequent stock returns and markettobook values possess such predictive ability: the number of patents granted to the firm in a given year, the intensity of citations to a firm’s patent portfolio by subsequent patents, and a measure based on the number of citation in a firm’s patents (backward citations) to scientific papers (in contrast with citations to previous patents). The third measure reflects the scientific intensity of a patent and may provide a proxy for the extent of basic research conducted by the pany. The fact that patent indicators are associated with subsequent stock prices and returns suggests that investors are not fully aware of the ability of these measures to convey useful information about firms’ innovation processes and capabilities. This is of course not surprising, given the novelty of patentrelated measures as indicators of enterprise value. Patents are the intangible assets actively traded in markets (see chapter 2), in the form of licensing and sale of patents. An examination of firms’ royalties from the 16 licensing of patents indicates that the volume of royalty ine is swiftly increasing and that investors value a dollar of patent royalties (the implicit, market multiplier of royalty ine) two to three times higher than a dollar of regular ine. The reason for the high valuation of patent royalties probably lies in the stability of this ine source (patents are usually licensed for several years) relative to other more transitory ponents of ine. Patent royalties also impact investors’ valuation of Ramp。D value, since such citations are an objective indicator of the firm’s research capabilities and the impact of its innovation activities on the subsequent development of science and technology. Various studies show that patent citations capture important aspects of Ramp。D (the higher the Ramp。D expenditure). Patents are only partial indicators of Ramp。D (Motorola and partners’$5 billion investment in the Iridium satellite munications project, currently in bankruptcy, is an example of the latter). The Ramp。D valuations is obviously hampered by the absence of detailed information on these attributes in corporate financial reports. Data on Ramp。D projects as they pursue the development of other project. The evidence thus indicates unequivocally that investors view Ramp。D projects that are close to mercialization. Furthermore, econometric studies that relate corporate market values or markettobook ratios to Ramp。D and firms’ technology. Concerning capital market studies, the research persuasively indicates that investors regard Ramp。D and its subsequent benefits. These measurement difficulties have prompted a search for alternative and more reliable indicators of Ramp。D inputs (intensity, capital) to firms’ productivity, sales, or profit growth, in an attempt to estimate the return on corporate investment in innovation as well as to examine macroeconomic issues, such as the productivity decline in the United States in the 1970s and early 1980s. This methodological approach encounters various problems。D (see chapter 2), but it is inconceivable that risk differentials by themselves account for a threetoone productivity of basic research. The contribution of corporatefinanced Ramp。D expenditures contribute significantly to the productivity(value added) and output of firms ,and the estimated rates of return on Ramp。D to the performance measure (profits ,sales) statistically to Ramp。D and the Growth of Business Enterprises The contribution of Ramp。D on firms’ productivity and growth .The research effort yielded several important findings: Ramp。D(where the latter is aimed at enhancing
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