【正文】 111 第三個方法反映了一項專利的科學強度，可以代表公司進行基 礎研究的程度。 為了優(yōu)化研究開發(fā)貢獻的估價，研究人員嘗試運用專利，認為專利是研究開發(fā)的中間產(chǎn)出估價（當然最終的研究開發(fā)產(chǎn)出估價是研究開發(fā)投資帶來的收益，如銷售收入和成本的節(jié)約）。這些方法遇到許多問題；特別是研究開發(fā)的投入和收益（如銷售收入）的實現(xiàn)過程中存在的時滯，時間長且不被知道，增加了估計研究開發(fā)貢獻的不確定性。D, however, is but one ponent of firms’ intangible capital (knowledge assets), which is of course particularly pronounced in the technologyand sciencebased sectors. Other ponents of intangibles—human and organizational capital—have received substantially less research attention than Ramp。D, a major form of corporate intangible investment, is found to be an important contributor to firms’ productivity, growth, and capital market value. The magnitude of this contribution— return on Ramp。D project id patented. Yet patent research provides interesting insights. The Findings of Patent Research Various attributes of patents, such as the number of patents registered by a pany (patent counts), patent renewal and fee data, and citations of and to patents were examined by researchers. Both patent counts and the number of innovations emerging from a pany’s Ramp。D dollar spent by large firms more highly than that spent by small firms, probably a reflection of economies of scale in Ramp。D (granted primarily to government contractors).The fact that most contracts with the government are based on costplus terms may partially explain this findings. This result should not detract from the significant contribution to the industrial and technological infrastructure of publicly funded research conducted by government agencies and in federal laboratories (such as the contribution by the National Institutes of Health to pharmaceutical and biotech panies) as well as the substantial contribution of university research to technology. It should be noted that much of the research summarized above was based on survey data and industry aggregates, due to severe limitations in corporate published data. In fact, most of the examined variables and attributes—such as basic versus applied research and pany versus governmentsponsored Ramp。D expenditures –in the current and previous periods to allow for the delayed effect of Ramp。D output than reported sales and profitability measures. Two output indicators have received considerable in attention: capital market values of corporations and patents. Believers in efficient capital markets argue that stock price and returns provide reliable signals of enterprise value and performance。D expenditures available in financial statements are crude indicators of Ramp。D value. For example, Manuel Trajtenberg reports a positive association between citation counts and consumer welfare measures for CAT scanners。D an important asset. Even for inter panies, where the uncertainty regarding future benefits is currently considerable, investors value much of the Ramp。 使得 大眾普遍 認為上市公司最近已經(jīng)削減了 對 基礎研究的支出，部分原因在于許多財務分析師和機構投資者對商業(yè)化的基礎研究的懷疑。例如，許多事件研究表明投資者對于公司（尤其是高新技術和邊緣技術公司）宣布研究開發(fā)活動的啟動作出了積極反應（股價上漲）。公司專利研究的應用，包括了以后的專利應用（專利的進一步引用），為研究開發(fā)價值提供了更為可靠的計量指標，因 為專利 的 引用客觀地體現(xiàn)了公司研究能力和研究開發(fā)活動對以后科技發(fā)展的影響。 小結 研究開發(fā)作為企業(yè)一項主要的無形資產(chǎn)投資，對企業(yè)生產(chǎn)率、成長率和資本市場價值具有重大的貢獻。因此， 我們對這些重要的無形資產(chǎn) 的 有關知識 至多只是 基本的。 專利的買賣方式有 許可證交易會 和 專利出賣 兩種，它是市場中交易最活躍的無形資產(chǎn)（見第 2 章）。 專利研究的發(fā)現(xiàn) 研究人員檢驗了各種研究開發(fā)的特征，如一個公司注冊專利的數(shù)目（專利計數(shù)），專利更新和費用數(shù)據(jù)，以及專利的引用與被引用。研究人員開始關注兩個產(chǎn)出指標：公司的資本市場價值和專利。 實證工作開始于廣泛的歷史案例 研究分析， 大量樣本（具代表性的）分析 產(chǎn)生了 研究開發(fā)對生產(chǎn)率和增長率的數(shù)據(jù)。D. The research record, therefore, strongly supports the assertions made in chapter 2 concerning the scalability of intangibles due to their nonrivalry and increasing returns properties as well as the existence of positive work effects (externalities) of many intangibles. In addition to the general findings about the positive contribution of Ramp。D e