近日，厦门大学财务管理与会计研究院侯芳芳助理教授与厦门大学管理学院企业管理系李丛杉助理教授一起合作完成的学术论文，在国际知名学术期刊Accounting and Finance在线发表，论文题目：Reverse innovation and firm value in emerging markets: Evidence from China。
Accounting and Finance被SSCI收录为JCR一区，2020年期刊影响因子为2.942。
全文请见：http://doi.org/10.1111/acfi.12954
论文摘要
Reverse innovation (RI) patents, which apply to intellectual property that is created in an emerging country but patented in a developed country, are better representatives of innovation value than domestic patents in emerging economies. We argue that RI patents contribute to firm value by proxying for the private value of innovation, generating product market value, and signalling firms’ capabilities. Using a sample of Chinese-listed companies, we find RI patents positively relate to firms’ short- and long-term market value. This effect is stronger for firms with high innovative intensity and managerial ability. We also explore the mechanisms behind the relationship between RI and firm value. We demonstrate that, in addition to the domestic patent functions of creating value and capturing innovation rent, RI patents can further leverage firm value by signalling firm quality to customers and investors in developed markets, a function that is unique to RI patents.
作者简介
侯芳芳，博士毕业于香港理工大学，现任厦门大学财务管理与会计研究院助理教授，其研究方向包括公司创新、投资效率与财务信息披露等。研究成果发表在国际知名学术期刊Journal of Accounting, Auditing and Finance（ESCI）、Accounting and Finance（SSCI）、The World Economy（SSCI）、Applied Economics（SSCI）等。