01
原文：Mao C X, Qin Y, Tian X, et al. Does access to patent information help technological acquisitions? Evidence from patent library openings[J]. Journal of Accounting Research, 2024.
Does access to patent information help technological acquisitions? Evidence from patent library openings
ABSTRACT:Technology acquirers face significant information asymmetry when identifying appropriate acquisition targets. We exploit plausibly exogenous variation in the costs of gathering technological information as the result of patent library openings. We find that, after local patent libraries open, firms become more active in technological acquisitions, acquirers prefer targets that are geographically or technologically close to a lesser extent, completion rates for technology M&A increase, and performance improves. Post-merger innovation output is enhanced through more collaboration between inventors of acquirers and their targets. Overall, our study sheds new light on the importance of information-gathering costs in corporate takeovers and on the search for human capital synergies.
获取专利信息是否有助于技术并购？来自专利图书馆开放的证据
摘要：在确定合适的收购目标时，技术收购者面临着显著的信息不对称。本文利用外生性的变化，检验了专利图书馆开放所产生的技术信息收集成本变化。本文发现，在地方专利图书馆开放后，企业技术并购活动更加活跃，并购方更偏好在地理上和技术上更接近的收购目标，技术并购的成功率和并购表现提高。由于并购方和收购目标之间的发明家合作，并购后的创新产出增加。总的来说，本文的研究为公司并购中信息收集成本的重要性和人力资本耦合的研究提供新的观点。
亮点：（1）本文延伸信息摩擦成本对企业决策影响的这一支文献到并购领域，围绕技术并购进行讨论。当技术信息变得更容易获取时，企业会进行更活跃的并购活动，并且交易完成率更高，经济结果更好，并购后也会有更好的绩效表现，有更大的创新产出。（2）并购方出于降低评估成本会选择地理和技术上更接近的并购目标，这种配对倾向限制了收购方的搜索，并阻碍了企业寻找目标的第一最佳选择，导致收购方和目标方都遭受经济损失。获取专利库可以使收购方扩大对潜在目标的搜索。收购方在技术收购中对地理和技术接近性的依赖随着当地专利图书馆的开放，其程度逐渐降低。
02
原文：Martens T. The disclosure function of the US patent system: Evidence from the PTDL program and extreme snowfall[J]. Review of Accounting Studies, 2023, 28(1): 237-264.
The disclosure function of the US patent system: Evidence from the PTDL program and extreme snowfall
ABSTRACT: Are retail investors using uncurated disclosures in form of patents for their investment decisions? This study uses the investment decisions of retail investors and variation in the local availability of patent information to answer this question. The variation comes from changes in the locations of U.S. Patent and Trademark Depository Libraries over time. I find a strong increase in the local trading volume of stocks after the release of a patent in counties that have easier access to patent information. In addition, trades made by retail investors with easier access to this information yield higher returns, compared to trades made by other investors. These results indicate that disclosures of the U.S. Patent and Trademark Office facilitate the dissemination of patent information to retail investors. Furthermore, these results suggest that retail investors complement traditional curated disclosures with uncurated disclosures in form of patents.
美国专利制度的披露功能：来自PTDL计划和极端降雪的证据
摘要：散户投资者在做投资决策时，是否使用专利这样的未经整理（uncurated）的披露信息？本文使用散户投资者的投资决策和专利信息在当地可得性的差异来回答这个问题。这个随时间发生的差异来自于美国专利和商标保管图书馆的地理位置。本文发现，在更容易获得专利信息的地区，专利发布后当地股票交易量大幅增加。与其他投资者相比，更容易获得这些信息的散户投资者进行的交易产生了更高的回报。这些结果表明，美国专利商标局的披露促进了专利信息向散户投资者的传播。此外，这些结果表明，散户投资者以专利的形式补充了传统的经整理与未经整理的披露。
亮点：（1）本研究有助于研究散户投资决策的文献，通过地方专利和商标保管图书馆开放这一设定，检验了地方散户投资者可以收集和理解未经整理的信息披露。通过这一情景，为规则制定者提供了提高披露信息公平性的建议。（2）本文利用了另一个导致本地获取专利信息存在差异的影响因素：极端降雪。由于样本期内，美国专利和商标保管图书馆的信息仅允许实地访问，极端天气抑制了投资者对PTDL的访问，足以扰乱或延迟获取专利信息，同时这一因素不影响投资交易的进行。（3）本文检验了公司可以通过专利信息与投资者进行沟通，专利信息能为散户投资者提供额外的投资信息，要加强对非传统信息披露的关注。
03
原文：Boot A, Vladimirov V. Disclosure, Patenting, and Trade Secrecy[J]. Journal of Accounting Research, 2024.
Disclosure, Patenting, and Trade Secrecy
ABSTRACT:Patent applications often reveal proprietary information to competitors, but does such disclosure harm firms or also benefit them? We develop and empirically support a theory showing that when firms patent enhancements to incumbent, nondisruptive technologies, they can cooperate more easily on these technologies, increasing their profitability. The downside of cooperating on nondisruptive technologies is that the investment in and commitment to disruptive technologies decline. To improve their commitment to disruptive technologies, some firms rely more on trade secrecy. We provide empirical support for these predictions. We document that after a patent reform that made information about patent applications widely accessible, firms cooperate more and charge higher markups. Furthermore, the nature of patented innovation has changed, with the proportion of nondisruptive patents increasing substantially. Finally, while some firms start patenting more, others patent less and rely more on trade secrecy, with the response depending on the attractiveness of firms' innovation prospects.
披露、专利和商业秘密
摘要：专利申请通常会向竞争对手披露专利信息，但这种披露对企业是有害的还是有益的？本文发展并实证支持了一个理论，该理论表明，当企业对现有的、非破坏性的技术进行专利增强时，它们可以更容易地在这些技术上进行合作，从而提高它们的盈利能力。在非破坏性技术上合作的不利一面是，对破坏性技术的投资和承诺会减少。为了提高他们对颠覆性技术的承诺，一些公司更多地依赖于商业保密。本文为这些预测提供了实证支持。本文研究表明，在专利改革后，专利申请的信息被广泛获取，企业合作更多，收取更高的佣金。此外，专利创新的性质也发生了变化，非破坏性专利的比例大幅增加。最后，当一些公司开始申请更多的专利时，另一些公司则较少申请专利，更多地依赖于商业保密，其反应取决于公司创新前景的吸引力。
亮点：（1）文章认为，信息披露可以通过牺牲对破坏性技术的投资来促进重叠的非破坏性技术的合作，从而使企业受益，这与会计和金融经济学中先前的许多理论形成鲜明对比，这些理论预测，信息披露（即使对社会有益）通过侵蚀企业的竞争优势而损害企业的盈利能力。（2）本文的研究发现：企业将专利视为了解竞争对手正在研究什么的重要信息来源；许多企业出于战略原因申请专利，作为阻止其他企业在该方向上进行创新的一种手段。因此，专利有效地向竞争对手发出了远离哪些技术的信号。本文关键观点是，为非破坏性技术申请专利有助于企业更有效地合作，或避免在这些技术上的正面竞争。
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总编：游家兴
解析：夏雨珂
审校：刘乾 秦会
编辑：潘芳妍
