期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2008
卷号：2008
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：This paper discusses the impact of a firm's technology portfolio on its market
value. Two concepts are used to characterize a firm's portfolio: the number of
technological fields and the degree of relatedness within the portfolio
characterized by the amount of joint occurrences of patents in technological
fields. Based on a theoretical framework using an expanded Tobin's q approach,
it presents evidence for a negative influence of portfolio size on the market
value caused by a diminishing potential to make use of economies of scale. This
discount can be counterbalanced when the relevant fields share a common
technological base which is measured by the degree of technological relatedness.
关键词：technological portfolio, relatedness, patent statistics, tobin's q, economies of
scope
