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| An Analysis of the Moderating Roles of Patent Innovation on the Relationship Between Patent Thicket and Firms Market Value |
| LUO Kai，YUAN Xiaodong |
| 1.Wuhan Textile University, Wuhan, China；2.Huazhong University of Science and Technolny, Wuhan, China |
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Abstract Based on 419 firms listed in China’s computer, communication and other electronic equipment manufacturing industry, according to the basic theory of resources, this study has analyzed the influence mechanism patent thicket on market value of firms, and the regulatory effect of patent resources from technology innovation failure or successful on the relationship between patent thicket and firms market value was also described. The results found that:①Patent thicket reduced enterprises market value. ②The negative effect of firms market value caused by patent thicket was strengthened by the failure of firms technology innovation. ③The patent resources as successful technology innovation would inhibit the negative effect of the patent thicket on the market value of the firms. ④The negative effect of patent thicket was more significant in firms with low patent maintenance years than with long patent maintenance years.
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Received: 11 October 2021
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