Do Banks Value Innovation? Evidence from US Firms

被引：43
|
作者：
Francis, Bill [1 ]
Hasan, Iftekhar [2 ]
Huang, Ying
Sharma, Zenu [3 ]
机构：
[1] Rensselaer Polytech Inst, Troy, NY 12180 USA
[2] Fordham Univ, New York, NY 10023 USA
[3] Long Isl Univ, Greenvale, NY 11548 USA
来源：
FINANCIAL MANAGEMENT | 2012年 / 41卷 / 01期
关键词：
RESEARCH-AND-DEVELOPMENT; MARKET VALUE; APPROPRIABILITY; RISKINESS; VALUATION; ECONOMICS; BENEFITS;
D O I：
10.1111/j.1755-053X.2012.01181.x
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study evaluates how innovation within companies alleviates the information asymmetry problems in relationship lending. We hypothesize that patenting activities could reveal favorable private information and, hence, reduce the information asymmetry between innovative borrowers and banks. Using a sample of US patenting firms from 1987 to 2004, we show that borrowers with higher innovation capability (revealed by having more patent applications, higher research & development (R&D) productivity, or higher-quality patents) enjoy lower bank-loan spreads and better nonprice-related loan terms. Our evidence further suggests that the information benefits of patenting activities on loan spreads is more pronounced for small or less R&D-intensive firms.
引用
收藏
页码：159 / 185
页数：27
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