Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/78498
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Title: Patent as a quality signal in entrepreneurial finance : a look beneath the surface
Authors: Chen, S
Meng, W
Lu, HT 
Issue Date: Apr-2018
Source: Asia-Pacific journal of financial studies, Apr. 2018, v. 47, no. 2, p. 280-305
Abstract: We examine the value of patents on Chinese firms' access to venture capital (VC). We find that the patent applications (grants) of firms significantly increase their likelihood of obtaining VC funding in the following year(s), particularly for high-quality patents in high-tech industries. Depending on investment, patent quantity significantly improves the size of VC investment and firm valuation. This effect is pronounced in first-round investment, strong intellectual property protection regions, during periods of loose monetary policy, and state/corporate VC. Overall, we support the use of patent as a quality signal in attracting entrepreneurial finance outside the US and warrant the conditions it holds.
Keywords: Patent
Venture capital
Signaling
Innovation
Publisher: John Wiley & Sons
Journal: Asia-Pacific journal of financial studies 
EISSN: 2041-6156
DOI: 10.1111/ajfs.12211
Rights: © 2018 Korean Securities Association
This is the peer reviewed version of the following article: Chen, S., Meng, W., & Lu, H. (2018). Patent as a Quality Signal in Entrepreneurial Finance: A Look Beneath the Surface. Asia‐Pacific Journal of Financial Studies, 47(2), 280-305, which has been published in final form at https://doi.org/10.1111/ajfs.12211. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
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