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Stock liquidity and the signaling value of patents: Evidence from china's national equities exchange and quotations market

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  • Bi, Ruigang
  • Kou, Zonglai
  • Lou, Pingyi
  • Song, Hong

Abstract

Young and technology-oriented firms suffer from asymmetric information in seeking access to finance. An increase in stock liquidity can improve a firm's stock price informativeness and mitigate such information problems. We expect that firms will patent less when they face an increase in liquidity if patenting is used as a costly signal mechanism to demonstrate firm quality. By examining an exogenous policy shock that dramatically improves the stock liquidity of treated firms in China's National Equities Exchange and Quotations (NEEQ) market, we document evidence that treated firms patent less after the shock. Our findings reveal the importance of liquidity in reducing the deadweight costs caused by asymmetric information and the signaling value of patenting, and urge caution regarding the sole use of patent applications to measure innovation performance in entrepreneurial firms.

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  • Bi, Ruigang & Kou, Zonglai & Lou, Pingyi & Song, Hong, 2024. "Stock liquidity and the signaling value of patents: Evidence from china's national equities exchange and quotations market," Journal of Comparative Economics, Elsevier, vol. 52(4), pages 871-896.
    • Handle: RePEc:eee:jcecon:v:52:y:2024:i:4:p:871-896
    DOI: 10.1016/j.jce.2024.07.002
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    More about this item

    Keywords

    Liquidity; Patent; Signal; Young firms; Innovation;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L29 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Other
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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