中文摘要
利用1980年至2015年间80万份企业出版物及针对这些出版物的专利引用数据，我们研究了企业研究投资如何与该研究在企业自身发明中的应用，以及对竞争对手的溢出相关联。我们发现，企业研究的私人回报取决于两股相反力量之间的平衡：在自身下游发明中应用科学的收益，以及对竞争对手溢出的成本。与此一致，当研究在内部被使用时，企业会产出更多研究；但当研究被竞争对手使用时，企业会产出较少研究。随着企业对竞争对手使用其科学成果变得更加敏感，它们可能会降低研发（R&D）中研究的份额。(JEL D22, D25, G31, I23, O31, O33, O34)
Abstract
Using data on 800,000 corporate publications and patent citations to these publications between 1980 and 2015, we study how corporate investment in research is linked to its use in the firm’s inventions, and to spillovers to rivals. We find that private returns to corporate research depend on the balance between two opposing forces: the benefits from the use of science in own downstream inventions, and the costs of spillovers to rivals. Consistent with this, firms produce more research when it is used internally, but less research when it is used by rivals. As firms become more sensitive to rivals using their science, they are likely to reduce the share of research in R&D. (JEL D22, D25, G31, I23, O31, O33, O34)