| Summary: | 碩士 === 國立嘉義大學 === 生物事業管理學系研究所 === 101 === With the rise of the knowledge management and intellectual property issues in recent years, this mean that knowledge-base competition era is coming. Base on the perspective of knowledge-based, the key challenges for firms include knowledge generation and knowledge application. Firms can through R&;D to create and accumulate knowledge to establish their competitive advantage. However, in the R&;D process external uncertainties which may influence the value of R&;D, and the to yield unexpected effects on firm performances. The patent is the R&;D output, once the firms decided to conduct patent applications, then firms will encounter the uncertainty of patent examination time. After the patent grant has enable firms to obtain exclusive rights and can help firms to profi from innovation, and patent can be used to avoid output of innovation imitated by competitors and prevent competitors from entering the same technical field. Therefore this study think that patent is on behalf of appropriability assets in firms, and to called uncertainty of patent examination is uncertainty of appropriability. Previous studies on the determination of the valuation of R&;D, little studies note the effects of uncertainty of appropriability. Therefore, in this study we will try to explore the effects of uncertainty of appropriability on firm value of R&;D. This study shows that there is an inverse U-shaped relationship between uncertainty of appropriability and value of R&;D and based on biotechnology firms in the U.S.
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