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정보기술 혁신이 기업 가치에 미치는 영향: 정보기술 특허를 중심으로
정성훈 ( Sunghun Chung ),김기민 ( Kimin Kim ) 한국지식경영학회 2016 지식경영연구 Vol.17 No.3
The recent patent wars in the information technology (IT) industry demonstrate the strategic importance of IT patents in the industry. In this paper, we adopt the lens of real options to study the value of IT patents for IT firms. Specifically, we examine the relationship between IT patents and firms’ market performance. We also consider the moderating effect of the innovation orientation of firms’ patent portfolios (exploitative vs. explorative). Based on a large panel dataset consisting of 697 firms in US IT industries, our results suggest that the impact of IT patents on firm value (as measured by Tobin’s q) is positive and significant. Further, we find that this impact varies, depending on the innovation orientation of firms’ patent portfolios. IT patent portfolios with higher levels of an exploitative orientation are associated with higher firm value, compared to those with a lower exploitative orientation. This study highlights the value of employing real options theory as the underlying mechanism in understanding the impact of patents on firm valuation. Future researchers can adopt the real options lens to identify and empirically examine the role of other factors that may affect the value of patents and other investments exhibiting real option characteristics. While our paper answers some questions about the value of patents in the IT industry, it also raises a number of additional new questions. As such, we hope that it will generate more research on this important topic.
이승민 ( Seungmin Lee ),손석환 ( Seokhwan Son ),정성훈 ( Sunghun Jung ),곽원봉 ( Wonbong Kwak ),신은주 ( Eun Ju Shin ),안호근 ( Hogeun Ahn ),정민철 ( Minchul Chung ) 한국공업화학회 2018 공업화학 Vol.29 No.1
Styrenated phenol alkoxylate (SP-A)는 일반적으로 균일계 염기 촉매 하에서 styrenated phenol (SP)과 ethylene oxide (EO)로부터 제조되어진다. 그러나, 취급이 용이하지 않은 EO를 사용하려면 고압반응장치를 이용한 반응공정 제어가 필요하다. 또한, 균일계 염기 촉매를 사용하면 반응종결 후에 잔존하는 염기를 제거하기 위한 중화공정이 필요하고, 촉매와 생성물의 분리가 어렵다는 문제점이 있다. 따라서, 본 연구에서는 균일계 염기 촉매를 사용하지 않고 불균일계염기 촉매를 사용하여 SP와 ethylene carbonate (EC)의 반응으로부터 제조된 SP-A에 대하여 보고하고자 한다. SP-A의 제조에 사용된 불균일계 염기 촉매는 KOH를 La<sub>2</sub>O<sub>3</sub>에 담지시킨 후, 소성하여 얻었다. 또한, EO 대신 EC를 사용함으로써 고압반응이 아닌 상압반응 조건에서 SP-A제조가 가능하였다. 합성된 SP-A의 평균 분자량 크기는 반응조건에 따라서 매우 다양하게 나타났다. KOH/La<sub>2</sub>O<sub>3</sub>촉매 하에서 제조된 SP-A의 평균 분자량 크기는 반응온도, 촉매의 첨가량 및 EC의 첨가량을 조절함으로써 임의로 조절이 가능하였다. Styrenated phenol alkoxylates (SP-A) were prepared from styrenated phenol (SP) and ethylene oxide (EO) under a homogeneous base catalyst. However, to use EO that is difficult to handle, a high-pressure reaction device capable of controlling the reaction process should be used. Additionally, when a homogeneous base catalyst is used, a neutralization process is required to remove residual bases after the reaction, and it is also difficult to separate the catalyst and the product. Therefore, in this study, we report the results of SP-A prepared from the reaction of SP and EC using only heterogeneous base catalysts. The heterogeneous base catalyst was obtained by supporting KOH on La<sub>2</sub>O<sub>3</sub> and calcintion. Using EC instead of EO, it was possible to produce SP-A under the atmospheric rather than high-pressure reaction condition. Average molecular weights of synthesized SP-A varied greatly depending on reaction conditions. The average molecular weight of SP-A prepared using the KOH/La<sub>2</sub>O<sub>3</sub> catalyst could be controlled arbitrarily by controlling the reaction temperature and added catalyst and EC amounts.