英文标题：
《Coherent diversification in corporate technological portfolios》
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作者：
Emanuele Pugliese, Lorenzo Napolitano, Andrea Zaccaria, and Luciano
Pietronero
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最新提交年份：
2017
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英文摘要：
We study the relationship between firms\' performance and their technological portfolios using tools borrowed from the complexity science. In particular, we ask whether the accumulation of knowledge and capabilities related to a coherent set of technologies leads firms to experience advantages in terms of productive efficiency. To this end, we analyzed both the balance sheets and the patenting activity of about 70 thousand firms that have filed at least one patent over the period 2004-2013. From this database it is possible to define a measure of the firms\' coherent diversification, based on the network of technological fields, and relate it to the firms\' perfomance in terms of labor productivity. Such a measure favors companies with a diversification structure comprising blocks of closely related fields over firms with the same breadth of scope, but a more scattered diversification structure. We find that the coherent diversification of firms is quantitatively related to their economic performance and captures relevant information about their productive structure. In particular, we prove on a statistical basis that a naive definition of technological diversification can explain labor productivity only as a proxy of size and coherent diversification. This approach can be used to investigate possible synergies within firms and to recommend viable partners for merging and acquisitions.
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中文摘要：
我们利用从复杂性科学借用的工具研究了企业绩效与其技术组合之间的关系。特别是，我们询问，与一组连贯的技术相关的知识和能力的积累是否会使企业在生产效率方面获得优势。为此，我们分析了大约7万家公司的资产负债表和专利活动，这些公司在2004-2013年期间至少申请了一项专利。从该数据库可以定义基于技术领域网络的企业一致多元化的衡量标准，并将其与企业在劳动生产率方面的表现联系起来。这种措施有利于由密切相关领域组成的多元化结构的公司，而不是范围相同但多元化结构更加分散的公司。我们发现，企业的一致多元化在数量上与其经济绩效相关，并获取了有关其生产结构的相关信息。特别是，我们在统计基础上证明，技术多元化的天真定义只能作为规模和一致多元化的代理来解释劳动生产率。这种方法可用于调查公司内部可能的协同效应，并为合并和收购推荐可行的合作伙伴。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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