嘉　宾：赵敏渊 助理教授 Washington University

主持人：李垣  讲席教授  上海交通大学安泰经济与管理学院

时    间：2025年5月21日（周三）15:00-16:30

地    点：上海交通大学徐汇校区安泰楼A305

内容简介:

The Patent Cooperation Treaty (PCT) offers multinational enterprises (MNEs) a streamlined process for securing global patent protection. By taking the PCT route, MNEs have up to 30 months before deciding whether, when and where to apply for national patents while preserving the priority rights of their initial filing. In theory, the optimal strategy is to delay this decision until just before the deadline, allowing firms to better assess the technological and market potential of the invention. Surprisingly, however, some firms choose to enter the national phase earlier. Drawing on real options theory (ROT), we propose that this behavior reflects the tension between the intrinsic and time value of the option. Since national patent application outcomes are uncertain and vary by country, early entry may serve as a signal of invention quality, mitigating the uncertainty discount on intrinsic value—but at the expense of time value. Analyzing a dataset of PCT families filed in the global automotive industry between 2010 and 2018, we find supportive evidence that MNEs are more likely to apply national patents early for initial filings in lenient patent offices, for technologies in nascent sectors, or for firms lacking track record in the host country. These findings shed new light on our understanding of global patenting strategies. They also contribute to the ROT literature by highlighting the tradeoff between signaling strength in the present and waiting for clarity in the future.

演讲人简介：

Minyuan Zhao is an Associate Professor of Strategy at the Olin Business School, Washington University in St. Louis. Minyuan‘s research examines the interactions between firm strategy and external environment in a global context. Her work on multinational innovation and intellectual property strategies has been published in top journals such as Management Science, Strategic Management Journal, and Journal of International Business Studies. She currently serve as associate editor of SMJ, senior editor of MOR, editorial board member of various other journals. Prior to joining Olin, Minyuan was on the faculty of Carlson School of Management (Minnesota), Ross School of Business (Michigan), and the Wharton School (UPenn). She was the recipient of multiple teaching awards from the Michigan EMBA program, the NUS-UCLA EMBA program, the Wharton School FT MBA program, and WashU's EMBA programs in both St. Louis and Shanghai. Her pre-academia life includes work experiences in entrepreneurship, think tank, and the automotive industry.

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