美联储-美国的大型企业与新技术发展轨迹（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Mega Firms and New Technological Trajectories in the U.S.Joonkyu Choi, Serguey Braguinsky, Yuheng Ding, Karam Jo, Seula Kim2025-060Please cite this paper as:Choi, Joonkyu, Serguey Braguinsky, Yuheng Ding, Karam Jo, and Seula Kim (2025). “MegaFirms and New Technological Trajectories in the U.S.,” Finance and Economics Discus-sion Series 2025-060.Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.060.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Mega Firms and New Technological Trajectoriesin the U.S.∗Joonkyu Choi†Serguey Braguinsky‡Yuheng Ding§Karam Jo¶Seula Kim‖July 16, 2025AbstractWe provide evidence that mega firms have played an increasingly important rolein shaping new technological trajectories in recent years.While the share of novelpatents—defined as patents introducing new combinations of technological components—produced by mega firms declined until around 2000, it has rebounded sharply sincethen. Furthermore, we find that the technological impact and knowledge diffusion ofnovel patents by mega firms have grown relative to those by non-mega firms after2001. We also explore potential drivers of this trend, presenting evidence that therise in novel patenting by mega firms is tied to their disproportionate increase in cashholdings and the expansion of their technological scope.Our findings highlight anoverlooked positive role of mega firms in the economywide innovation process.Keywords: Mega Firms, Innovation, Novel Patents, Knowledge DiffusionJEL Codes: O31, O33, O34, L11, L25∗Any opinions and conclusions expressed herein are those of the authors and do not necessarily representthe views of the World Bank, the Federal Reserve Board of Governors, or its staff. Previously circulatedunder the title “Mega Firms in Recent Trends in the U.S. Innovation: Empirical Evidence from the U.S.Patent Data.” We thank Sina Ates, Pierre Azoulay, Vojislav Maksimovic, and participants at the Workshopon Entrepreneurial Finance and Innovation, Technology & Policy Research Initiative Seminar, 2023 NBERMegafirms and the Economy conference, Ed Snider Center at the University of Maryland, HitotsubashiUniversity, Federal Reserve Board, and 2025 BSE Summer Forum for helpful comments and suggestions.†Federal Reserve Board of Governors‡University of Maryland and NBER§The World Bank¶Pennsylvania State University‖Pennsylvania State University and IZA