過去研究證據顯示創新的確會提升公司的價值，但是由於創新的特性的差異使得創新本身為公司提升的市場價值也產生差異。本研究主要在調查創新的知識來源是否為影響創新價值的重要因素。
過去研究曾經利用專利未來引證的衡量方式來衡量知識來源對創新衝擊的影響。本篇研究進一步去研究知識來源是否會影響到創新的市場價值。文章利用專利為創新的替代變數。研究當公司宣告專利時，公司是否會因為不同的知識領域而產生不同的股價反應，以此衝量方式來表示創新的市場價值。實證結果顯示當創新的知識來自於組織外部的知識時，同技術領域的知識會為創新本身帶來較高的市場價值。而當創新的知識來自於組織內部的知識時，此時不同技術領域的知識會為創新帶來較高的市場價值。

Many studies show evidence that innovations indeed enhance the firm value;however, the value of innovations have discrepancy because of the characteristic ofinnovation. This study investigates that the effect of different knowledge sources on the market value of firms. I characterize the distant knowledge by using two boundaries: technological boundaries and organizational boundaries. I hypothesize the knowledge which is characterized by technological context and organizational context brings a differential market value for firm. To test our hypotheses, I used the patent data as the innovation proxy. I find that different compositions in innovations create different impacts on firm value. Our findings suggest that innovation being drawn from technologically distant knowledge is expected to have better market reaction effect than technologically proximate for knowledge within organizational boundaries
when patent grants are announced. However, innovation drawn from technologically similar knowledge is expected to have better market reaction effect than technologically distant knowledge for outside organizational boundaries when patent grants are announced.

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