知识经济的到来为企业带来了新的机遇与挑战，知识作为一种重要的战略资源，对于实现企业的可持续发展至关重要。为了更好地应对瞬息万变的市场环境，知识披露作为一种新兴的企业知识管理方式应运而生。但是，企业过度开放知识会给竞争对手可乘之机，不利于企业专有知识的保护，而企业知识披露过少会导致企业内部知识无法进行流动，在一定程度上影响合作者或投资者对企业的信心。因此，“如何披露知识以及披露到何种程度”成为了企业需要重点考虑的决策问题，探究企业如何制定合适的知识披露策略对于提升企业的知识管理能力具有理论与实践意义。

本研究从常见的专利和论文分析指标中遴选出适用于分析上市公司知识披露策略的指标，并从披露形式、披露内容和披露程度三个层面构建了上市公司知识披露策略的分析框架。在此基础上，本研究选取了生物技术和药物行业的10家美国上市公司作为研究对象，并获取公司的专利数据和论文数据来构建数据集。在实证研究中，本文在披露方式层面上分析了样本公司对于以专利、论文或专利-论文对这三种方式进行知识披露的偏向性，发现大多数样本公司对于以专利形式进行知识披露的倾向性逐年上升，而大多数样本公司对于以专利-论文对形式披露知识的倾向性是呈现下降趋势的；在披露内容层面上本文分析了样本公司对于披露核心科学知识和技术知识的倾向性以及样本公司披露的论文的主题演化模式，发现大多数样本公司对于披露核心技术知识的倾向程度是呈上升趋势的，而样本公司披露论文的演化趋势可分为稳定型、活跃型、新生型和变化型这4种类型；在披露程度层面上本文分析了样本公司在纵向和横向两个维度上的披露程度及其变化趋势，结合平均专利宽度和平均专利深度两个维度，采用象限图分析法，对样本公司的知识披露程度进行分类，发现大多数样本公司集中于第二和第四象限。分两个时间段进行观察，发现在1999-2008年期间样本公司主要集中于第二象限和第四象限，而在2009-2018年期间样本公司主要集中于第一、三象限。

基于上述分析框架构建和实证研究，本研究根据市值增长速率对样本公司进行分组，将样本公司分为“市值高速增长组”、“市值中速增长组”和“市值低速增长组”三个组别，然后基于样本公司在每个知识披露策略分析指标上的表现归纳不同组别的公司所使用的知识披露策略的差异点和共通点，还通过相关性分析挖掘样本公司的市值与知识披露策略分析指标之间的关联关系，旨在为该行业内其他上市公司科学合理地选择知识披露策略提供借鉴。

The advent of the knowledge economy has brought new opportunities and challenges for companies. Knowledge, as an important strategic resource, is very important to realize the sustainable development of enterprises. In order to better cope with the ever-changing market environment, knowledge disclosure emerges as an emerging enterprise knowledge management method. However, excessive knowledge disclosure will give competitors an opportunity to take advantage of it and is not conducive to the protection of proprietary knowledge, while too little knowledge disclosure will lead to the inability of knowledge flow within the enterprise and affect the confidence of partners or investors in the enterprise to a certain extent. Therefore, "how to disclose knowledge and to what extent" has become an important decision-making issue that enterprises need to face directly, and it is of theoretical and practical significance to explore how enterprises can formulate appropriate knowledge disclosure strategies to enhance their knowledge management capabilities.

This study selects the indicators suitable for analyzing the knowledge disclosure strategy of listed companies from the common patent and paper analysis indicators, and constructs the analysis framework of knowledge disclosure strategy of listed companies at three levels: disclosure form, disclosure content and disclosure degree. On this basis, 10 U.S. listed companies in the biotechnology and pharmaceutical industries were selected as the research subjects in this study, and the patent data and paper data of the companies were obtained to construct the data set. In the empirical research, this study analyzes the bias of the sample companies toward disclosing knowledge in the form of patents, papers or patent paper pairs at the disclosure mode level, and finds that the tendency of most sample companies toward disclosing knowledge in the form of patents is increasing year by year, while the tendency of most companies toward disclosing knowledge in the form of patent paper pairs is showing a decreasing trend; At the level of disclosure content, this study analyzes the tendency of the sample companies to disclose core scientific and technical knowledge and the evolution pattern of the topics disclosed by the sample companies, and finds that the tendency of most companies to disclose core technical knowledge is on an upward trend, while the evolution trend of the papers disclosed by the sample companies can be divided into four types: stable type, active type, new type and changing type; At the level of disclosure degree, this study analyzes the disclosure degree and its change trend of the sample companies in the vertical and horizontal dimensions. Combined with the two dimensions of average patent width and average patent depth, this study uses the quadrant diagram analysis method to classify the knowledge disclosure degree of the companies. It is found that most sample companies are concentrated in the second and fourth quadrants. When observed in two time periods, it is found that during 1999-2008, the sample companies are mainly concentrated in the second quadrant and the fourth quadrant, while during 2009-2018, the sample companies are mainly concentrated in the first and third quadrants.

This study groups the sample companies based on their market capitalization growth rate and classifies them into three groups: "market value high growth rate group", "market value medium growth rate group" and "market value low growth rate group". Then, based on the performance of the sample companies on each knowledge disclosure strategy analysis index, the differences and common points of the knowledge disclosure strategies used by different groups of companies are summarized, and the correlation between the market capitalization of the sample companies and the knowledge disclosure strategy analysis index is also explored through correlation analysis, aiming to provide reference for other listed companies in this industry to choose knowledge disclosure strategies in a scientific and reasonable manner.