本研究主旨是探討專利權是否具有價值攸關性。首先，使用智慧財產局專利權資料庫和台灣經濟新報社資料庫實證，發現專利權存量在資本市場和投入產出關係具有價值攸關性及增額資訊。再深入探索與資產負債表、損益表之解釋能力。應用Cobb-Douglas form實證方法支持此一結論，並估計樣本專利權存量能產生每年約4仟億元市場價值，這樣的估計是偏低的，但證明專利權是顯著且可估計。再者以Ohlson（1995）模型、控制其他變數及考慮R&D等因素，更證明支持財務報表無用性與外溢效果。畢竟，專利權存量具有價值攸關性。故本研究建議財務報表應充分揭露專利權的非財務資訊及保護智慧財產權。

Astract
This study investigates whether patents are value relevant. First, using the patents database from Intellectual Property Office and Taiwan Economic Journal, we find that patents stock have the incremental information content and value relevance in the input-output factors as sales and the capital markets. Further studies show that the explanatory power of the patents stock in the balance sheet and income statement. We employ a valuation methodology for the patents stock which supports the theory proposed by Cobb-Douglas form based on the empirical association between patents stock and sales. It comes to us that the estimated market value of patents stock is total about NT﹩4 hundred billion in our sample which it is lower, but demonstrating that these values are estimable and significant. Then using the Ohlson’s (1995) model, we test the value relevance of the patent numbers and estimated value.We find that the patents stock are value relevant and have incremental explanatory power over control variables, which supports the theory that infers to nonuseful financial reporting and the spillover effect. Overall, we show that patents stock is value relevance. This suggests that firms should improve the financial reporting by providing increased the disclosures about patents in the financial statements and protect the intellectual property for the goverment.

目 錄
第一節 緒論……………………………………………………………1
第二節 文獻探討………………………………………………………3
第三節 研究方法………………………………………………………6
第一段 實證設計……………………………………………………6
第二段 敏感性分析設計……………………………………………10
第三段 樣本選取及資料來源………………………………………13
第四段 操作變數衡量………………………………………………14
第四節 實證結果………………………………………………………16
第五節 敏感性分析……………………………………………………23
第六節 結論與建議……………………………………………………30
參考文獻………………………………………………………………30

王銘宗召集（2001），知識經濟與服務型政府，第1版，台北市：公務人力中心出版：行政院人事行政局發行。宋偉航譯（1998），智慧資本：資訊時代的企業利基，第1版，台北市：智慧。譯自Thomas A. Stewart。吳季松（1998），「21世紀社會的新趨勢知識經濟」，北京：科學技術。吳秀娟（2000），「企業市場價值與淨值差異影響因素之研究─以我國資訊電子業為例」，國立政治大學會計學系未出版碩士論文。李奇航（2001），「財務報表資訊攸關性之系統性變化研究」，國立台北大學會計學系未出版碩士論文。林大容譯（1999），智慧資本：如何衡量資訊時代無形資產的價值，初版，台北市：麥田。譯自Leif Edvinsson and Michael S. Malone。林惠玲、李顯峰（1996），「台灣專利權數與R&D支出關係之研究─非負整數計量模型之應用」，經濟論文，24冊，pp.273-301。林建良（1998），「我國專利核准之經濟分析」，私立東吳大學經濟學系未出版碩士論文。林威伸（1998），「企業研究發展與專利權間之遞延效應」，私立東吳大學會計學系未出版碩士論文。金成隆、林修葳、紀信義（2001），「從企業生命週期探討專利權的價值攸關性：兼論法規大修的影響」，2001年台灣產業推動電子商務研討會，中山大學主辦。高希均（2000），知識經濟之路，台北市：天下文化。莫菲譯（1999），無形資產致勝策略，初版，台北市：圓智文化。譯自Karl Erik Sveiby。陳定富（2000），「網際網路商業模式與專利關係之探討」，國立政治大學科技管理研究所未出版碩士論文。陳契盈（2000），「由專利資料分析我國之研發產出及其關聯」，國立中央大學工業管理研究所未出版碩士論文。梁証揚（2001），「人力支出與價值攸關性之研究」，私立中原大學會計學系未出版碩士論文。湯珮妤（2000），「企業類型與研發支出、專利權成效之遞延效果研究」，國立中正大學企業管理研究所未出版碩士論文。鄭博文（1998），「公司成長機會對會計盈餘與股票報酬率關連性的影響」，國立台灣大學商學研究所未出版博士論文。齊思賢譯（2000），知識經濟時代，初版，台北市：時報文化。譯自:Lester C. Thurow。謝月香（2000），「無形資產」，國立成功大學會計研究所未出版碩士論文。賴渙文（2001），「成長機會對會計資訊評價攸關性影響之研究」，私立中原大學會計學系未出版碩士論文。Abdel-Khalik, A.R.（1975）,”Advertising effectiveness and accounting policy”, The Accounting review, pp.657-670.Amir, E., and B. Lev（1996）,”Value-relevance of non-financial information：The wireless communications industry”, Journal of Accounting and Economics, pp.3-30.Austin, D.（1993）,”An event study approach to measuring innovative output：The case of biotechnology”, American Economic Review, pp.253-258.Baily, M.N.（1972）,”Research and development costs and returns：The U.S. pharmaceutical industry”, Journal of Political Economy, pp.70-85. Barth, M., and G. Clinch（1998）,”Revalued financial, tangible, and intangible assets: associations with share prices and nonmarket-based estimates”, Journal of Accounting Research, pp.199-233. Barth, M.E., M. Clement, G. Foster, and R. Kasznik（2000）, “Brand values and capital market valuation” , Review of Accounting Studies, pp.41-68.Brown, S., K. Lo, and T. Lys（1999）, ”Use of in Accounting Research：Measuring Changes in Value Relevance Over the last Four Decades”, Working paper, Northwestern University.Bublitz, B., and M. Ettredge（1989）,”The information in discretionary outlays：advertising, research and development”, The Accounting Review, pp.108-124.Canibano, L., M. Garcia-Ayuso, and P. Sanchez（2000）, ”Accounting for Intangibles：A Literature Review”, Journal of Accounting Literature, Vol.19, 2000, pp.102-130.Chan, L., J. Lakonishok, and T. Sougiannis（1999）,”The stock market valuation of research and development expenditures”, Working paper, University of Illinois, Urbana-Champaign, Il. Collins, D. W., E. L. Maydew, and I. S. Weiss（1997）,”Changes in the value-relevance of earnings and book value over the past forty years”, Journal of Accounting and Economics, No.24,1997, pp.39-67.Collins, D. W., and S. P. Kothari（1989）, ”An Analysis of Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficients”, Journal of Accounting and Economics, Vol.11, 1989, pp.143-181. Deng, Z., B. Lev, and F. Narin（1999）, ”Science and Technology as Predictors of Stock Performance”, Financial Analysts Journal, 1999, pp.20-32.Griliches, Z.（1981）,”Market value, R&D and patents”, Economic Letters, pp.183-187.Griliches, Z., B.H. Hall, and A. Pakes（1988）,”R&D, patent and market value revisited：Is there a second （technological opportunity）factor”, NBER Working paper NO.2624.Griliches, Z., A. Pakes, and B. H. Hall（1986）, ”The Value of Patents as Indicators of Inventive Activity”, NBER Working paper NO:2083.Hall, B. H.（1999）, ”Innovation and Market Value”, NBER Working paper NO：6984.Hall, B. H., A. Jaffe, and M. Trajtenberg （2000）, ”Market Value and Patent Citations : A First Look”, NBER Working paper NO:7741.Hall, B.H., Z. Griliches, and J.A. Hausman（1986）,”Patents and R&D：Is there a lag？”, International Economic Review, Vol.27, No.2, June 1986.Hayn, C.（1995）,” The information content of losses” , Journal of Accounting and Economics , No.20, 1995, pp.125-153.Heckman, J. J.（1979）, ”Sample Selection Bias as a Specification Error”, Econometrica, Vol.47, January 1979, pp.153-161.Hirschey,M.（1982）,”Intangible aspects of advertising and R&D expenditures”, Journal of Industrial Economics, pp.375-390.Hirschey, M., V.J. Richardson, and S. W. Scholz（1998）, ”Value Relevance of Nonfinancial Information ：The Case of Patent Data”, Working paper, University of Kansas.Lev, B., and P. Zarowin（1999）, ”The Boundaries of Financial Reporting and How to Extend Them”, Journal of Accounting Research, Vol.37, NO.2, Autumn 1999, pp.353-385.Lev, B., and T. Sougiannis（1996）,”The capitalization, amortization, and value-relevance of R&D”, Journal of Accounting and Economics, pp.107-138. Levin, R.C.（1986）,”A new look at the patent system”, American Economic Association and Proceedings, Vol.5, pp.257-276.NaKamura, L.（2001）,”What is the US gross investment in intangibles ？”,Working paper, Federal Reserve Bank of Philadephia.Ohlson, J.（1995）,”Earnings, book values and dividends in security valuation”, Contemporary Accounting Research, pp.661-687.Pakes, A.（1985）,”On patents, R&D and the stock market rate of return”, Journal of Political Economics, pp.390-409.Pakes, A., and Z. Griliches（1984）, Patents and R&D at the firm level：A First Look, Chicago and London, Chicago：University of Chicago Press, pp.55-72.Pinches, G.E., V.K. Narayanan, and K.M. Kelm（1996）,”How the market values the different stages of corporate R&D---Initiation, progress and commercialization”, Journal of applied corporate Finance, Vol.9 , No.1,1996, p.118.Reinganum, J.F.（1982）,”A dynamic game of R&D：patent protection and competitive behavior”, Econometrica, pp.671-688.Schumpeter, J.A.（1942）, Capitalism, Socialism and Democracy, 5th. ed. London：George Allen & Unwin.Shane, H.（1993）,”Patent citations as an indicator of the value of intangible assets in the semiconductor industry”, Working paper, University of Pennsylvania.Soete, L., and B. Verspagen（1990）,”Recent Comparative Trends in Technology Indicators in the OECD area”,OECD Conference ：consequences of the Technology Economy Program for the Development of indicators. Paris. Sougiannis, T.（1994）, ”The Accounting Based Valuation of Corporate R&D”, The Accounting Review, Vol.69, No.1, January 1994, pp.44-68.Stoneman, P.（1983）,”patents and R&D：Searching for a lag structure---comment”,Proceedings of the Conference on Quantitative studies of Research and Development in Industry, Paris.Trajtenberg, M.（1989）,”The welfare analysis of product innovations, with an application to computed tomography scanners”, Journal of Political Economy, 97(2), pp.445-479.Zhang, G.（2000）, ”Accounting Information, Capital Investment Decisions, and Equity Valuation : Theory and Empirical Implications”, Journal of Accounting Research, Vol.38, No.2, Autumn 2000, pp.271-295.