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研究生:紀信義
論文名稱:專利權價值攸關性之研究:以企業生命週期論析
論文名稱(外文):The Value-Relevance of Patent:A Test of the Life Cycle Hypothesis
指導教授:金成隆金成隆引用關係林修葳林修葳引用關係
學位類別:碩士
校院名稱:國立彰化師範大學
系所名稱:商業教育學系
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
中文關鍵詞:專利權企業生命週期專利法規
外文關鍵詞:patentfirm life cyclepatent rule
相關次數:
  • 被引用被引用:26
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摘 要*
本研究探討在不同的生命週期階段,資本市場對各期企業經智慧財產局核准的專利權數(非財務資訊)是否有不同評價;本文同時探討民國八十三年專利法大修前後,市場對擁有專利權數不等的公司,其所認定價值是否不同;復檢測生命週期、法規大修、與專利權間之交互作用。本文使用Anthony and Ramesh (1992)的方法尋求生命週期的替代變數。實證結果發現,專利權與股價之間呈現顯著的正向關係,考慮不同的生命週期階段後,發現成長期的總專利權數對於股價的影響大於成熟期及衰退期。專利法法規大修以後,擁有愈多(沒有)專利權的公司,股價愈高(低),且法規大修後、處在成長期的公司,每一個專利權的邊際價值高於其他各組。最後,本文改採推估的專利權「價值」變數以取代專利權「件數」變數時,所得結果仍然支持假說。
關鍵詞:專利權;企業生命週期;專利法規
Abstract
The objective of this study is to explore whether the market appraises the number of to patents differently for a differential stage in a firm’s life cycle. We partition our samples into various life cycle portfolios based on methods introduced by Anthony and Ramesh (1992) in order to test the hypothesis that the earnings response coefficients of firms’ patents would be greater for the growth as opposed to the stagnant portfolios. Consistently, we document a montonic decline in the response coeffidients of patents from the growth to the stagnant stages. Furthermore, our findings indicate that the investors value positively (negatively) for firms with more patent (without patent) after the enforcement of new patent regulation. Finally, our findings are robust with respect to the alternative of including the estimated value of patents as opposed to the number of patents as the explanatory variable.
Key words: patent ; firm life cycle;patent rule
目 錄
第壹章 緒論……………………………………………………………………… 1
第一節 研究背景與動機…………………………………………………… 1
第二節 研究目的…………………………………………………………… 3
第三節 研究貢獻…………………………………………………………… 6
第貳章 文獻回顧與探討………………………………………………………… 8
第參章 研究設計………………………………………………………………… 9
第一節 研究假說…………………………………………………………… 9
第二節 樣本選擇及變數的衡量……………………………………………12
第二節 迴歸模型……………………………………………………………16
第肆章 實証結果…………………………………………………………………17
第一節 敘述統計量…………………………………………………………17
第二節 反應係數分析………………………………………………………19
第三節 法規大修……………………………………………………………24
第伍章 敏感性分析………………………………………………………………26
第一節 去除沒有專利權樣本之果…………………………………………26
第二節 以生命週期指標分群之係數檢定結果……………………………27
第三節 專利權之市價概估與其價值攸關性…………………………………28
第四節 控制風險係數及公司規模分析結果………………………………32
第陸章 結論………………………………………………………………………34
參考文獻……………………………………………………………………………36
表次目錄
表1 樣本公司之分配表……………………………………………………… 13
表2 生命週期各階段之公司特性…………………………………………… 15
表3 變數的敘述統計量……………………………………………………… 17
表4 生命週期判斷因子平均數……………………………………………… 18
表5 生命週期各階段下專利權的市場反應分析…………………………… 20
表6 生命週期各階段下專利權的市場反應分析(綜合指標)…………… 23
表7 法規大修與生命週期階段交乘效果分析……………………………… 25
表8 生命週期各階段下專利權的市場反應分析(綜合指標):去除沒有專利權之樣本…………………………………………………………………26
表9 各生命週期指標分群之係數檢定(重新檢定表7之重要係數)……… 27
表10 各生命週期指標分群之係數檢定(重新檢定表8之重要係數)……… 27
表11 生命週期各階段下專利權的市場反應分析(綜合指標):以專利權之推估市場價值………………………………………………………………30
表12 專利權核准數與生命週期:控制公司BETA及公司規模結果……… 33
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