臺灣博碩士論文加值系統

　　專?是投資人判斷公司未?盈餘的?先指標，本研究探討當公司宣告專?獲准後，公司在長期股票市場的反應，此外，我們?進一步探討個別專?訊息如專?引證、專?存量、向後引證對專利存量比對於宣告的長期?常報酬是否存在相關性、投資人是否能正確預估專利的價值、公司大小對長期異常報酬的影響、公司大小是否會影響專?引證、專?存量、向後引證對專利存量比對長期異常報酬的影響。
　　本研究的結果顯示，投資人無法正確預估專利權的價值，並會低估其價值，而低估專利價值的現象會隨著時間越來越小，此外，小公司在宣告專利獲准後，長期會比大公司在宣告後有更好的報酬，透過回歸模式我們無法發現專?引證、專?存量、向後引證對專利存量比和長期異常報酬有明顯的關係，但研究發現專?指標在?同的公司大小存在著?同的效果：小公司的專?引證、專?存量會對其長期異常報酬有顯著的正相關，而大公司的向後引證對專利存量比會對其長期異常報酬有顯著的負相關。

Patents are leading indicators that investors apply directly to future potential earning. This study is focus on long-term market response following patent grants announcements. We also examine detail information of patents such as patent citations and patent stocks to find out that: (i) do investors can understand the value of patent grants announcements; and (ii) do patent quality, patent stocks and backward citations to patent stocks ratio have any relation with patent grants announcements long-term abnormal return; and (3) how the size effect refers to long-term market response.
The result of this study shows that investors cannot understand the patent value at the announcing time and underestimate the patent value. Misunderstand of patent value will decreasing over time. Moreover, small-size firm will have better return in long-term after patent grants announcements than big-size firm. By the regression model we don’t find any relationship from backward citations, patent stocks and backward citations to patent stocks ratio to patent grants announcements. But, we find patent indicators have different effects on big firms and small firms: Backward citations and patent stocks exhibit strong relationship with long-term abnormal return after patent grants announcements in small-size firms; and backward citations to patent stocks ratio exhibit strong relationship with long-term abnormal return after patent grants announcements in big-size firms.

Chapter 1 Introduction…………………………………………………………………………………………………1
1.1 Research Background……………………………………………………………………………………………1
1.2 Research Motivation……………………………………………………………………………………………2
Chapter 2 Literature Review……………………………………………………………………………………4
2.1 Patent and long-term market response………………………………………………4
2.2 Size effect and long-term market response…………………………………6
2.3.1 Patent quality……………………………………………………………………………………………………8
2.3.2 Patent stocks……………………………………………………………………………………………………10
2.3.3 Backward citations to patent stocks ratio…………………………10
2.3.4 Size effect…………………………………………………………………………………………………………11
Chapter 3 Data and Methodology…………………………………………………………………………13
3.1 Sample……………………………………………………………………………………………………………………………13
3.2 The event-study and measurement…………………………………………………………14
3.2.1 buy-and-hold returns…………………………………………………………………………………14
3.2.2 Three-factor and four-factor model……………………………………………15
3.2.3 non-overlapping………………………………………………………………………………………………16
3.3 size effect………………………………………………………………………………………………………………17
3.4 The regression analysis design……………………………………………………………17
3.5 Sample description……………………………………………………………………………………………20
Chapter 4 Empirical Results…………………………………………………………………………………23
4.1 Long-term abnormal return of patent grants announcements………………………………………………………………………………………………………………………23
4.2 Size effect on long-term market response…………………………………28
4.3 Patent quality, patent stocks and long-term abnormal return…………………………………………………………………………………………………………………………………………29
4.3.1 Patent quality, patent stocks and long-term abnormal return in whole sample………………………………………………………………………………………………29
4.3.2 Patent quality, patent stocks and long-term abnormal return in big and small firms……………………………………………………………………………30
Chapter 5 Conclusion……………………………………………………………………………………………………35
References………………………………………………………………………………………………………………………………38

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