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研究生:張靜宜
研究生(外文):Chang, Ching Yi
論文名稱:專利引用數、分析師推薦與公司價值
論文名稱(外文):Patent Citations, Analyst Stock Recommendations, and Firm Value
指導教授:周庭楷周庭楷引用關係
指導教授(外文):Chou, Ting Kai
口試委員:鄭揚耀曹嘉玲
口試委員(外文):Cheng, Lee-YoungChao, C
口試日期:2012-07-04
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:英文
論文頁數:26
中文關鍵詞:專利權引用數分析師推薦中介效果公司價值
外文關鍵詞:Patent CitationAnalyst RecommendationsMediating EffectFirm Value
相關次數:
  • 被引用被引用:0
  • 點閱點閱:420
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  • 下載下載:21
  • 收藏至我的研究室書目清單書目收藏:1
本研究旨在驗證企業專利權引用數與市場價值間的關聯性,並探討分析師推薦是否存在中介效果。實證結果顯示,專利權引用數的變動與公司價值呈正相關,顯示公司的創新能力存在價值攸關性;而且,專利權引用數也會正向地增強分析師對公司股票的推薦程度。進一步分析發現,分析師推薦部分地中介了專利權引用數與公司價值之間的關係;亦即,專利權引用數對公司價值的影響,一部分是透過分析師推薦的機制而產生。整體而言,本研究之實證結果指出當市場參與者在評估公司價值時,會將專利權引用數的影響納入考量,顯見公司的專利權引用數為組成無形資產的重要因素之一。
This study examines whether patent citation impact, a leading indicator of firms’ innovation capabilities, is associated with firm value and whether this association is mediated by analyst recommendations. The results indicate that change of patent citation impact is positively associated with firm valuation, supporting the value relevance of innovation capability. We further find that patent citation has a positive impact on analyst recommendations for the firm. In addition, analyst recommendations at least partially mediate the effects of patent citation on firm value. That is, analyst recommendations represent a mechanism through which patent citation affects market valuation. Overall, this study reveals the impact of patent citation on analyst-based outcomes and price formation and calls attention to the construct of patent citation as a key intangible asset for the investor community.
Table of Contents
謝誌 i
摘要 ii
Abstract iii
Table of Contents iv
List of Tables v
1. Introduction 1
2. Background and Hypotheses 2
2.1 Research Motivation 2
2.2 Hypotheses Development 3
3. Research Methodology 4
3.1 Data 4
3.2 Measurement of Patent Citation Impact 6
3.3 Model Specifications 6
4. Empirical Results 8
4.1 Descriptive Statistics and Correlation Analysis 8
4.2 Value Relevance of Patent Citation 12
4.3 The Effect of Patent Citation on Analyst Stock Recommendations 12
4.4 The Mediating Role of Analyst Recommendations 13
5. Conclusion 15
References 16
Appendix 19

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