知識經濟時代背景下，無形資產為公司競爭優勢的來源。而專利能夠確保公司創新在法律上享有一定時間的壟斷權，為公司最具有專屬性之無形資產，提升公司的經營績效與市場價值。先前有許多研究分析專利與公司市場價值兩者之間的關係，顯少研究探討公司對於專利的終止行為是否能正向影響其價值。欲維持專利的法律地位公司必須定期支付龐大的維護費用，因此若是未適當地放棄一些不再對公司具有價值的專利，可能帶給公司價值負面的影響。有鑑於此研究缺口，本研究將以美國生技公司做為研究對象，以演化理論來解釋公司透過專利申請與終止行為來提升自身價值的動態過程。希望找出能提升公司價值的專利策略，協助公司以及決策者在專利策略的制定。

Patents are important knowledge assets that contribute firms to defend rivals and earn the returns in competitive environment. Additionally, firms can signal their R&D capabilities through patent application and thereby enhance the value perceived by market investors. However, previous studies do not consider firms enhance value from patent expiration. To maintain the legal rights of patents, firms must regularly pay renewal fees which burden R&D investment. A large amount patents may induce stockholders concern about firms’ future cash flow. So firms cautiously expire patents which cannot benefit them anymore is necessary. This study argues that firms should enhance their value from a sequence of patent application and expiration. This study draws on evolutionary theory to explain how firms dynamically proceed with patent application and expiration and thereby improve market value. The result is based on publicly biotechnology firms in U.S. This study hopes to provide useful information for firms to undertake R&D planning.

Chapter1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Research Objective 4
1.3 Research Flow 5
Chapter2 Literature Review 6
2.1 Patent and Market Value 6
2.2 Evolutionary Theory in Economics 9
2.3 The Biotechnology Industry 13
Chapter3 Methodology 15
3.1 Patent Application and Expiration 15
3.2 Impact of Patent Application and Expiration on Firm Value 19
3.3 Sample and Data Source 22
Chapter4 Empirical Result 23
4.1 Patent Application and Expiration 24
4.2 Impact of Patent Application and Expiration on Firm Value 28
Chapter5 Conclusion 30
Reference 32
APPENDIX A 36
APPENDIX B 38

Audretsch, D. B. (2001). The Role of Small Firms in U.S. Biotechnology Clusters. Small Business Economics, 17(1), 3-15. doi: 10.1023/a:1011140014334
Bessen, J.(2008). The value of U.S. patents by owner and patent characteristics. Research Policy, 37(5): 932-945.
Breschi, S., Lissoni, F., & Malerba, F. (2003). Knowledge-relatedness in firm technological diversification. Research Policy, 32(1), 69-87.
Buenstorf, G.(2006). How useful is generalized Darwinism as a framework to study competition and industrial evolution? Journal of Evolutionary Economics, 16(5): 511-527.
Burgelman, R. A.(1991). Intraorganizational ecology of strategy making and organizational adaptation: theory and field Research. Organization Science, 2(3): 239-262.
Cantwell, J., & Fai, F.(1999). Firms as the source of innovation and growth: the evolution of technological competence. Journal of Evolutionary Economics, 9(3): 331-366.
Chang, S. J.(1996). An evolutionary perspective on diversification and corporate restructuring: entry, exit, and economic performance during 1981–89. Strategic Management Journal, 17(8): 587-611.
Chen, Y.-S., & Chang, K.-C.(2010). The relationship between a firm's patent quality and its market value — The case of US pharmaceutical industry. Technological Forecasting and Social Change, 77(1): 20-33.
Dosi, G.(1982). Technological paradigms and technological trajectories: a suggested interpretation of the determinants and directions of technical change. Research Policy, 11(3): 147.
Dosi, G., & Marengo, L.(2007). On the evolutionary and behavioral theories of organizations: A tentative roadmap. Organization Science, 18(3): 491-502.
Dosi, G., & Nelson, R.(1994). An introduction to evolutionary theories in economics. Journal of Evolutionary Economics, 4(3): 153-172.
Floyd, S. W., & Lane, P. J. (2000). Strategizing throughout the organization: Management role conflict in strategic renewal. Academy of Management. The Academy of Management Review, 25(1), 154-177.
Francis, J., Philbrick, D., & Schipper, K.(1994). Shareholder litigation and corporate disclosures. Journal of Accounting Research, 32(2): 137-164.
Glynn, S.(2002). Constructing a selection environment: competing expectations for CFC alternatives. Research Policy, 31(6): 935-946.
Griliches, Z.(1981). Market value, R&D, and patents. Economics Letters, 7(2): 183-187.
Hall, B. H., Jaffe, A., & Trajtenberg, M.(2005). Market value and patent citations. The RAND Journal of Economics, 36(1): 16-38.
Hall, B. H. (1999). Innovation and market value. NBER Working Paper No. 6984, Nuffield College, Oxford OX1 1NF, UK.
Helfat, C. E.(1994). Evolutionary trajectories in petroleum firm R&D. Management science, 40(12): 1720-1747.
Hicks, D., & Hegde, D. (2005). Highly innovative small firms in the markets for technology. Research Policy, 34(5), 703-716. doi: 10.1016/j.respol.2005.03.008
Higgins, M. J., Stephan, P. E., Thursby, J. G. (2008) Conveying quality and value in energing industries: Star scientists and the role of learning in biotechnology. NBER Working Paper No.14602, Cambridge, MA.
James, B.(2009). Estimates of patent rents from firm market value. Research Policy, 38(10): 1604-1616.
Katila, R., & Ahuja, G.(2002). Something old, something new: A longitudinal study of search behavior and new product introduction. Academy of Management Journal, 45(6): 1183-1194.
Lichtenthaler, U.(2009). The role of corporate technology strategy and patent portfolios in low-, medium- and high-technology firms. Research Policy, 38(3): 559-569.
Lin, B. W., Chen, C. J., & Wu, H. L.(2006). Patent portfolio diversity, technology strategy, and firm value. IEEE transactions on engineering management, 53(1): 17.
Liu, K., Arthurs, J., Cullen, J., & Alexander, R.(2008). Internal sequential innovations: How does interrelatedness affect patent renewal? Research Policy, 37(5): 946-953.
Megna, P., & Klock, M.(1993). The Impact of intangible capital on Tobin's q in the Semiconductor Industry. The American Economic Review, 83(2): 265-269.
MOEA, 2010, Annual Report of Biotechnology industry in Taiwan. Industrial Development Bureau, Ministry of Economic Affairs, Taiwan.
Nelson, R. R., & Winter, S. G. (1982). An evolutionary theory of economic change. Harvard University Press, Cambridge, MA.
Reitzig, M., & Puranam, P.(2009). Value appropriation as an organizational capability: the case of IP protection through patents. Strategic Management Journal, 30(7): 765-789.
Rosenkopf, L., & Nerkar, A.(2001). Beyond local search: boundary-spanning, exploration, and impact in the optical disk industry. Strategic Management Journal, 22(4): 287-306.
Simeng, H., 2010, “How Valuable is a firm’s patent? A New approach from Patent Citations Data.” Honors Projects. Paper 26.
Szulanski, G.(1996). Exploring internal stickiness: impediments to the transfer of best practice within the firm. Strategic Management Journal, 17: 27-43.
Teece, D., J.(1986). Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15(6): 285-305.
Teece, D., J.(2006). Reflections on “profiting from innovation”. Research Policy, 35(8): 1131-1146.
Tobin, J., & Brainard, W. C.(1968). Pitfalls in financial model building. The American Economic Review, 58(2): 99-122.
Trajtenberg, M.(1990). A Penny for your quotes: patent citations and the value of innovations. The RAND Journal of Economics, 21(1): 172-187.
Wang, J.-C., Chiang, C.-h., & Lin, S.-W. (2010). Network structure of innovation: can brokerage or closure predict patent quality? Scientometrics, 84(3), 735-748.
Winter, S. G. (1987). Knowledge and competence as strategic assets. In D. Teece (ed), The competetive chanllenge. Ballinger, Cambridge, MA, pp. 159-184.