- 學位論文
探究具領先企業價值之專利指標
An Exploratary Study on Patents as The Leading Indicators of Corporate Profitability
摘要
無形資產對於公司日形重要，但較難以具體衡量其價值，而美國Ocean Tomo公司所提出的Ocean Tomo 300TM 指數是第一個以專利去衡量公司競爭力的指數，這也讓無形資產在衡量上更有參考的價值。公司可以利用專利指標來衡量公司的價值或競爭力，但是在眾多的專利指標中，能夠正確代表公司價值的專利指標又有哪些呢?由於中國大陸的專利實力逐漸提升，故本研究以中國大陸交易所上市上櫃之公司作為研究對象並且使用因果關係檢定、單根檢定等方法探討哪些專利指標具有領先企業價值之特性。因為資料蒐集具有困難度，本研究僅以四個專利指標及三個企業價值指標做為驗證之指標。其中，專利指標為專利數量、專利活動、專利成長率與專利核准率，企業價值指標則為淨利潤、資產報酬率與淨值報酬率。實證結果顯示，不同的產業需要不同的專利領先指標，石化、塑膠及塑料產業在三種企業價值指標下，皆適合利用專利成長率作為該產業的專利領先指標；機器、設備及儀表產業則適用之預測淨利潤指標有專利核准率、專利活動、專利數量及綜合指標，預測淨值報酬率的則有專利核准率及專利活動；信息技術產業可利用專利成長率及專利數量作為預測淨利潤之指標，而專利活動則能領先淨利潤報酬率；在合併上海交易所與深圳交易所之後，發現製造業可用專利數量與綜合指標預測淨利潤與資產報酬率。研究結果顯示部分的專利指標對於某些行業而言是有領先效果的。在固定效果模型中也發現專利活動對於淨利潤的影響是最顯著的，進一步探討時，落後2期、落後3期的專利活動是最能夠解釋淨利潤的變化而其他專利指標則不顯著影響，這也輔助了專利領先指標的資訊，讓公司有更多的參考價值。
並列摘要
Since invisible assets is more important for company, but invisible assets still hard to measure the profitability, the Ocean Tomo 300TM Index is the first index use patent-based indicators to measure the competitiveness of companies in United State, the index also provide a good way to measure invisible assets. Patent indicators are measure the profitability and competitiveness for company, but how many of patent indicators can be use to present corporate profitability currectly. The patent strength of china is upgrade very fast, this study will be based on Chinese listed companies for the study. Using methods such as verification, and Var-Granger Causality test to identify which patents pointer has a leading corporate profitability. Because of searching data is very difficult, this study shows only four patent indicators and three corporate profitabilities indicators. The patent indicators including number of patents, patent activity, patent growth percent in area and share of granted patents, and the corporate profitabilities indicators including net profit, ROA and ROE. Result of this study shows that the situation similar to business cycle leading indicators, diffirent industries need to reference diffirent patent leading indicators of patent. Petrochemical, plastics and plastic industries can use patent growth rate to forcast net profit, ROA and ROE. Machinery, equipment and instrumentation can use patent approval rate, patent activities, patent number and composite indicator to forcast net asset, and use patent approval rate and patent activities to forcast ROE. IT Industry can use patent growth rate and patent number to forcast net asset, and patent activities can forcast ROA. Combind Shanghai stock exchange and Shenzhen stock exchange, we find out Manufacturing can use patent number and composite indicator to forcast net asset and ROA. There are part of patent indicators to several industries can become patent leading indicators. As the result, some patent indicators like patent activity is leading net profit in fixed effect model, but concider lag time is two and three, we noticed the net profit diversification can be explained when lag time is two and three better than single lag time, but not significant in other patent indicators, this result help us use patent leading indicators to make more reference to company.