研發支出及專利質量與公司市場價值關聯性之研究-產業間之比較觀點

The Study of Relationship between R&D Expenditures/ Patent Quality and Market Value of Companies - the Comparative Viewpoint among the Industries

吳惠芬(Hui-Fen Wu)

指導教授 ： 耿筠

中原大學/商學院/企業管理研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500357

摘要

創新及科技是企業獲利及成長的重要趨動力，本文試圖以創新研發相關的客觀衡量數值，包括研發支出、專利數、專利質量等預測公司的市場價值，並以美國標準產業碼為分類依據，選取研發能量較強的四個產業為研究對象，分別為生物科技產業(2836)、製藥產業(2834)、通訊產業(3663)及半導體產業(3674)，由四個產業所得到的結果加以比較，了解研發支出及專利質量在不同產業的影響效果。
CHI Research公司所提出專利指標為目前實務界及學術界所普遍採用的專利指標，本研究除運用這些指標衡量預測變數與公司市場價值的關聯性，並進一步探討其間的關連性在不同產業是否相似。

本研究獲得之主要結論如下:
一、 在生物科技產業、製藥產業及半導體產業皆以研發支出為最佳的公司市場價值的預測變數。
二、 在通訊產業則以專利引用的質量指標(被引證數×專利數)為最佳的公司市場價值的預測變數。
三、 以往的研究中，對專利品質指標-技術生命周期(TCT)，即專利所引證專利之專利年齡的中位數，皆認為TCT愈小，表示公司的技術進步的速度較快，專利的價值較高。本研究以專利數(P)和公司市場價值(MV)的正向關聯性為比較基礎，發現專利質量指標技術生命週期×專利數(TCT×P)與公司市場價值(MV)的關聯性，在生物科技產業及製藥產業，其正向關聯性較為增強; 而在通訊產業及半導體業，其正向關聯性較為減弱。
四、 以往的許多研究，皆證實專利引證愈多則專利的價值愈高，但專利的本身價值和專利對公司的價值，可能是不同面向的指標，這是值得深思的。本研究以專利數(P)和公司市場價值(MV)的正向關聯性為比較基礎，發現專利質量指標專利引用數×專利數(CI×P)、即時影響係數×專利數(CII×P)與公司市場價值(MV)的關聯性，在生物科技產業及半導體產業，其正向關聯性較為減弱。在製藥產業，其正向關聯性幾乎沒有改變。在通訊產業，其正向關聯性較為增強。

關鍵字

專利品質 ； 專利數 ； 研發支出 ； 市場價值

並列摘要

Innovation and technology are the primary motive forces for profitability and development of enterprises. This study attempts to adopt some objective measurements of research and development, including R&D expenditures, patent count, patent quality, etc., to predict market value of companies. In order to get a further understanding the influence of industry’s characteristic, this study chosen four industries as research objects by SIC CODE, in which included Biological Products(2836), Pharmaceutical Preparations (2834), Radio and Television Broadcasting and Communications Equipment (3663) and Semiconductors (3674).
Generally adopted patent indexes by practitioners and scholars are those proposed by CHI Research Company. In this study we’ll probe the relationships between these indexes and market value of companies. Furthermore, we’ll probe those relationships in different industries.
The main conclusions obtained in this study are as follows:
1. In Biological Products, Pharmaceutical Preparations, and Semiconductors industries, R&D expenditure is the best prediction parameter of market value of companies.
2. In Radio and Television Broadcasting and Communications Equipment industries, index of patent quality and quantity, the average citation × patent count, is the best prediction parameter of market value of companies.
3. Lots of studies showed the opinion that the smaller TCT- Technological Life Cycle is, the faster progress of the company , and the relatively higher value of the patent. This study uses the positive relationship of Patent Count (P) and Market Value of companies (MV) as the comparative foundation for the positive relationship of TCT× P and MV . This study findings show the results as follow. In the Biological Products and Pharmaceutical Preparations Industries, the positive relationship is strengthen. In Semiconductors and Radio and Television Broadcasting and Communications Equipment Industries, the positive relationship is weaken.
4. Lots of studies showed the opinion that the more citations received by a patent, the higher value of that patent. However, the value of a patent and the value of a patent to a company might be the different measuring indexes; this is worth thinking about deeply. This study uses the positive relationship of Patent Count (P) and Market Value of companies (MV) as the comparative foundation for the positive relationship of CI/CII × P and MV, in Biological Products, and Semiconductors Industries, the positive relationship is weaken. In Pharmaceutical Preparations Industry, the positive relationship is almost the same. In Radio and Television Broadcasting and Communications Equipment Industry, the positive relationship is strengthen.

並列關鍵字

Patent Quality ； Market Value ； Patent Count ； R&D expenditures

參考文獻

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