製藥業專利品質與股價之關聯性研究

The Study of Relationship between Patent Quality and Stock Price in Pharmaceutical Industry

張簡有為(yo-wei zhangjian)

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/cycu200500342

摘要

摘 要
隨著知識經濟時代的來臨，智慧財產權已經成為製藥產業技術研發與市場開發的主要策略資產，專利權不但使企業可以保護其新技術、新產品，還能為組織未來帶來可觀的績效報酬。因為在該產品受專利法保護期間，公司將具有獨家販賣之權力，且造成短期合法的市場獨占情形，因此提供企業更多的策略執行空間以獲取更高的利潤，增加投資者對該企業的投資信心，產品獲利率高的優勢自然會反映公司在股票市場中的價值。
基於以上原因，企業管理者無不關心如何建立一套客觀、合理的評估指標，來評量其所擁有之專利權的品質。在目前，傳統量化指標已經無法完全精確地反映出企業技術研發的能量。為了解決這樣的困境，國內外學者逐漸發展出一套可衡量品質的評估指標，其所代表的涵義為未來公司可以透過檢視這些品質化指標來確認組織所擁有的專利權之品質。一般而言，公司所擁有的技術專利被引證數愈多時，代表其所擁有的專利品質較好。
本研究主要目的在於改變過去專利權品質與公司績效之橫斷面研究，採用時間序列模型嘗試分析公司專利品質與公司股價兩者之間的關聯性。依據本研究的發現獲得以下幾點結論：

一、專利品質與公司股價在時間縱斷面模型研究上具有相關性。
二、製藥公司之專利品質優劣對其公司股價具有顯著解釋能力，但實證結果顯示出各家公司之解釋程度有所不同。
三、在檢視公司專利權與公司股價關係時，除了檢視專利數量之外，必須同時考慮公司所擁有之專利品質優劣。
四、在利用時間序列模型分析以公司專利品質預測公司股票價格為研究方法時，GARCH模型的預測績效優於VAR模型。

關鍵字

時間序列模型 ； 專利品質 ； 專利 ； 製藥業

並列摘要

ABSTRACT

As the coming of knowledge-based economy, intellectual property right has become strategic resources of R&D and market development in pharmaceutical industry. Moreover, patent right can not only protect new technology and product of the organization, but also increase performance of the organization in the future. The enterprises have uniquely selling power to create the short term legal monopoly market when the product is protected by Patent Law. Therefore, the enterprises can have a variety of strategies to make great profits, and increase the confidence of investors. In conclusion, the advantage of great profit can reflect on stock prices.

All of enterprise managers are concerned with creating a set of objective and reasonable indicators to evaluate the quality of company patent because of the quantity indicators can not evaluate the energy of enterprise’s technology accurately. In order to solve this problem, many scholars developed a set of indicators that can measure patent quality. It means that company can confirm it’s patent quality by examining these indicators. In general, the more company’s patent was cited, the better patent quality is.

The purpose of this study is attempt to use time series model research replacing the cross section research to analyze the relationship between patent quality and stock price in pharmaceutical industry. The findings were listed as follows:

1. The patent quality is positively related with the company stock price in vertical section research.
2. The stock price can be explained by patent quality in pharmaceutical companies, and the empirical results also show the different degrees of explaining power among companies in the study.
3. When we want to examine the relationship between patent and stock price of company, we have to consider the quantity and quality of patent at the same time.
4. When the stock price of company was forecasted by patent quality, the performance of GARCH model is batter than VAR model.

並列關鍵字

Patent ； Patent Quality ； Pharmaceutic ； Time Series Model

參考文獻

8. 劉正田，“企業研發投資與淨值市價比現象”，風險管理學報，第五卷，第一期，2003年，7月，p261-p285

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