專利在公司獲利能力之遞延效果的研究-以美國製藥業為例

The Study of the Time Lag Effect of Patent Impact on the Profitability of companies: An Empirical Study of U.S. Pharmaceutical Industry

李主平(Chu-Ping Li)

指導教授 ： 耿筠 ； 廖本哲

中原大學/商學院/企業管理研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500407

摘要

專利影響力最終表現在新產品的品質、成本或銷售等之上，而新產品上市才有獲利回收的可能，故專利所帶來的效果，應會透過品質提升、成本降低或銷售增加後，最終反映在公司之獲利能力上，而從專利的取得到上市獲利，有一段的時間落差，過去的文獻僅就一般商品作為研究標的，得出專利在銷售額有2到3年的遞延效果，而與其他商品不同的是，藥品上市需經過政府相關機關的審查，勢必導致上市時間的延遲，其遞延時間可能因此比一般商品長；但對於上市流程特殊，且專利保護影響大的藥品專利並無人著墨，故引起本研究之研究動機。
本研究就專利權與公司獲利能力間的關係進行探討，期望達到下列目的：
一、實證專利權質量與公司獲利能力間具有關連性，
二、實證專利權質量與公司獲利能力間具有遞延時間效果。
本研究透過資源基礎理論、製藥業特性及相關文獻之探討，推論出專利質量對公司獲利能力之影響可能遞延八年。
本研究以多元迴歸方法，就專利質量資料與公司獲利能力資料進行九個年度(包含當年度)的實證分析，並就此九個年度的回歸模型進行顯著性檢定及相關性比較，發現專利質量與公司獲利能力中的股東權益報酬率及每股盈餘有顯著的關聯性，且從相關程度的分布中，發現，專利質量分別與股東權益報酬率具有4年的遞延時間效果，與每股盈餘則有5年的遞延時間效果。本研究認為製藥業確實比先前研究所得出的遞延時間長。

關鍵字

獲利能力 ； 製藥業 ； 遞延效果 ； 專利質量 ； 資源基礎

並列摘要

The impact of patents would eventually be revealed on qualities, cost, or sales of new products. So the value of a good patent would raise the qualities and sales of new products or reduce the cost of new products. Anyway, the value of patents would be revealed on profitability. However, there is a time lag between issued a patent to raising the profits. One previous literature found 2 to 3 years time-lag for commodities. But there are some differences between common products and medicines. One of the differences is it has to pass the investigation by Government to get a license before entering the medicines into the market. So the time lag of the medicine patents would be longer than other products. However, in this topic, there are no literatures in the past study.
The follows are the purposes in this study:
1.Prove there is a relationship between the effect of patents and profitability.
2.Prove there is effect of the time lag between the effect of patents and profitability.
After probing into the past literatures about time lag, the indexes of patents and profitability, and Resource-based Theory, we get the indexes of patents and profitability, and the probable time lag of 8 years. Then we test the relationship between the indexes of patents and the ones of profitability by Regression.
We find there are obvious relationships between the indexes of patents and the rate of return on stockholders’ equity. And we also find there are obvious relationships between the indexes of patents and earnings per share. Moreover, we find there is time lag of 4 years between the indexes of patents and the rate of return on stockholders’ equity. And we also find there is time lag of 5 years between the indexes of patents and earnings per share. We consider the time lag in Pharmaceutical Industry is longer than the result of the previous study.

並列關鍵字

Profitability ； Resource-based ； Impact of Patent ； Value of Patent ； Pharmaceutical Industry ； Time Lag

參考文獻

4 司徒達賢（1995），「資源基礎理論與企業競爭優勢關係之探討」，行政院國科會專題研究計畫成果報告，國立中山大學圖書館。

3 中華民國經濟部智慧財產局網站

6 巫嘉哲（2004），「專利指標與公司無形資產價值關係之研究---以生技製藥產業為例」，元智大學企業管理系碩士論文。

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