專利權價值攸關性之研究

The Value Relevance of Patents

陳俊雄(Jun-Xiong Chen)

指導教授 ： 曹壽民

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200300

摘要

本研究主旨是探討專利權是否具有價值攸關性。首先，使用智慧財產局專利權資料庫和台灣經濟新報社資料庫實證，發現專利權存量在資本市場和投入產出關係具有價值攸關性及增額資訊。再深入探索與資產負債表、損益表之解釋能力。應用Cobb-Douglas form實證方法支持此一結論，並估計樣本專利權存量能產生每年約4仟億元市場價值，這樣的估計是偏低的，但證明專利權是顯著且可估計。再者以Ohlson（1995）模型、控制其他變數及考慮R&D等因素，更證明支持財務報表無用性與外溢效果。畢竟，專利權存量具有價值攸關性。故本研究建議財務報表應充分揭露專利權的非財務資訊及保護智慧財產權。

關鍵字

智慧財產 ； 專利權存量 ； 價值攸關性

並列摘要

Astract
This study investigates whether patents are value relevant. First, using the patents database from Intellectual Property Office and Taiwan Economic Journal, we find that patents stock have the incremental information content and value relevance in the input-output factors as sales and the capital markets. Further studies show that the explanatory power of the patents stock in the balance sheet and income statement. We employ a valuation methodology for the patents stock which supports the theory proposed by Cobb-Douglas form based on the empirical association between patents stock and sales. It comes to us that the estimated market value of patents stock is total about NT﹩4 hundred billion in our sample which it is lower, but demonstrating that these values are estimable and significant. Then using the Ohlson’s (1995) model, we test the value relevance of the patent numbers and estimated value.We find that the patents stock are value relevant and have incremental explanatory power over control variables, which supports the theory that infers to nonuseful financial reporting and the spillover effect. Overall, we show that patents stock is value relevance. This suggests that firms should improve the financial reporting by providing increased the disclosures about patents in the financial statements and protect the intellectual property for the goverment.

並列關鍵字

value relevance ； intellectual property ； patents stock

參考文獻

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