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研究生： 王詩淳
Wang, Shih-chun
論文名稱： 專利取得宣告之市場反應--專利重要性與產業差異對企業獲得額外報酬的影響
Market response of patent grants announcement: the effect of patent importance and industry difference
指導教授： 張紹基
Chang, Shao-chi
學位類別： 碩士
Master
系所名稱： 管理學院 - 企業管理學系
Department of Business Administration
論文出版年： 2008
畢業學年度： 96
語文別： 英文
論文頁數： 39
中文關鍵詞： 複雜產業 、簡單產業 、自我引證 、向前引證 、專利引證 、專利取得宣告
外文關鍵詞： complex industry, discrete industry, self citation, forward citation, patent citation, patent grants announcement
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    • 專利是投資人判斷公司未來盈餘的領先指標。本研究探討當公司宣告專利獲准時，股票市場對於此一宣告的反應，以及專利取得宣告對公司異常報酬的影響。此外，我們更進一步探討個別專利訊息如專利引證、專利所屬公司之產業對於宣告的異常報酬是否存在相關性，並試圖找出專利的重要性對於專利宣告反應是否有顯著的關聯、以及專利宣告異常報酬是否存在產業的差異性。本研究的結果顯示，投資人對於專利取得宣告的反應為正顯著，證明了專利取得對於公司價值存在著正面的增值效果，而專利重要性與產業效果對於專利宣告的異常報酬也有顯著的相關性。透過回歸模式我們發現向前引證(forward citation)次數與專利宣告異常報酬存在顯著的正相關，由於向前引證是證明專利重要性的重要指標，因此驗證了投資人有能力在專利宣告時即對專利的重要性做出正確的判斷。此外，本研究亦發現專利指標在不同的產業存在著不同的效果，例如向前引證和自我引證在複雜產業(complex industry)中與專利宣告報酬存在顯著的正相關性，然而在簡單產業(discrete industry)則未顯示顯著的正相關。至於複雜產業與簡單產業間的平均異常報酬差距並未存在顯著的差異，代表專利取得宣告的異常報酬程度不因產業別而有顯著的差異。

    Patents are leading indicators that investors apply directly to future earning potential comparing with other backward-looking indicators. This study focuses on the wealth effect when firms announce that they have successfully granted a patent. We also probe into the detailed information of patents such as patent citation and industry category to find out that: (i) does patent importance have any connection with patent grants announcement return and; (ii) how the industry effect refers to the degree of market reaction. The result of this study shows that investors respond significantly positively to patent grants announcement. Moreover, patent importance and industry differences also contain abundant information within the relationship between patent grants announcement and stock market return. By the regression model we find that forward citations successfully represent the importance of patents and exhibit strong correlation with abnormal return on patent grants announcement. We also find that patent importance indicators in different industries show diversified level of influences to stock abnormal return—forward citation and self citation present significant impacts on abnormal stock return in complex industry, while in discrete industry they present no significant impact on abnormal stock return. However, the mean differences between discrete and complex industry is not remarkable, meaning that the degree of abnormal return on patent grants announcement seems not to be affected by industry factors.

    Table of Contents Chapter 1 Introduction 1 1.1 Research background 1 1.2 Research motivation and purpose 2 Chapter 2 Literature Review 5 2.1 R&D, patent, and market response 5 2.2 Patent importance and market response 6 2.2.1. Backward citation 8 2.2.2. Self Citation 9 2.2.3. Forward citation 9 Chapter 3 Data and Methodology 14 3.1 Sample 14 3.2 The event-study and measurement 15 3.3 The Z test on difference between two means—discrete and complex industries 16 3.4 The regression analysis design 18 3.5 Sample description 21 Chapter 4 Empirical Results 23 4.1 Abnormal return of patent grants announcement 23 4.2 Industry effect on abnormal return 25 4.3 Patent importance and abnormal return 26 4.3.1 Patent importance and abnormal return in whole sample 26 4.3.2 Patent importance and abnormal return in discrete industry 29 4.3.3 Patent importance and abnormal return in complex industry 29 Chapter 5 Conclusion 34 Tables and Figures Table 1 Statistics of discrete and complex industry 17 Table 2 Distribution of patent grants announcement by industry and by year 21 Table 3 Descriptive Statistics 22 Table 4 Abnormal return of patent grants announcement from day -3 to day 3 relative to announcing date (day 0) 23 Table 5 Cumulative abnormal return of patent grants announcement 24 Table 6 Z test on difference between two means in discrete and complex 26 Table 7 Overall sample: Simple regression 1 to 3 and multi regressions 4 to 6 of cumulative abnormal returns from day -1 to day 1, 1996-2002 31 Table 8 Discrete industry sample: Simple regression 1 to 3 and multi regressions 4 to 6 of cumulative abnormal returns from day -1 to day 1, 1996-2002 32 Table 9 Complex industry sample: Simple regression 1 to 3 and multi regressions 4 to 6 of cumulative abnormal returns from day -1 to day 1, 1996-2002 33 Figure 1 Abnormal return on patent grants announcement by date related to announcing date (day 0) 24 Figure 2 Cumulative abnormal return on patent grants announcement 25

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