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研究生：	丁暘展 Ting, Yang-Chan
論文名稱：	專利取得宣告之長期績效—專利品質與專利存量對長期異常報酬的影響 Long-term Performance Following Patent Grants Announcements: the Effects of Patent Quality and Patent Stocks
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：	2010
畢業學年度：	98
語文別：	英文
論文頁數：	41
中文關鍵詞：	專利取得宣告、長期異常報酬、專利引證、向後引證、專利存量、向後引證對專利存量比、公司大小
外文關鍵詞：	patent grants announcements, long-term abnormal return, patent citations, backward citations, patent stocks, backward citations to patent stocks ratio, firm size
相關次數：	點閱：187 下載：5
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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後，公司在長期股票市場的反應，此外，我們更進一步探討個別專利訊息如專利引證、專利存量、向後引證對專利存量比對於宣告的長期異常報酬是否存在相關性、投資人是否能正確預估專利的價值、公司大小對長期異常報酬的影響、公司大小是否會影響專利引證、專利存量、向後引證對專利存量比對長期異常報酬的影響。
　　本研究的結果顯示，投資人無法正確預估專利權的價值，並會低估其價值，而低估專利價值的現象會隨著時間越來越小，此外，小公司在宣告專利獲准後，長期會比大公司在宣告後有更好的報酬，透過回歸模式我們無法發現專利引證、專利存量、向後引證對專利存量比和長期異常報酬有明顯的關係，但研究發現專利指標在不同的公司大小存在著不同的效果：小公司的專利引證、專利存量會對其長期異常報酬有顯著的正相關，而大公司的向後引證對專利存量比會對其長期異常報酬有顯著的負相關。

Patents are leading indicators that investors apply directly to future potential earning. This study is focus on long-term market response following patent grants announcements. We also examine detail information of patents such as patent citations and patent stocks to find out that: (i) do investors can understand the value of patent grants announcements; and (ii) do patent quality, patent stocks and backward citations to patent stocks ratio have any relation with patent grants announcements long-term abnormal return; and (3) how the size effect refers to long-term market response.
The result of this study shows that investors cannot understand the patent value at the announcing time and underestimate the patent value. Misunderstand of patent value will decreasing over time. Moreover, small-size firm will have better return in long-term after patent grants announcements than big-size firm. By the regression model we don’t find any relationship from backward citations, patent stocks and backward citations to patent stocks ratio to patent grants announcements. But, we find patent indicators have different effects on big firms and small firms: Backward citations and patent stocks exhibit strong relationship with long-term abnormal return after patent grants announcements in small-size firms; and backward citations to patent stocks ratio exhibit strong relationship with long-term abnormal return after patent grants announcements in big-size firms.

Chapter 1 Introduction…………………………………………………………………………………………………1
1 Research Background……………………………………………………………………………………………1
2 Research Motivation……………………………………………………………………………………………2
Chapter 2 Literature Review……………………………………………………………………………………4
1 Patent and long-term market response………………………………………………4
2 Size effect and long-term market response…………………………………6
3.1 Patent quality……………………………………………………………………………………………………8
3.2 Patent stocks……………………………………………………………………………………………………10
3.3 Backward citations to patent stocks ratio…………………………10
3.4 Size effect…………………………………………………………………………………………………………11
Chapter 3 Data and Methodology…………………………………………………………………………13
1 Sample……………………………………………………………………………………………………………………………13
2 The event-study and measurement…………………………………………………………14
2.1 buy-and-hold returns…………………………………………………………………………………14
2.2 Three-factor and four-factor model……………………………………………15
2.3 non-overlapping………………………………………………………………………………………………16
3 size effect………………………………………………………………………………………………………………17
4 The regression analysis design……………………………………………………………17
5 Sample description……………………………………………………………………………………………20
Chapter 4 Empirical Results…………………………………………………………………………………23
1 Long-term abnormal return of patent grants announcements………………………………………………………………………………………………………………………23
2 Size effect on long-term market response…………………………………28
3 Patent quality, patent stocks and long-term abnormal return…………………………………………………………………………………………………………………………………………29
3.1 Patent quality, patent stocks and long-term abnormal return in whole sample………………………………………………………………………………………………29
3.2 Patent quality, patent stocks and long-term abnormal return in big and small firms……………………………………………………………………………30
Chapter 5 Conclusion……………………………………………………………………………………………………35
References………………………………………………………………………………………………………………………………38
                                    

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校內：2020-12-31公開
校外：2020-12-31公開

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