通讯企业专利数量与市值关系研究

发布时间：2018-04-10 03:12

本文选题：通讯企业　切入点：市值　出处：《武汉理工大学》2013年硕士论文

【摘要】：知识经济条件下,无形资产作用逐渐被人们熟知和重视。通讯设备行业具有高研发投入、技术革新换代快的行业特点,其中技术类无形资产在企业生存与发展中发挥了至关重要的作用。国际知名的思科、诺基亚等行业巨头,无一不是依靠在研发上的持续投入,维护其在行业中的领先地位。我国作为通讯设备行业的后起之秀,也已培育出华为、中兴等国际知名的企业。而技术类无形资产作为通讯企业的核心资产,我国在这一方面的研究进展如何?以及这类无形资产对企业在资本市场表现产生了怎样的影响?通过研究通讯设备行业研发专利情况、专利与企业经营业绩之间的相关性,将回答以上问题。同时,把握这一规律,推而广之到其他行业,对于实现我国“创新型国家”战略具有一定指导和借鉴的作用。文中针对我国证监会编号G81的“通讯设备企业选择专利”这一指标进行分析,研究专利数量与资本市场企业市值的互动关系。研究采用Pearson系数指标的计算和面板数据固定效应模型回归分析,检验研究假设,得出结论。研究过程首先计算通讯企业市值和专利数量的Pearson系数,定性研究专利数量和市值的关系。其次采用回归分析定量研究样本公司市值的主要驱动因素,再将专利数据和转化的专利市场价值引入模型,分析验证通讯企业的技术类无形资产数量是否能具有价值效应。研究中发现样本企业市值与专利数量之间存在明显的正相关关系,尤其是专利数量高存量的公司的相关关系更为显著。研究中还发现专利数量和市值的关系存在临界点,越过临界点后二者之间的关系有从正相关向负相关变化的趋势。通过进一步回归检验发现样本公司市值主要驱动因素还是账面价值和当期损益,无形资产的贡献作用并不明显。本文中的拟创新点在于,研究上市企业专利数量与公司经营业绩、资本市场表现之间的内在联系。这在我国相关文献还比较少,本文拟在此处对通讯企业板块进行研究尝试。并且根据国外研究方法将专利数量转化为专利的市场价值进行回归分析,提高研究准确性。不足在于国外同类研究现阶段更多采用专利引用次数取代专利数量,通过引用次数可以表明专利价值大小,使得研究结论更为可靠。而我国专利数据库没有提供引用次数的数据,因此研究中对于专利采用等权重的假设,这给本文的研究带来了一定的局限。随着专利数据库的完善,力求在进一步研究中取得更为精确研究结论。
[Abstract]:Under the condition of knowledge economy, the function of intangible assets is gradually known and valued by people.Communication equipment industry has the characteristics of high R & D investment and rapid technological innovation, among which the technology intangible assets play a vital role in the survival and development of enterprises.Internationally renowned industry giants such as Cisco, Nokia and so on rely on sustained investment in R & D to maintain their leading position in the industry.As a rising star of communication equipment industry, China has also cultivated Huawei, ZTE and other international famous enterprises.As the core assets of the communication enterprises, what is the progress of the research on the technology intangible assets in China?And how does this kind of intangible assets affect the performance of enterprises in the capital market?The research on R & D patents of communication equipment industry and the correlation between patent and business performance will answer the above questions.At the same time, grasping this law and spreading it to other industries has a certain guiding and referential role for realizing the strategy of "innovative country" in our country.In this paper, the author analyzes the index of "Patent selection for Communication equipment Enterprises" of CSRC No. G81, and studies the interactive relationship between the number of patents and the capital market enterprise market value.The calculation of Pearson coefficient index and the regression analysis of panel data fixed effect model are used to test the research hypothesis and draw a conclusion.The first step is to calculate the Pearson coefficients of market value and the number of patents, and to study qualitatively the relationship between the number of patents and market value.Secondly, this paper uses regression analysis to study the main driving factors of market value, and then introduces patent data and transformed patent market value into the model, and analyzes and verifies whether the amount of technical intangible assets of communication enterprises can have value effect.It is found that there is a significant positive correlation between market value and the number of patents, especially among the companies with high number of patents.It is also found that there is a critical point in the relationship between the number of patents and market value, and the relationship between them changes from positive correlation to negative correlation after crossing the critical point.Through further regression test, it is found that the main driving factors of market value are book value and current profit and loss, and the contribution of intangible assets is not obvious.The quasi innovation in this paper is to study the internal relationship between the number of patents and the performance of the company and the performance of the capital market.There are few related documents in our country, this paper intends to try to research the communication enterprise plate here.According to the foreign research methods, the quantity of patents is transformed into the market value of patents for regression analysis to improve the accuracy of the research.The deficiency lies in the fact that the number of patent citations is more frequently used in foreign research than the number of patents, and the value of patent can be indicated by the number of citations, which makes the research conclusions more reliable.However, the patent database of our country does not provide the data of the number of references, so the assumption of the equal weight of the patent in the research has brought some limitations to the research of this paper.With the improvement of patent database, we try to get more accurate conclusion in further research.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F273.1;F426.63

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