专利质量对企业增长期权价值的影响研究  

Research on the Impact of Patent Quality on the Growth of Enterprise Option Value

作　　者：刘德运[1] 吴皓月 张彩钰 孙娟[1] 王蒙蒙[1] Liu Deyun;Wu Haoyue;Zhang Caiyu;Sun Juan;Wang Mengmeng(Asset Evaluation Research Center of Shandong University of Finance and Economics,Ji Nan Shan Dong 250014)

机构地区：[1]山东财经大学,山东济南250014

出　　处：《中国资产评估》2023年第9期41-50,共10页Appraisal Journal of China

基　　金：山东省资产评估协会2022年度行业发展课题:多期二叉树实物期权法及动态收益法对生物医药专利组合技术价值评估研究。

摘　　要：专利质量体现为企业创新产出结果,对于企业增长期权价值极其重要,但相关研究更为关注其与企业当前绩效方面的研究。基于此,本文选取上市化学制药企业为研究样本,从专利质量的技术维度、法律维度和经济维度选取相关的测量指标,研究不同维度专利质量指标对企业增长期权价值的影响。研究发现,专利被引用次数和专利权利要求数量,都对企业增长期权价值具有显著的促进作用;持有高质量专利的企业,可以获得更多融资从而提升增长期权价值;股权集中度可以正向调节专利质量与企业增长期权价值之间的关系。明确专利质量对企业增长期权价值有何种影响,可以帮助投资者提供新的投资决策视角,为评估人员在评估方法选择等方面提供更多的参考。this paper selects listed chemical pharmaceutical companies as the research sample,and selects relevant measurement indicators from the technical,legal and economic dimensions of patent quality to study the impact of patent quality indicators based on different dimensions on the growth option value of companies.The study found that the number of patents cited and the number of rights cited both have a significant contribution to the value of corporate growth options;companies holding high quality patents can obtain more exogenous financing by sending a positive signal to the society about the development of the company;equity concentration can positively regulate the positive correlation between patent quality and enterprise growth option value.The research shows that it clarifies what impact patent quality has on enterprise growth option value,which can encourage business operators to pay attention to the improvement of R&D innovation capability,help investors to provide a new perspective for investment decision,provide a new basis for government management departments to formulate relevant policies to encourage enterprise innovation.

关 键 词：专利质量 增长期权价值 股权集中度 融资约束 

分 类 号：F275.5[经济管理—企业管理]