专利侵权诉讼如何影响企业市场价值?——A股上市企业数据的实证  

How do Patent Infringement Lawsuits Affect the Market Value of Companies?Empirical Evidence from Data of Chinese Listed Companies

作　　者：杨琳 孙玉涛[2] YANG Lin;SUN Yutao(School of Intellectual Property,Dalian University of Technology,Dalian 116024,China;School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连理工大学知识产权学院,辽宁大连116024 [2]大连理工大学经济管理学院,辽宁大连116024

出　　处：《科学学与科学技术管理》2024年第4期18-32,共15页Science of Science and Management of S.& T.

基　　金：国家社会科学基金重大项目(20&ZD074);教育部人文社会科学青年项目(23YJCZH263);辽宁省经济社会发展研究课题(2024LSLQNKT-029);中央高校基本科研业务费专项资金(DUT22RC(3)087,DUT23RC(3)028)。

摘　　要：近年来,随着专利数量的不断增多,企业卷入专利侵权诉讼的风险也在不断提高。基于信号理论,提出专利侵权诉讼对上市企业公告日股票价格和未来市值的影响机制,以及分析师关注的调节作用,并运用2012—2018年A股上市企业数据进行实证检验。结果发现:(1)专利侵权诉讼对原告企业的公告日股票价格具有正向显著影响,未来市值具有负面影响;(2)专利侵权诉讼对被告企业公告日股票价格和未来市值的影响均不显著;(3)随着分析师关注的增加,专利侵权诉讼对原告企业公告日股票价格的正向影响减小,对被告企业公告日股票价格的负向影响增大。Through the continuous acquisition of patents,companies convey signal of their robust innovative capabilities to the market,elevating shareholders'and investors'expectations,consequently attracting financial capital.Alongside the surge in corporate patents lies an escalating susceptibility to patent infringement litigation.The impact of such litigation on an company's market value has emerged as a critical practical concern.Prevailing studies predominantly focus on patent infringement litigation behaviors in developed countries like the U.S.,positing that such litigation detrimentally affects the average market value of both plaintiff and defendant companies.Nevertheless,these findings cannot be directly extrapolated to China.First,the dominant explanation for the negative effects of patent infringement litigation,steep litigation costs.Diverges substantially in China due to significantly lower costs compared to developed nations like the U.S.Second,the temporal influence of patent infringement litigation on market value transcends the litigation event itself;it requires allowance for the time needed by investors to assimilate information and assess repercussions,warranting the inclusion of temporal lag considerations.Further shaping market value alterations represent investors'perception of patent infringement litigation.Third,unlike the institutional investor-driven stock markets in developed countries,China's stock market is primarily fueled by retail investors who are yet to refine their capacity to evaluate a company's market value within the context of patent litigation.In this milieu,analysts'attention emerge as a pivotal moderating factor.Based on the above analysis,this study devises a theoretical analytical framework based on signaling theory to explore the ramifications of patent infringement litigation on company's market value within the Chinese context.Moreover,the study probes the modulating influence of analysts'attention as a signaling environment.The empirical investigation draws on data from Sh

关 键 词：专利侵权诉讼 信号理论 分析师关注 股票价格 企业战略决策 

分 类 号：D923[政治法律—民商法学] G306[政治法律—法学]