Exploring the Relationship Between Patent Forward Citation and Stock Return Rate Using Empirical Data of China Stock Market  

作　　者：Hong-Wen Tsai Hui-Chung Che 

机构地区：[1]National Taiwan University of Science and Technology,Taipei,Taiwan,China [2]China Bio-Medical&Technology Applications Associate,New Taipei,Taiwan,China

出　　处：《Management Studies》2024年第2期67-83,共17页管理研究（英文版）

基　　金：support from Ministry of Science and Technology,Taiwan,R.O.C.under Grant No.MOST 109-2410-H-011-021-MY3.

摘　　要：A novel indicator called price-citation was proposed.Based on the company integrated patent database of China listed companies of common stocks(A-shares)with the stock price and the stock return rate data,more than two thousand of A-shares from 2017 to 2020 were selected.The effect of the traditional patent forward citation and the price-citation for discriminating the stock return rate was thoroughly analyzed via ANOVA.The A-shares of forward citation counts above the average showed higher stock return rate means than the A-shares having patents but receiving no forward citations.The price-citation,combining both the financial and patent attributes,defined as the multiplication of the current stock price and the currently receiving forward citation count,showed its excellence in discriminating the stock return rate.The A-shares of higher price-citation showed significantly higher stock return rate means while the A-shares of lower price-citation showed significantly lowest stock return rate means.The price-citation effect had not been changed by COVID-19 though COVID-19 affected the social and economic environment to a considerable extent in 2020.

关 键 词：China A-share PATENT ANOVA stock return rate forward citation price-citation 

分 类 号：C93[经济管理—管理学]