专利前向引用的价值——基于中国上市公司发明专利数据的经验分析  

The Value of Forward Citations of Patents——An Empirical Analysis Based on Invention Patent Data of Chinese Listed Companies

作　　者：龙小宁 王禹诺 张美扬 Long Xiaoning;Wang Yunluo;Zhang Meiyang(Intellectual Property Research Institute,Xiamen University,Xiamen 361000,P.R.China;Department of Public Administration,Party School of Xiamen Municipal Committee of the Communist Party of China,Xiamen 361000,P.R.China;School of Law and Economics,Zhongnan University of Economics and Law,Wuhan 430000,P.R.China)

机构地区：[1]厦门大学知识产权研究院,厦门361000 [2]中共厦门市委党校公共管理教研部,厦门361000 [3]中南财经政法大学法与经济学院,武汉430000

出　　处：《山东大学学报（哲学社会科学版）》2024年第5期47-58,共12页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家自然科学基金面上项目“科技创新的知识产权保护研究:测量指标构建与最优政策选择”(72073114)。

摘　　要：专利前向引用次数作为研究中最常使用的专利质量衡量指标,如何验证其合理性是一个值得研究的问题。通过首次将专利的“质”与“量”共同纳入市场价值模型,依据理论分析框架构建与之对应的实证模型,并基于2007—2020年中国上市公司发明专利数据进行经验分析的研究发现,专利前向引用次数对上市公司托宾Q值具有显著正向影响,具体表现为,平均而言,每增加一次专利前向引用,能为上市公司托宾Q值带来约18.5%的提升作用,对应的上市公司市值增长额约303万元。进一步分析发现,上述影响会随地区知识产权保护程度和行业技术发展特征的不同而呈现异质性:在高知识产权保护水平地区和低专利丛林密度行业中,专利前向引用的价值相对更高。这些研究发现为使用专利前向引用次数衡量专利价值提供了理论依据和实证支持。The assessment of patent value represents a perpetual topic of inquiry within the field of intellectual property.Among the indicators of patent value,the most commonly utilized is the number of forward citations.In empirical research on patent value,foreign scholars have demonstrated that forward citations of patents possess intrinsic value.The average value of a forward citation of a U.S.invention patent is estimated to be approximately 4,025,320 U.S.dollars.However,the regulations on patent citation in different countries are quite disparate,which renders cross-country comparisons of patent citation data in different countries challenging.Furthermore,there is no legal obligation for applicants to disclose patent citations in China’s patent law,raising questions about the reliability of forward citations of China’s patents as a basis for subsequent inventions and a measure of patent quality.In light of these considerations,it is pertinent to inquire whether the“number of forward citations”in China can serve as a reasonable indicator of patent value.Moreover,it is pertinent to inquire whether it is feasible to evaluate the value of each forward citation of a Chinese patent.These are not only significant theoretical matters,but also practical issues with practical implications.This paper represents the inaugural attempt to integrate the quality differential of patents into the theoretical analysis framework,with the objective of assigning corresponding weights to each patent in accordance with the number of forward citations.In accordance with the theoretical analysis framework,an empirical model was constructed and verified using the invention patent data of Chinese listed companies.The findings of this paper are as follows:(1)Patent forward citations have a significant positive impact on the Tobin’s Q value of listed companies.For every increase in the number of patent forward citations,there is an 18.5%increase in the Tobin’s Q value of listed companies,which corresponds to an increase in market val

关 键 词：专利前向引用 专利价值 企业托宾Q值 知识产权保护 专利丛林密度 

分 类 号：F832.51[经济管理—金融学] F204