专利侵权诉讼、研发投入与企业市场价值  

Patent Infringement Litigation,R&D Investment and Corporate Market Value

作　　者：邓洁 熊清芬 Deng Jie;Xiong Qingfen(Chongqing Intellectual Property College Chongqing University of Technology,Chongqing 400054,China)

机构地区：[1]重庆理工大学重庆知识产权学院,重庆400054

出　　处：《科技创业月刊》2024年第11期23-29,共7页Journal of Entrepreneurship in Science & Technology

基　　金：重庆市教育委员会人文社会科学研究规划项目(24SKGH213);重庆理工大学研究生教育高质量发展项目“专利诉讼、创新投入与企业市场价值——基于沪深A股上市公司数据”(gzlcx20233402)。

摘　　要：专利侵权诉讼过程及结果的不确定性对专利密集型企业的市场价值会产生复杂的影响。基于2011-2022年涉及专利密集领域专利侵权诉讼的沪深A股上市公司的面板数据,探索专利侵权诉讼地位、诉讼结果对专利密集型企业市场价值的影响机理,并进一步揭示研发投入在其中所发挥的中介机制。研究发现:专利侵权诉讼经历对于企业市场价值所发挥的信号机制因企业诉讼地位、诉讼结果而异,专利诉讼经历对原告企业市场价值具有积极作用,对于被告企业则未体现明显的信号作用;起诉且胜诉的经历越丰富,越有利于原告企业市场价值的提高,被诉且败诉的经历并不会影响被告企业的市值。研发投入在专利侵权诉讼与原告企业市场价值之间存在部分中介作用,在专利侵权诉讼与被告企业市场价值之间不存在中介效应。研究结果可为专利密集领域的上市公司在市场竞争中利用和应对专利诉讼,适当调整资源配置,以提高企业市场价值提供参考。The uncertainty of the process and outcome of patent infringement litigation will have a complex impact on the market value of patent-intensive enterprises.Based on the panel data of A-share listed companies in Shanghai and Shenzhen involved in patent infringement litigation in patent-intensive fields from 2011 to 2022,this paper explores the influence mechanism of patent infringement litigation status and litigation results on the market value of patent-intensive enterprises,and further reveals the intermediary mechanism played by R&D investment in it.The results show that the signal mechanism of patent infringement litigation experience on the market value of the enterprise varies according to the litigation status and litigation results of the enterprise,and the patent litigation experience has a positive effect on the market value of the plaintiff enterprise,but does not reflect the obvious signal effect on the defendant enterprise;the richer the experience of suing and winning the lawsuit,the more conducive it is to the improvement of the market value of the plaintiff enterprise,and the experience of being sued and losing the lawsuit does not affect the market value of the defendant enterprise.R&D investment has a partial mediating effect between the patent infringement lawsuit and the market value of the plaintiff enterprise,but there is no mediating effect between the patent infringement lawsuit and the market value of the defendant enterprise.The research findings provide policy recommendations for listed companies in patent intensive fields on how to utilize and respond to patent litigation in market competition,adjust resource allocation appropriately,and enhance market value of enterprises.

关 键 词：专利侵权诉讼 诉讼结果 企业市场价值 研发投入 

分 类 号：F272[经济管理—企业管理] F273[经济管理—国民经济]