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題名 關鍵專利與公司財務績效-以台灣電子業為例
Crucial patent and company financial performance from Taiwanese electronics firms作者 李佳壎
Li, Chia-Hsun貢獻者 李浩仲<br>李文傑
李佳壎
Li, Chia-Hsun關鍵詞 財務績效
專利
網絡分析
台灣電子業
Financial performance
Patent
Network analysis
Taiwanese electronics firms日期 2019 上傳時間 5-Sep-2019 17:09:51 (UTC+8) 摘要 公司表現受到許多因素影響,其中一個很重要的因素為技術的表現。根據過去的文獻,本文使用財務報表中的指標來衡量財務績效,而使用專利衡量技術與創新。有別於以往的研究,本研究嘗試以專利網絡分析的方式,定義出產業技術發展過程中專利的關鍵性。使用incoPat蒐集台灣半導體產業、TFT-LCD技術相關光電產業、LTE技術相關通訊產業的專利,再使用datastream、台灣經濟新報資料庫蒐集這些產業公司相關財務資訊,並藉此來觀察擁有這些專利的公司未來財務績效的展現。研究結果顯示,擁有重要專利的公司對現金流量(CF)、總資產報酬率(ROA)有正向且顯著的影響。因此創新是公司在成長中一個很重要的因素,擁有更多關鍵的專利,在未來的產業發展上可為公司帶來更多獲利。
Based on the neoclassical understanding in financial economic research, exogenous factors driving up total factor productivities would correlate positively with firm’s production growth. Under this belief, this dissertation start by bridging the gap to associate the quality of firm-level technology with the market value of firms in the stock exchange market. Utilizing a hand-collected dataset composed of financial performance as well as patent application approval in Taiwanese semiconductor firms, the research target can be fulfilled. On the one hand, the firm-level patent quality can be used to compute the adjusted centrality serving as the firm-level technology quality. Secondly, the metric in both technology side and financial performance can be associated. The results robustly validate that firms’ crucial patents would be beneficial to operational performance of firms. Specifically articulated here is that firms with crucial patents can evolve larger scales in terms of cash flow and operational profits.參考文獻 中文部分行政院(2012),「挑戰2008:國家發展重點計畫(2002-2007)」。阮明淑(2009),「專利指標發展研究」。圖書館學與資訊科學,35(2),頁88-106。洪秀婉、王安邦(2006),「專利引用網絡與專利佈局-以TFT-LCD產業為例」,工研院創新與科技管理研討會。陳琦樺(2008),「台灣電子產業價值創造之研究」,國立中山大學企業管理學系碩士班碩士論文。黃則智(2002),「專利、研發支出與市場市值-半導體產業之實證研究」,國立台灣大學經濟學研究所碩士論文。經濟部智慧財產局(2011),「光電產業專利趨勢與專利訴訟分析研究計畫」。經濟部智慧財產局(2013),「通訊產業專利趨勢與專利訴訟分析研究計畫」。賴勇成、洪明洲(2006),「廠商之創新活動路徑,同形與績效間研究:以台灣半導體製造業為例」,東吳經濟商學學報,55,頁95-123。國家發展委員會(2018),「2018年wef競爭力分析」。英文部分Batagelj V. (2003), “Efficient Algorithms for Citation Network Analysis”. University of Ljubljana, Department of Mathematics,cs.DL/0309023.Cheng, Y. H., F. Y. Kuan, S. C.,Chuang, and Y. Ken (2009). “Profitability decided by patent quality? An empirical study of the U.S. semiconductor industry”, Scientometrics, 82(1), 175-183.Deeds, D. L., and D. M., Decarolis (1999). “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry”, Strategic Management Journal , 20(10), 953-968.Deng, Z.,B. ,Lev and F. Narin(1999). “Science and Technology as Predictors of Stock Performance”, Financial Analysts Journal, 55(3), 20-32.Goddard, J., M. Tavakoli and J.O.S. Wilson (2005). “Determinants of Profitability in European Manufacturing and Services: Evidence from a Dynamic Panel Data”,Applied Financial Economics,15(18),1269-1282.Gu, F. (2005). “Innovation, Future Earnings, and Market Efficiency”, Journal of Accounting, Auditing & Finance, 20(4), 385-418.Hall, B. H. (1992). “The stock market’s valuation of R&D investment during the 1980’s” American Economic Review, 83(2), 259-64.Hall, B. H., and R.H.,Ziedonis (2001). “The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry”, The RAND Journal of Economics, 32(1),101-128.Hall, B. H., A. Jaffe, and M. Trajtenberg (2005). “Market value and patent citations” Journal of Financial Economics, 36(1),16–38.Hirshleifer, D., P. H., Hsu, and D. Li (2013). “Innovative efficiency and stock returns” Journal of Financial Economics,107(3), 632–54.Hirshleifer, D., P. H., Hsu, and D. Li (2017). “Innovative Originality, Profitability, and Stock Returns”, The Review of Financial Studies, 31(7), 2553-2605.Hummon N.P., and P.Doreian (1989). “Connectivity in a citation network: The development of DNA theory”. Social Networks, 11, 39-63.Lin, B. W., C. J., Chen, H. L.,Wu (2006). “Patent portfolio diversity, technology strategy, and firm value”, IEEE Transactions on Engineering Management, 53(1), 17-26.Markman, G. D., M. I., Espina, and P. H. ,Phan (2004). “Patents as Surrogates for Inimitable and Non-Substitutable Resources”, Journal of Management, 30(4), 529-544.Pandit, S., C. E. Wasley and T. Zach.(2011). “The effect of research and development (R&D) inputs and outputs on the relation between the uncertainty of future operating performance and R&D expenditures” Journal of Accounting, Auditing & Finance, 26(1), 121–44.Rosenbusch, N., J., Brinckmann, A., Bausch (2011). “Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs”, Journal of Business Venturing, 26(4), 441-457.Scherer, F. M.(1965). “Corporate Inventive Output, Profits, and Growth” Journal of Political Economy, 73(3), 290-297.Sohn, D. W., W.,Hur, H. J. ,Kim. (2010). “Effects of R&D and patents on the financial performance of Korean venture firms”, Asian Journal of Technology Innovation, 18(2), 169-185.Triulzi, G. (2015). “Looking for the right path : technology dynamics, inventive strategies and catching-up in the semiconductor industry”.Trajtenberg, M.,R.Henderson, and A. Jaffe (1997). “University versus corporate patents:Awindowon the basicness of invention” Economics of Innovation andNew Technology ,5(1), 19–50.Verspagen, B. (2005). “Mapping Technological Trajectories as Patent Citation Networks. A Study on the History of Fuel Cell Research”, Advances in Complex Systems ,10(1), 93-115.Verbeek, A., K. Debackere (2006). “Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States”,Scientometrics, 66(2), 279-294. 描述 碩士
國立政治大學
經濟學系
106258024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106258024 資料類型 thesis dc.contributor.advisor 李浩仲<br>李文傑 zh_TW dc.contributor.author (Authors) 李佳壎 zh_TW dc.contributor.author (Authors) Li, Chia-Hsun en_US dc.creator (作者) 李佳壎 zh_TW dc.creator (作者) Li, Chia-Hsun en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-Sep-2019 17:09:51 (UTC+8) - dc.date.available 5-Sep-2019 17:09:51 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2019 17:09:51 (UTC+8) - dc.identifier (Other Identifiers) G0106258024 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125812 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 106258024 zh_TW dc.description.abstract (摘要) 公司表現受到許多因素影響,其中一個很重要的因素為技術的表現。根據過去的文獻,本文使用財務報表中的指標來衡量財務績效,而使用專利衡量技術與創新。有別於以往的研究,本研究嘗試以專利網絡分析的方式,定義出產業技術發展過程中專利的關鍵性。使用incoPat蒐集台灣半導體產業、TFT-LCD技術相關光電產業、LTE技術相關通訊產業的專利,再使用datastream、台灣經濟新報資料庫蒐集這些產業公司相關財務資訊,並藉此來觀察擁有這些專利的公司未來財務績效的展現。研究結果顯示,擁有重要專利的公司對現金流量(CF)、總資產報酬率(ROA)有正向且顯著的影響。因此創新是公司在成長中一個很重要的因素,擁有更多關鍵的專利,在未來的產業發展上可為公司帶來更多獲利。 zh_TW dc.description.abstract (摘要) Based on the neoclassical understanding in financial economic research, exogenous factors driving up total factor productivities would correlate positively with firm’s production growth. Under this belief, this dissertation start by bridging the gap to associate the quality of firm-level technology with the market value of firms in the stock exchange market. Utilizing a hand-collected dataset composed of financial performance as well as patent application approval in Taiwanese semiconductor firms, the research target can be fulfilled. On the one hand, the firm-level patent quality can be used to compute the adjusted centrality serving as the firm-level technology quality. Secondly, the metric in both technology side and financial performance can be associated. The results robustly validate that firms’ crucial patents would be beneficial to operational performance of firms. Specifically articulated here is that firms with crucial patents can evolve larger scales in terms of cash flow and operational profits. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 3第三節 本文架構 4第二章 文獻回顧 5第一節 專利質量的衡量 5第二節 專利與公司獲利能力 6第三節 國外實證文獻整理 8第三章 研究方法 10第一節 樣本資料挑選流程與來源 10第二節 敘述性統計 13第三節 模型設定 16第四節 技術指標衡量 17第四章 實證結果 23第一節 共線性結果 23第二節 迴歸結果 24第五章 結論及建議 30第一節 結論 30第二節 研究限制與建議 31參考文獻 32 zh_TW dc.format.extent 1180053 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106258024 en_US dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 專利 zh_TW dc.subject (關鍵詞) 網絡分析 zh_TW dc.subject (關鍵詞) 台灣電子業 zh_TW dc.subject (關鍵詞) Financial performance en_US dc.subject (關鍵詞) Patent en_US dc.subject (關鍵詞) Network analysis en_US dc.subject (關鍵詞) Taiwanese electronics firms en_US dc.title (題名) 關鍵專利與公司財務績效-以台灣電子業為例 zh_TW dc.title (題名) Crucial patent and company financial performance from Taiwanese electronics firms en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分行政院(2012),「挑戰2008:國家發展重點計畫(2002-2007)」。阮明淑(2009),「專利指標發展研究」。圖書館學與資訊科學,35(2),頁88-106。洪秀婉、王安邦(2006),「專利引用網絡與專利佈局-以TFT-LCD產業為例」,工研院創新與科技管理研討會。陳琦樺(2008),「台灣電子產業價值創造之研究」,國立中山大學企業管理學系碩士班碩士論文。黃則智(2002),「專利、研發支出與市場市值-半導體產業之實證研究」,國立台灣大學經濟學研究所碩士論文。經濟部智慧財產局(2011),「光電產業專利趨勢與專利訴訟分析研究計畫」。經濟部智慧財產局(2013),「通訊產業專利趨勢與專利訴訟分析研究計畫」。賴勇成、洪明洲(2006),「廠商之創新活動路徑,同形與績效間研究:以台灣半導體製造業為例」,東吳經濟商學學報,55,頁95-123。國家發展委員會(2018),「2018年wef競爭力分析」。英文部分Batagelj V. (2003), “Efficient Algorithms for Citation Network Analysis”. University of Ljubljana, Department of Mathematics,cs.DL/0309023.Cheng, Y. H., F. Y. Kuan, S. C.,Chuang, and Y. Ken (2009). “Profitability decided by patent quality? An empirical study of the U.S. semiconductor industry”, Scientometrics, 82(1), 175-183.Deeds, D. L., and D. M., Decarolis (1999). “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry”, Strategic Management Journal , 20(10), 953-968.Deng, Z.,B. ,Lev and F. Narin(1999). “Science and Technology as Predictors of Stock Performance”, Financial Analysts Journal, 55(3), 20-32.Goddard, J., M. Tavakoli and J.O.S. Wilson (2005). “Determinants of Profitability in European Manufacturing and Services: Evidence from a Dynamic Panel Data”,Applied Financial Economics,15(18),1269-1282.Gu, F. (2005). “Innovation, Future Earnings, and Market Efficiency”, Journal of Accounting, Auditing & Finance, 20(4), 385-418.Hall, B. H. (1992). “The stock market’s valuation of R&D investment during the 1980’s” American Economic Review, 83(2), 259-64.Hall, B. H., and R.H.,Ziedonis (2001). “The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry”, The RAND Journal of Economics, 32(1),101-128.Hall, B. H., A. Jaffe, and M. Trajtenberg (2005). “Market value and patent citations” Journal of Financial Economics, 36(1),16–38.Hirshleifer, D., P. H., Hsu, and D. Li (2013). “Innovative efficiency and stock returns” Journal of Financial Economics,107(3), 632–54.Hirshleifer, D., P. H., Hsu, and D. Li (2017). “Innovative Originality, Profitability, and Stock Returns”, The Review of Financial Studies, 31(7), 2553-2605.Hummon N.P., and P.Doreian (1989). “Connectivity in a citation network: The development of DNA theory”. Social Networks, 11, 39-63.Lin, B. W., C. J., Chen, H. L.,Wu (2006). “Patent portfolio diversity, technology strategy, and firm value”, IEEE Transactions on Engineering Management, 53(1), 17-26.Markman, G. D., M. I., Espina, and P. H. ,Phan (2004). “Patents as Surrogates for Inimitable and Non-Substitutable Resources”, Journal of Management, 30(4), 529-544.Pandit, S., C. E. Wasley and T. Zach.(2011). “The effect of research and development (R&D) inputs and outputs on the relation between the uncertainty of future operating performance and R&D expenditures” Journal of Accounting, Auditing & Finance, 26(1), 121–44.Rosenbusch, N., J., Brinckmann, A., Bausch (2011). “Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs”, Journal of Business Venturing, 26(4), 441-457.Scherer, F. M.(1965). “Corporate Inventive Output, Profits, and Growth” Journal of Political Economy, 73(3), 290-297.Sohn, D. W., W.,Hur, H. J. ,Kim. (2010). “Effects of R&D and patents on the financial performance of Korean venture firms”, Asian Journal of Technology Innovation, 18(2), 169-185.Triulzi, G. (2015). “Looking for the right path : technology dynamics, inventive strategies and catching-up in the semiconductor industry”.Trajtenberg, M.,R.Henderson, and A. Jaffe (1997). “University versus corporate patents:Awindowon the basicness of invention” Economics of Innovation andNew Technology ,5(1), 19–50.Verspagen, B. (2005). “Mapping Technological Trajectories as Patent Citation Networks. A Study on the History of Fuel Cell Research”, Advances in Complex Systems ,10(1), 93-115.Verbeek, A., K. Debackere (2006). “Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States”,Scientometrics, 66(2), 279-294. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900783 en_US