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Paper代写-The effect of patents on company value

2018-07-11 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- The effect of patents on company value,供大家参考学习,这篇论文讨论了专利对公司价值的影响。公司拥有的专利这一核心资产的多寡,与公司未来的净现金流紧密相关,如果市场是有效的,那么当公司有专利产出时,投资者将会理性地预期到该专利技术会增加公司未来净现金流,因此在其它条件不变的情况下,由公司未来现金流折现而得到的公司价值将随着专利产出的增加而增加。简言之,公司的专利拥有量越多,公司价值越高。

company value,专利对公司价值的影响,英国论文代写,论文代写,paper代写

Since the establishment of China's patent system in 1985, the number of domestic patent applications and approvals has increased rapidly. According to the world intellectual property protection organization, between 1995 and 2007, the number of patents filed for invention by China's intellectual property office increased by 23.9% annually. According to statistics, the total number of patents owned by China's listed companies was only 346 in 1998, but it reached nearly 15,000 in 2008, an increase of nearly 50 times. Although China's listed companies patent output growth is rapid, but whether these patent output can bring the increase of the company's market value is unknown. Theoretically, if the stock market is effective, the company's market value will reflect the company's future performance, and the company's future performance is the core of patent, etc with the company have published as receipt address technology closely related assets, so the increase of patent output increase will lead to a company's market value.

A patent is a patent that gives an inventor exclusive right to manufacture, use, sell, and promise to sell his invention for a certain period of time. China's patent law stipulates that a patented invention must have three characteristics: first, novelty; The second is creativity, which is not an obvious idea. The third is practicality, that is, potential commercial value. Patented inventions with these characteristics will play the following value creation role in the production and operation of the company:

First of all, the company developed a patented technology will increase the company profit, embodied in the following two aspects: patent protection will allow other companies cannot copy or imitate the company's patented product, so the company can enjoy technological monopoly profits, thus improve the patent protection products in the period of sales gross profit margin; Study found that, the company developed a new patented technology will bring growth in sales revenue, because the new patent technology means that new investment opportunities, enterprise can invest in a new patented technology, production of new products, thereby increasing sales.

Second, companies can also increase revenue by receiving royalties from patent transfers or licensing. The company's patented technology can also signal to outside investors that the company has high investment value, making it easier to obtain external financing. In provinces with better patent protection, external investors and Banks are more willing to provide debt financing for high-tech enterprises, thus supporting the effect of increased patent financing opportunities.

In conclusion, the amount that the company has patented the core assets, closely related to the future net cash flows, so if markets are efficient, so when the company has a patent output, investors will be reasonably expected to the patent technology can increase the company's future net cash flows, so in the case of other conditions unchanged, the company's future cash flow discount and get the value of the company will be increased with the increase of patent output increase.

Company patent output and the relationship between the value of the company in Europe, America widely in mature capital markets, about intellectual property companies have influence on the value of the company, research shows that our country listed company information disclosure of intangible assets and its subsidiary there is significant positive correlation between stock price. However, there is still no evidence on whether or how the amount of patents owned by listed companies affects the value of companies. Based on the above theoretical analysis and previous studies, this paper proposes that:

The more the patent ownership of listed companies in our country, the higher the value of the company In addition, because our country's patent can be divided into three categories: invention patent for utility model patents and patent of appearance design, this article further put forward: the company's three patent ownership and value of the company there is a positive correlation relationship we think further, due to the importance of patent technology for companies of different industries is different, so different industries, patent ownership and the differences between the value of the company. In traditional industries, the most important factor of production may not be technology, but low-cost manpower. Based on the above discussion, we put forward: compared with the traditional industry, high-tech industry companies patent output per unit will lead to more substantial increase the value of the company About whether intellectual property rights protection influence company's patent market pricing, the present study also is less, in theory, because of externality problems of intellectual property rights - enterprise hard to stop others from using the intellectual property rights, as a result, some innovative ideas and technology easily imitated by its competitors and use, this makes the enterprise's actual income from the patented technology, is lower than the total social benefits produced by the patent. Based on the above theory, we propose that the increase in company value per unit of patent output is proportional to the degree of intellectual property protection in the region.

The conclusions of this paper not only have theoretical value, but also have important enlightenment to the international community, government and enterprise decision-makers, Banks and investors. First, the international community to protect intellectual property rights in China many situation, this article provides concrete evidence that the Chinese government in recent years, the implementation of intellectual property rights strategy is effective, the patent market? The higher the r value, the higher the company's market value and scientific research strength. Second, this article conclusion also support the policies of the government's current economic structure adjustment, to speed up China's economic structure adjustment, promote the traditional industry upgrade technology, support the overall ascension of high-tech industry will be good for the value of the company; Third, this study shows that China's capital market, like mature capital markets in Europe and the United States, also has the function of pricing intellectual property such as patents. Capital market the function can not only stimulate enterprises strengthen the research and development of patent and other intellectual property rights, and to a certain extent, solve the bank lending institutions for a long time because the patent valuation difficult to carry out the "patent pledge loan policy" problem smoothly; Fourthly, the conclusion of this paper also reveals the importance of "company patent ownership", a previously neglected indicator in stock investment decision-making. In this paper, the limitation of the performance in, the thesis only measure the patent quantity rather than quality, study abroad generally USES the patent to measure cited patent quality, but because of China's patent search web site does not currently provide patent data cited, so this problem needs to be further research in the future.

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