以訊號理論觀點探究專利數對公司價值之資訊模糊的影響

Abstract

專利數是否真能彰顯公司價值一直是極具爭議的話題,本研究透過觀察資本市場對於公司獲利預測一致性的高低,了解公司累積專利是否造就價值判斷的困難性。再者,透過訊號理論探討公司對於相關技術發展的主動揭露行為,是否有助於資本市場釐清其所累積的專利。本研究以我國具分析師關注之電子工業上市公司為研究對象,以 2011-2020 作為觀察週期,總計有 2,814 筆公司年樣本。本研究發現:(1) 公司積累愈多的專利數量會顯著提高資訊模糊程度、(2) 專利取得的新聞報導無助於改善專利數量與公司資訊模糊的問題、(3) 研發聯盟的參與有助於釐清專利累積數量與資訊模糊的問題、(4) 專利訴訟的新聞非但無法弱化反而強化了專利數量與資訊模糊的問題。本研究亦針對以上研究發現提出相應的學術與實務意涵討論,以供後續相關研究發展。

The role of patent counts in influencing the financial market’s judgement on firms’ market value has been an ongoing debate. This research uses the analyst forecast dispersion of firms’ stock return to proxy for the information ambiguity that the investment market encounters in determining the value of patents. In addition, based on the signaling theory, this research investigates how the analysts in financial market interprets the signals regarding the technological development of firms. Drawing on a sample of 2,814 firms-year observations (2011-2020) of listed electronic firms in Taiwan, the results show that as the number of patent filing increases, so does the level of information ambiguity. Patent grant announcements do not significantly reduce the information ambiguity caused by the increasing number of patent filings by focal firms. However, the investment market is able to appreciate the value of firms’ patents as firms announce their engagement in R&D alliances. In addition, patent lawsuit filings cannot effectively signal to the financial market of the value of firms’ patents but amplify the level of information ambiguity. Last, we discuss the theoretical contributions, managerial implications, and suggestions for future research.