The Research On The Effect Of Public Company’s Patents On Enterise Value

In the age of knowledge economy, the firm value lies in its strong R&D capability and its core patented technology.The existence of R&D activities’un-certainty and spillover effects might weaken companies’ enthusiasm of R&D activities.The patents give company a certain period of monopoly rights and are important means of technology innovation protection as an effective incen-tive for the company.Compared with productivity, profits and other indicators, economists believe that the patents can be good indicators to measure the effi-ciency of R&D input and output, reflecting the whole status of a company and the level of innovation activities at the micro level.Strengthening the R&D activities, protecting patents and improving technological innovation capacity has become an important tool for strategic decision-making and business com-petition.Selecting the relevant data of domestic listed companies from GEM, using STATA12.0to test the model and assumptions through correlation analysis and multiple linear regression analysis.Results shows that:(1) Under current circum-stances, patent stock hasn’t significant positive effect on the current period of firm value.(2) In the area of high level of protecting intellectual property, the GEM listed Companies’ patents have stronger influence on firm value than others, however, the higher rate of patent infringement, the increase of patent output will lead to reduction of the firm value.(3) Patents of invention have more significant impact on the enterprise value than patents of utility models, while appearance design patents have no significant impact on the enterprise value.According to the research conclusion, I put forward the recommendations as follows:the enterprise itself should put more capital to carry out techno-logical innovation, especially for patents of innovation, and actively apply for a patent, and the patent should be disclosed specifically in the annual report; for investors, they should pay more attention to application and authorization of a patent;for government supervision departments, they should encourage enterprises to actively innovate, in the meantime, government should strengthen the protection of intellectual property, increase strict punishment to patent infringement, establish the social credit system, and record and disclosure the corporation and personal information of infringing patent maliciously.