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標題: | 專利訴訟判決結果對企業股價之影響─以台灣上市公司為例 The Effect of the Judgement of Patent Litigation on Corporate Value |
作者: | Chia-Kai Chiang 江家楷 |
指導教授: | 曾智揚 |
關鍵字: | 專利訴訟,企業價值,股價,事件研究,累積異常報酬, Patent litigation,Corporate value,Stock price,Event study,Cumulative abnormal returns, |
出版年 : | 2014 |
學位: | 碩士 |
摘要: | 本研究係在探討公司面臨專利訴訟時,各審判決結果宣告對企業價值的影響,並進一步分析企業價值變動的因素。
研究對象為進行專利訴訟判決結果宣告之台灣上市公司,樣本來源係取自公開資訊觀測站之重大訊息全文檢索資料庫中,研究期間自民國八十五年一月一日至民國一○二年十二月三十一日止,共計十八年。樣本總數為九十二筆,分別為勝訴三十三筆,敗訴二十三筆,和解三十六筆。 以事件研究方法檢測當公司進行專利訴訟判決結果宣告時,是否對其股價報酬產生顯著之影響;並以迴歸分析方法探討公司之智慧資本、成長性及訴訟方與累積異常報酬之關係。相關實證分析結果彙總如下: 一、公司之專利訴訟判決結果為勝訴,於宣告時對其股票累積異常報酬有顯著正向之影響。 二、公司之專利訴訟判決結果為敗訴,於宣告時對其股票累積異常報酬有顯著負向之影響。 三、公司之專利訴訟判決結果為和解,於宣告時對其股票累積異常報酬有顯著正向之影響。 四、公司之專利訴訟判決結果為勝訴或和解時,公司之智慧資本會對股票累積異常報酬有顯著負向之邊際效益;公司之成長性會對股票累積異常報酬有負向之邊際效益,但不顯著。 五、原告公司與被告公司在被判決為勝訴時,其正向的累積異常報酬有顯著之差異,原告勝訴群組顯著高於被告勝訴群組;而公司在被判決為敗訴時,其身分為原告或被告並不會使其負向累積異常報酬造成顯著之差異。 The objective of this research is to study the effect of the judgment of patent litigation on corporate value. I use a sample of patent litigation judgments announced by listed firms in Taiwan Stock Exchange, where the announcements are searched from Market Observation Post System. The sample period is from Jan. 1, 1996 to Dec. 31, 2013, for a total of 18 years. There are a total of 92 observations, including 33 winning cases, 23 losing cases, and 36 settled cases. Event study approach is adopted to examine the stock price reactions to the announcements of patent litigation judgment. In addition, regression analysis is conducted to inspect the factors such as intellectual capital, growth potential and litigants that might be related to the cumulative abnormal returns (CARs) surrounding the announcements. The findings are summarized below. 1.If the court ruled in favor of the company, the CARs are significantly positive. 2.If the court ruled against the company, the CARs surrounding the announcements are significantly negative. 3.If the litigants settled in the patent litigation, the CARs surrounding the announcements are significantly positive. 4.If the litigations are settled or judged in favor of the company, the company’s intellectual capital would have significantly negative relations to the CARs surrounding the announcements. However, the company’s growth potential would only show insignificant negative relation to CARs surrounding the announcements. 5.The CARs surrounding announcements are significantly positive for the judgments in favor of the plaintiff relative to those in favor of the defendant. However, the CARs are negative in both cases of the court ruled against the plaintiff compared and the court ruled against the defendant. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/57385 |
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顯示於系所單位: | 會計學系 |
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