專利核准公告對股價影響之研究：以自動駕駛廠商 FORD、TOYOTA、TESLA及WAYMO為例

Abstract

本研究主要探討自動駕駛專利與股價的關聯性，分別對自動駕駛專利當日公告數量、公告專利分類次部、當日有無專利公告做為自變數，而以股價做為應變數，並以 SPSS 22.0 進行統計工具，以t 檢定、單因子變異數進行自變數與應變數之間的檢定。同時，也採用事件研究法來探討自動駕駛專利公告是否有異常報酬的情形。 經過實證，本研究所得結論如下： 一、 自動駕駛專利當日公告獲得的數量與股價呈現顯著正相關。 二、 特定自動駕駛專利類別次部之獲取，與股價呈現顯著正相關。 三、 獲得自動駕駛專利公告日的股價，較之未獲取專利公告之股價，呈現顯著正相關。 四、 自動駕駛專利獲取期間股價，具異常股價報酬之情形。

This study investigates the relationship between the autonomous driving patents of Ford, Toyota, Tesla and Waymo Co. and their stock prices from January 1 2017 to May 31 2022. Using the statistical analysis and the event study method, the major empirical results show that: (1) a significantly positive correlation between the number of patent announcement and stock price, (2) the specific autonomous driving patent sub-categories granted are significantly positively correlated with the stock price, (3) stock prices varied differently at the day before/after patent granted and at those days patent not granted, (4) the stock price during the patent granted period of self-driving has abnormal stock price returns.