公司市值表現與市場導向技術之關聯性研究-以電腦通訊產業為例

Abstract

本研究使用具時間序列與橫斷面縱橫資料的廻歸分析方法，探討2003~2012年，在美國專利資料庫中，以美國國家經濟研究院NBER歸類之電腦通訊領域的樣本公司，利用其核准專利數資料，統計年HHI專利集中度指標，及電腦通訊領域分類號下核准專利的h指標 (h index)，對分析樣本公司的公司市值報酬進行關聯研究。 研究結果顯示，年HHI專利集中度指標與h指標兩項自變數，分別對樣本公司年股價累積報酬率與年股東報酬率兩應變數無建立明顯關聯。當h指標轉變為具累積分率概念的年累積變化率指標時，與年股價累積報酬率產生明顯正關聯。表示公司專利被引用成長率與公司股價報酬具正向連動關係。使用HHI專利集中度指標與h指標年累積變化率為自變數，樣本公司年股價累積報酬率為應變數，使用縱橫資料的廻歸模型結果，各樣本公司具個別差異，以固定效果模型解釋為佳，且HHI專利集中度指標對股價年累積報酬變化率的影響程度大於h指標年累積變化率。

In this study, an associated research using the regression analysis method of time series and cross section was to gather statistics of HHI index and h index analyzed by granted patents from the value of the empirical firm returning and patent index in 2003 to 2012. The empirical companies were samples from the NBER classified computer and communications industry and then analyzed their firm market value returns. The results indicated that h index and HHI index were independent variables which had no significant correlation with annual rate of cumulative stock returns and returns on equity. However, when h index switched into the concept of cumulative fraction of the rate indicator, it showed a significant positive correlation. This study framework with panel data models verified that the optimization of the fixed effect model was better than the others. The empirical results indicated that annual rate of cumulative h index had positive influences upon firm annual rate of cumulative stock returns. Furthermore, this study developed a classification for the computer and communications industry companies to divide evenly into four types, and provided some proposal as suggestions.