一般專利與綠色專利對市場評價與財務績效影響之比較

Abstract

本研究探討一般專利與綠色專利對企業市場評價與未來財務績效的影響。 使用 2000 年至 2023 年美國公司資料，實證結果顯示，綠色專利的品質與公司 市值呈現正向關聯，但綠色專利數量則無顯著影響。一般專利品質可穩定預測 未來獲利能力並降低盈餘波動，而綠色專利在這兩方面的影響則較弱或不顯 著。研究結果顯示，資本市場更重視創新品質而非單純數量，特別是在綠色技 術領域。此外，綠色創新的財務回報可能存在更高的不確定性或延遲現象。本 研究整體部分支持既定假說，並突顯一般與綠色創新在市場評價上扮演的不同 角色。

This study examines how general and green patents impact firm market valuation and future financial performance. Using U.S. firm-year panel data from 2000 to 2023, we find that green patent quality is positively associated with firm value, while green patent quantity is not. General patent quality consistently predicts higher future profitability and lower earnings volatility, whereas green patents show weaker or insignificant effects. These results suggest that capital markets prioritize innovation quality over quantity, particularly for green technologies, and that the financial returns from green innovation may be more uncertain or delayed. Overall, our findings partially support the proposed hypotheses, highlighting the differential roles of general and green innovation.