The Study On The Value Creation Ability Of Patent-Intensive Listed Companies In The Light Asset Mode 1

Since the State Council formulated the plan for the implementation of the intellectual property strategy in 2008,high-tech enterprises with intellectual property rights as the core means of competition have developed rapidly in the country.In the future,they will focus on promoting the development of industries that are driven by patent intensive growth,and will closely integrate independent intellectual property rights with economic benefits.At present,Chinese patent-intensive distribution industry has a strong ability to pull the domestic industrial economy and has absolute market competitive advantages.More and more companies are in line with policy orientation and will upgrade their businesses to become patent-intensive enterprises with independent intellectual property rights.However,due to factors such as high elimination rate of such enterprises,increasingly fierce competition,and high risks that may be caused by high returns,how to evaluate the value creation level and development potential of patent-intensive companies under the light asset model have become investors and Other stakeholders focused on the issues of concern.The paper fully considers the characteristics of Chinese patent-intensive companies adopting the light asset operating model and analyzes the value-creating capabilities of patent-intensive companies,theoretically enriching the research content of patent-intensive companies with light asset models,and improving Chinese patent-intensive companies.Overall value creation ability evaluation system.The practical application will help the stakeholders of this type of enterprises to make correct financial decisions and provide reference for them and improve the quality of patent-intensive companies,thereby promoting their healthy and orderly development.The literature review at home and abroad mainly focuses on the characteristics of the light asset operating model,the influencing factors of value creation ability and financial performance evaluation,and the impact of the light asset model on the value creation level of the company.The research perspective is relatively single.Based on the existing theoretical research results and major analysis methods at home and abroad,the paper uses the analytic hierarchy process to construct an evaluation model that is suitable for the value-creating capabilities of patent-intensive companies.The paper has made some innovations in index selection in the comprehensive evaluation system of design value creation ability:(1)From the internal and external factors that influence the company's value creation ability,we measure the company's comprehensive profit level from different angles and dimensions,such as basic financial data,resources investment,innovation and production capacity,risk,growth and so on.Based on the characteristics of the asset-light model of patent-intensive companies,the relevant indicators such as intangible assets,patent authorization numbers,and growth flow ratios are focused on,making the constructed system more targeted and applicable.(2)In addition to financial ratios,non-financial indicators that assess the company's value creation capabilities are also introduced,such as corporate organizational structure and management models.A quantitative evaluation of the company's internal management system through expert scoring makes the evaluation of the value creation ability of the company more comprehensive and complete.Beijing Tongrentang is a time-honored company with a hundred-year history.Its brand value ranks among the top in the world.The company is committed to R&D and sales of proprietary Chinese medicines,and obtains more patent licenses through technological innovations to create more value for the company.Tongrentang develops a wide variety of pharmaceutical products and types,leading the pharmaceutical industry.From the perspective of the company's business model,the company focuses on technological innovation,results transformation and the maintenance of the image of the brand,without excessive physical assets such as plant and equipment.The company has the characteristics of typical asset-light operations.The paper uses Beijing Tongrentang as a part of the research object.Based on its public financial data and multiple evaluations of relevant experts,the comprehensive value creation ability of patent-intensive companies under the light assets model is calculated to calculate the company's comprehensive value creation ability in different years.And then evaluate the company's financial characteristics of different periods and the impact of management system on the company's comprehensive value creation ability.Ultimately,according to the degree of influence of the weight of different indicators in the evaluation system of value creation ability,it provides an optimization strategy for the same type of company to obtain higher level of value creation ability.