Research On The Influence Of Patent Quality On The Market Value Of Enterprises

Patents are one of the key resources for modern enterprises to gain competitive advantages.China has leapt to the top of the world in patent applications since 2011.According to a report issued by the World Intellectual Property Organization in 2016,domestic patent applications even surpassed those of the United States,Europe and Japan.sum.It can be seen that intellectual property such as patents has become the focus of competition,and the value of its output has also attracted the attention of scholars.Most scholars look at the realization of patent competitiveness from the perspective of the number of patents,but obviously the applicability is not strong under the explosive growth of patents.This article introduces the concept of patent quality on the basis of predecessors to explore the realization of patent competitive advantages.Explore how patent quality affects the market value of the company? Under the current capital market environment in China,can patent quality effectively enhance the market value of the company? Can the intellectual property protection affect the value output of patent quality? The discussion of these issues has considerable theoretical and practical significance.On the one hand,from the perspective of patent quality,we can verify the benefits that patent quality can bring to enterprises,and provide some suggestions for strategic management of knowledge-based enterprises and research on intellectual property management;on the other hand,we can verify the quality of patents in the capital market.The value reflects the strengthening of the explanation of market value theory in the field of technological innovation.Based on the theory of competitive advantage of patents and the theory of market value,this study carried out research on the mechanism of the influence of patent quality on the market value of enterprises and constructed a comprehensive index that can objectively characterize the quality of patents.At the same time,based on China's situation,the relationship between patent quality and corporate value is discussed for specific industries.The analysis verifies the positive influence of patent quality on the market value of the company,and reveals the intermediary influence of market forces,and finally discusses the adjustment mechanism of external intellectual property protection.This study focuses on listed pharmaceutical companies.Based on the panel data of the company from 2010 to 2014,an empirical analysis was conducted using panel data regression.Research shows that:(1)With the control of R&D investment and the number of patents,the patent quality of the company can enhance the market value of the company.(2)Patent quality can enhance the company's market power in the product market,and further enhance the market value of the enterprise by increasing market power.(3)Intellectual property protection can effectively regulate the impact of patent quality on corporate value.The higher the level of intellectual property protection,the more significant the effect of patent quality on the market value of the company.According to conclusions,the following suggestions are made: Chinese enterprises should start from the actual market demand,and be alert to the “acceleration traps” in patents,and focus on the improvement of patent quality so that create forces to enhance market value;The government should introduce relevant policies to lead the transformation of patents from quantity to quality,and continue to optimize the role of capital markets in the allocation of capital flows to innovative entities,and deliver better implement on innovation-driven development,and further increase the protection of intellectual property rights,which lead to a good environment for innovation;investors should pay more attention to corporate patent innovation in investment activities,and the conception should be changed from short-term speculation to long-term innovation quality investment.