本文選題：通訊企業(yè)　切入點：市值　出處：《武漢理工大學》2013年碩士論文

【摘要】：知識經濟條件下,無形資產作用逐漸被人們熟知和重視。通訊設備行業(yè)具有高研發(fā)投入、技術革新?lián)Q代快的行業(yè)特點,其中技術類無形資產在企業(yè)生存與發(fā)展中發(fā)揮了至關重要的作用。國際知名的思科、諾基亞等行業(yè)巨頭,無一不是依靠在研發(fā)上的持續(xù)投入,維護其在行業(yè)中的領先地位。我國作為通訊設備行業(yè)的后起之秀,也已培育出華為、中興等國際知名的企業(yè)。而技術類無形資產作為通訊企業(yè)的核心資產,我國在這一方面的研究進展如何?以及這類無形資產對企業(yè)在資本市場表現(xiàn)產生了怎樣的影響?通過研究通訊設備行業(yè)研發(fā)專利情況、專利與企業(yè)經營業(yè)績之間的相關性,將回答以上問題。同時,把握這一規(guī)律,推而廣之到其他行業(yè),對于實現(xiàn)我國“創(chuàng)新型國家”戰(zhàn)略具有一定指導和借鑒的作用。 文中針對我國證監(jiān)會編號G81的“通訊設備企業(yè)選擇專利”這一指標進行分析,研究專利數(shù)量與資本市場企業(yè)市值的互動關系。研究采用Pearson系數(shù)指標的計算和面板數(shù)據固定效應模型回歸分析,檢驗研究假設,得出結論。研究過程首先計算通訊企業(yè)市值和專利數(shù)量的Pearson系數(shù),定性研究專利數(shù)量和市值的關系。其次采用回歸分析定量研究樣本公司市值的主要驅動因素,再將專利數(shù)據和轉化的專利市場價值引入模型,分析驗證通訊企業(yè)的技術類無形資產數(shù)量是否能具有價值效應。 研究中發(fā)現(xiàn)樣本企業(yè)市值與專利數(shù)量之間存在明顯的正相關關系,尤其是專利數(shù)量高存量的公司的相關關系更為顯著。研究中還發(fā)現(xiàn)專利數(shù)量和市值的關系存在臨界點,越過臨界點后二者之間的關系有從正相關向負相關變化的趨勢。通過進一步回歸檢驗發(fā)現(xiàn)樣本公司市值主要驅動因素還是賬面價值和當期損益,無形資產的貢獻作用并不明顯。 本文中的擬創(chuàng)新點在于,研究上市企業(yè)專利數(shù)量與公司經營業(yè)績、資本市場表現(xiàn)之間的內在聯(lián)系。這在我國相關文獻還比較少,本文擬在此處對通訊企業(yè)板塊進行研究嘗試。并且根據國外研究方法將專利數(shù)量轉化為專利的市場價值進行回歸分析,提高研究準確性。不足在于國外同類研究現(xiàn)階段更多采用專利引用次數(shù)取代專利數(shù)量,通過引用次數(shù)可以表明專利價值大小,使得研究結論更為可靠。而我國專利數(shù)據庫沒有提供引用次數(shù)的數(shù)據,因此研究中對于專利采用等權重的假設,這給本文的研究帶來了一定的局限。隨著專利數(shù)據庫的完善,力求在進一步研究中取得更為精確研究結論。
[Abstract]:Under the condition of knowledge economy, the function of intangible assets is gradually known and valued by people.Communication equipment industry has the characteristics of high R & D investment and rapid technological innovation, among which the technology intangible assets play a vital role in the survival and development of enterprises.Internationally renowned industry giants such as Cisco, Nokia and so on rely on sustained investment in R & D to maintain their leading position in the industry.As a rising star of communication equipment industry, China has also cultivated Huawei, ZTE and other international famous enterprises.As the core assets of the communication enterprises, what is the progress of the research on the technology intangible assets in China?And how does this kind of intangible assets affect the performance of enterprises in the capital market?The research on R & D patents of communication equipment industry and the correlation between patent and business performance will answer the above questions.At the same time, grasping this law and spreading it to other industries has a certain guiding and referential role for realizing the strategy of "innovative country" in our country.In this paper, the author analyzes the index of "Patent selection for Communication equipment Enterprises" of CSRC No. G81, and studies the interactive relationship between the number of patents and the capital market enterprise market value.The calculation of Pearson coefficient index and the regression analysis of panel data fixed effect model are used to test the research hypothesis and draw a conclusion.The first step is to calculate the Pearson coefficients of market value and the number of patents, and to study qualitatively the relationship between the number of patents and market value.Secondly, this paper uses regression analysis to study the main driving factors of market value, and then introduces patent data and transformed patent market value into the model, and analyzes and verifies whether the amount of technical intangible assets of communication enterprises can have value effect.It is found that there is a significant positive correlation between market value and the number of patents, especially among the companies with high number of patents.It is also found that there is a critical point in the relationship between the number of patents and market value, and the relationship between them changes from positive correlation to negative correlation after crossing the critical point.Through further regression test, it is found that the main driving factors of market value are book value and current profit and loss, and the contribution of intangible assets is not obvious.The quasi innovation in this paper is to study the internal relationship between the number of patents and the performance of the company and the performance of the capital market.There are few related documents in our country, this paper intends to try to research the communication enterprise plate here.According to the foreign research methods, the quantity of patents is transformed into the market value of patents for regression analysis to improve the accuracy of the research.The deficiency lies in the fact that the number of patent citations is more frequently used in foreign research than the number of patents, and the value of patent can be indicated by the number of citations, which makes the research conclusions more reliable.However, the patent database of our country does not provide the data of the number of references, so the assumption of the equal weight of the patent in the research has brought some limitations to the research of this paper.With the improvement of patent database, we try to get more accurate conclusion in further research.
【學位授予單位】：武漢理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F273.1;F426.63

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