R&D活动、创新专利对企业价值的影响——来自中国上市公司的研究

The Impact of R&D Activities and Innovation Patents on Firm Value——A Study on Chinese Listed Companies

在对我国上市公司专利的数量和类型刻画的基础上,考察了R&D活动对企业价值和业绩的影响,研究发现:R&D活动能为企业创造价值,其中R&D投资能提高企业价值和经营业绩;目前上市公司的专利创新程度不高,发明专利的数量少于非发明专利数量;尽管专利拥有量能提高企业价值,专利数量越多,对企业价值的贡献越大,但不同质量的专利对企业业绩有不同贡献,创新程度较高的发明专利能显著提高企业业绩,创新程度较低的其他类型专利却不能有效地为企业创造价值;在目前我国创新相关机制不完善的环境下,市场还不能有效甄别不同类型的专利.

On the depiction of the quantities and types of patents of Chinese listed companies, it investigates the influence of R＆D activities on firm value and performance. The results show that R＆D activities can create value for the enterprises. R＆D input can increase firm value and performance. At present time, the patents of Chinese Xist companies have rather low innovation. Invention patents are less than non-invention patents. Although patents can improve firm value, and the more patents, the greater contribution, the different quality of patents have different contributions to per- formance. The invention patents with more innovation can significantly increase firm performance while non-invention patents can＇t effectively create value for enterprises. Under current circumstances, the mechanisms related to innovation are not sound, and the market can＇t screen the quality of patents.