美国专利组合定价及专利市场演化

Patent Portfolio Valuation and the Dynamics of Patent Market

介绍一个仍在进行中的专门收集和分析专利组合市场交易价格的研究项目的最新成果。文章先对市场交易给予了描述性统计分析,而后总结了基于虚拟变量回归分析得到的主要结果,包括交易价格与专利资产数量之间的非线性关系、技术类型溢价、战略性溢价、反向许可折扣,以及财务危机折扣。研究还发现NPE虽然作为市场的积极参与者,其定价行为却无特别之处。值得注意的是,代表2011美国专利改革法案(AIA)施行的虚拟变量,其与交易价格的相关系数为负且在统计上是显著的。这表明AIA的颁布在相应的期间内压低了专利的市场价格。最后,分析还表明美国最高法院在2014年6月19日对爱丽丝案(Alice v.CLS Bank)所做的判决可能对专利市场价格有负面的影响。文章还讨论了自上世纪九十年代以来专利市场价格的历史走向,并分析了2010年以后的专利市场演化。

This essay presents the most recent results from an on-going research project that collects and analyzes the market prices of patent portfolio transactions. After providing the descriptive statistics, this article summarizes the major results from dummy variable regression analysis, including the nonlinear relationship between transaction price and the number of patent assets; technology premiums; strategic premiums; licensing-back discounts; and financial distress discounts. It also finds that the pricing behavior of Non-Practicing Entities （NPEs） is not remarkable, although they are active players in the market. Most interestingly, the coefficient of the dummy variable representing the enacting of America Invents Act （AIA） in 2011 is negative and statistically significant, indicating that AIA may have depressed patent market price during the defined time period. Finally, the analysis shows that the Supreme Court decision in Alice v. CLS Bank （ ＂Alice＂ ） on June 19, 2014 may also have a negative effect on patent market pricing. The article then highlights the historical trend of patent market price since the 1990s, and explains the market dynamics since 2010.