研发投入、专利授权与企业价值提升——基于珠三角制造业的实证研究

R&D Investment,Patent Licensing and Enterprise Value Promotion——Empirical Study on Manufacturing Industry in Pearl River Delta

利用珠三角制造业上市公司2009-2016年的研发投入强度、发明专利数据、非发明专利数据和财务数据,对研发投入、专利授权和企业价值提升之间的相互关系进行了研究。研究发现,研发投入滞后2到3年提高发明专利授权量,通过发明专利能有效提高企业市场价值,且发明专利对企业通过研发投入来提升企业价值有正向调节作用;与之相反,非发明专利受研发投入的影响不显著,也不能显著提高市场价值。研究的结论为企业通过研发投入达到价值创新的内在机理补充了新的证据和解释,也为珠三角制造业上市公司创新发展提供了证据,为珠三角制造业企业自主创新和政府创新激励政策提供了决策依据。

Based on R&D investment intensity,data of invention patent,data of non-invention patent and financial data of listed manufacturing companies in the Pearl River Delta from 2009 to 2016,this paper studied the relationship among R&D investment,patent licensing and enterprise value enhancement. The research finds that R&D investment lags 2 to 3 years to increase the licensing of invention patents,which can effectively improve the market value of enterprises through invention patents,and invention patents can positively regulate the value of enterprises through R&D investment. On the contrary,non-invention patents are not significantly affected by R&D investment,nor can they significantly improve the market value. The conclusion of this paper adds new evidences and explanations to the intrinsic mechanism of value innovation through R&D investment. It also provides evidence for innovation development of listed manufacturing companies in the Pearl River Delta,and provides decision-making basis for independent innovation of manufacturing enterprises and government innovation incentive policies in the Pearl River Delta.