특허공시가 기업가치에 미치는 영향에 관한 실증적 연구
(An) Empirical Study on the Effect of Public Patent Announcement on Corporate Value
특허공시 기업가치 특허권;
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This study analyzes the effect of patent application and public announcement of patent right on the stock price. The results of the event study and cross-sectional regression analysis with 57 companies as samples, which applied and acquired public announcement of patent right from Jan. 2000 to Dec. 2003 as follows. First, public announcement as a result of corporate R&D have direct proportion with 10% level of significance on the 9th day before announcement, and some positive effect on the day of announcement. Second, it is analyzed that the patent application as a result of corporate R&D has positive effect on the corporate value. On the day of application, average abnormal return ratio is 0.0124, 1% level of significance showing proportional relation with 1% and 5% level of significance on a day before and after application. The stock price went up by 3.39% during 10 days after application. Third, hypothesis of "corporate asset size direct-proportionally affects information effect of patent announcement" depends on asset size. In the case of the corporate with large asset size, it shows significant direct proportion on the day of public announcement. In the case of the corporate with small asset size, it does not show significant direct proportion. Although it shows direct proportion via cross-sectional regression analysis, it is not significant. Forth, the ratio of the amount of investment on R&D to the sales shows direct proportion to information effect on patent only in the case of group of the corporate with large asset size. The abnormal stock-earning ratio of the corporate with the higher ratio of R&D investment to the sales stands higher than that with lower ratio of R&D investment to the sales. It shows that it has positive effect when intensive R&D investment. Fifth, the R&D investment on specific patent development does not have direct proportion to information effect of public patent announcement. This means that the size of the amount of investment on the specific patent development does not affect information effect. Sixth, as a result of the study on the hypothesis of "international patent application affect public patent information effect in direct proportion", international patent application does not have interactive effect. It turned out to be the fact that international patent application cannot control information effect of patent announcement. This study indicates that patent announcement with patent registration affects the market value of the corporate in direct proportion. This may be compared to the studies with reverse results showing that patent announcement has direct proportional effect on the stock price (Kim, Min-Jo & Chung, Hyung-Chan, 1995 and Park, Jun-Su 2004) and the stock price went down after patent acquisition announcement (Korea Stock Exchange, 1994). This study suggests that valuable information can be reflected more immediately and aggressively in the society with advanced information technology. For the corporate and investor, it is necessary to pay attention to the fact that it affects corporate value when patent application starts. This study shows that the effect has direct proportion to the ratio of R&D to the sales and the expectation that the more asset size and investment on specific patent development, the more expected value is not significant. Accordingly, it is necessary that the existed recognition change. The limit of this study as follows First, this study could not generate various analyses due to the insufficient sampling (57). The fact that just a few companies have registered patent and less than 30 group examples when divided by the asset size may affect the result of the statistics Second, this study could not consider the change of the economic environment during the R&D period. Third, this study could not analyze the national and international market size of the new product as a result of the patent because of the insufficiency of the public announcement information. This study has limit since the information value as a result of patent announcement could be explained by the factors that were not tested in this study. It is suggested that this study be complemented by the further detailed studies appended with various factors like productivity, financial profit and value-added.