On the Correlation between Enterprises' Value and Their Technological Property Right-Empirical evidences from China's high-tech industries

DOI

10.2991/icemse-16.2016.120How to use a DOI?

Keywords

Technological property right, enterprise' value, technical intangible asset, patent

Abstract

The paper aims to research technological property right's contribution to enterprise's value. Choosing three maturity high-tech industries in China, the paper selects two indexes as substitute variables of technological property right of enterprise: the value of technical intangible assets and the number of firm's patents. Using stock market value in the end of a year as substitute variable of enterprise's value, the paper studies the correlation between enterprises' value and their technological property right using Ordinary Least Square method. We find that both the value of technical intangible assets and the number of firm's patents has significant positive effect on enterprise's value. From subgroup analyses we find that the number of patents has more positive influence on enterprise's value in private enterprises whereas the value of technical intangible assets contribute more in state-owned enterprises. And in computer and communication industries, technologic property rights has more contribution to improve enterprise's value than that in instrument and meter industries, and in pharmaceutical manufacturing industry, the number of patents is the solely significant factor that positively influencing enterprise's value in technical intangible assets.

Copyright

© 2016, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Yan Liu
AU  - Wenji Li
AU  - Qihui Su
AU  - Meiduo Chen
PY  - 2016/12
DA  - 2016/12
TI  - On the Correlation between Enterprises' Value and Their Technological Property Right-Empirical evidences from China's high-tech industries
BT  - Proceedings of the 2016 International Conference on Education, Management Science and Economics
PB  - Atlantis Press
SP  - 474
EP  - 477
SN  - 2352-5398
UR  - https://doi.org/10.2991/icemse-16.2016.120
DO  - 10.2991/icemse-16.2016.120
ID  - Liu2016/12
ER  -