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J4  2015, Vol. 12 Issue (8): 1230-    DOI:
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Can Patent Quality Promote Corporate Investment Value?
LI Zhongfei, YANG Tingting
Sun Yat-sen University, Guangzhou, China

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Abstract  

This paper analyzes the role of patent quality on companies' investment value and its impact mechanism. Firstly, this study uses Patent Authorization Rate, Average Inventor Number and Technology Scope to measure patent quality, and then puts forward the theoretical hypothesis. Empirically, this study finds that patent quality can promote firms' investment value, and the effect on high-tech or board companies is significantly positive. Further study finds that the effect of patent quality is significantly positive on state-owned enterprises and that the higher the patent protection level is, the greater the promotion effect is. The impact mechanism is that, patent quality first influences gross profit rate, then improves business performance, and finally promotes firms' investment value.

Key wordspatent quality      corporate investment value      intellectual property protection     
Received: 15 April 2015     
Corresponding Authors: 李仲飞(1963~),男,内蒙古鄂尔多斯人。中山大学(广州市510275)管理学院教授、博士研究生导师,博士。研究方向为房地产金融、风险管理。     E-mail: lnslzf@mail.sysu.edu.cn
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