本文選題：通訊企業(yè)　切入點(diǎn)：市值　出處：《武漢理工大學(xué)》2013年碩士論文

【摘要】：知識(shí)經(jīng)濟(jì)條件下,無(wú)形資產(chǎn)作用逐漸被人們熟知和重視。通訊設(shè)備行業(yè)具有高研發(fā)投入、技術(shù)革新?lián)Q代快的行業(yè)特點(diǎn),其中技術(shù)類(lèi)無(wú)形資產(chǎn)在企業(yè)生存與發(fā)展中發(fā)揮了至關(guān)重要的作用。國(guó)際知名的思科、諾基亞等行業(yè)巨頭,無(wú)一不是依靠在研發(fā)上的持續(xù)投入,維護(hù)其在行業(yè)中的領(lǐng)先地位。我國(guó)作為通訊設(shè)備行業(yè)的后起之秀,也已培育出華為、中興等國(guó)際知名的企業(yè)。而技術(shù)類(lèi)無(wú)形資產(chǎn)作為通訊企業(yè)的核心資產(chǎn),我國(guó)在這一方面的研究進(jìn)展如何?以及這類(lèi)無(wú)形資產(chǎn)對(duì)企業(yè)在資本市場(chǎng)表現(xiàn)產(chǎn)生了怎樣的影響?通過(guò)研究通訊設(shè)備行業(yè)研發(fā)專(zhuān)利情況、專(zhuān)利與企業(yè)經(jīng)營(yíng)業(yè)績(jī)之間的相關(guān)性,將回答以上問(wèn)題。同時(shí),把握這一規(guī)律,推而廣之到其他行業(yè),對(duì)于實(shí)現(xiàn)我國(guó)“創(chuàng)新型國(guó)家”戰(zhàn)略具有一定指導(dǎo)和借鑒的作用。 文中針對(duì)我國(guó)證監(jiān)會(huì)編號(hào)G81的“通訊設(shè)備企業(yè)選擇專(zhuān)利”這一指標(biāo)進(jìn)行分析,研究專(zhuān)利數(shù)量與資本市場(chǎng)企業(yè)市值的互動(dòng)關(guān)系。研究采用Pearson系數(shù)指標(biāo)的計(jì)算和面板數(shù)據(jù)固定效應(yīng)模型回歸分析,檢驗(yàn)研究假設(shè),得出結(jié)論。研究過(guò)程首先計(jì)算通訊企業(yè)市值和專(zhuān)利數(shù)量的Pearson系數(shù),定性研究專(zhuān)利數(shù)量和市值的關(guān)系。其次采用回歸分析定量研究樣本公司市值的主要驅(qū)動(dòng)因素,再將專(zhuān)利數(shù)據(jù)和轉(zhuǎn)化的專(zhuān)利市場(chǎng)價(jià)值引入模型,分析驗(yàn)證通訊企業(yè)的技術(shù)類(lèi)無(wú)形資產(chǎn)數(shù)量是否能具有價(jià)值效應(yīng)。 研究中發(fā)現(xiàn)樣本企業(yè)市值與專(zhuān)利數(shù)量之間存在明顯的正相關(guān)關(guān)系,尤其是專(zhuān)利數(shù)量高存量的公司的相關(guān)關(guān)系更為顯著。研究中還發(fā)現(xiàn)專(zhuān)利數(shù)量和市值的關(guān)系存在臨界點(diǎn),越過(guò)臨界點(diǎn)后二者之間的關(guān)系有從正相關(guān)向負(fù)相關(guān)變化的趨勢(shì)。通過(guò)進(jìn)一步回歸檢驗(yàn)發(fā)現(xiàn)樣本公司市值主要驅(qū)動(dòng)因素還是賬面價(jià)值和當(dāng)期損益,無(wú)形資產(chǎn)的貢獻(xiàn)作用并不明顯。 本文中的擬創(chuàng)新點(diǎn)在于,研究上市企業(yè)專(zhuān)利數(shù)量與公司經(jīng)營(yíng)業(yè)績(jī)、資本市場(chǎng)表現(xiàn)之間的內(nèi)在聯(lián)系。這在我國(guó)相關(guān)文獻(xiàn)還比較少,本文擬在此處對(duì)通訊企業(yè)板塊進(jìn)行研究嘗試。并且根據(jù)國(guó)外研究方法將專(zhuān)利數(shù)量轉(zhuǎn)化為專(zhuān)利的市場(chǎng)價(jià)值進(jìn)行回歸分析,提高研究準(zhǔn)確性。不足在于國(guó)外同類(lèi)研究現(xiàn)階段更多采用專(zhuān)利引用次數(shù)取代專(zhuān)利數(shù)量,通過(guò)引用次數(shù)可以表明專(zhuān)利價(jià)值大小,使得研究結(jié)論更為可靠。而我國(guó)專(zhuān)利數(shù)據(jù)庫(kù)沒(méi)有提供引用次數(shù)的數(shù)據(jù),因此研究中對(duì)于專(zhuān)利采用等權(quán)重的假設(shè),這給本文的研究帶來(lái)了一定的局限。隨著專(zhuān)利數(shù)據(jù)庫(kù)的完善,力求在進(jìn)一步研究中取得更為精確研究結(jié)論。
[Abstract]:Under the condition of knowledge economy, the function of intangible assets is gradually known and valued by people.Communication equipment industry has the characteristics of high R & D investment and rapid technological innovation, among which the technology intangible assets play a vital role in the survival and development of enterprises.Internationally renowned industry giants such as Cisco, Nokia and so on rely on sustained investment in R & D to maintain their leading position in the industry.As a rising star of communication equipment industry, China has also cultivated Huawei, ZTE and other international famous enterprises.As the core assets of the communication enterprises, what is the progress of the research on the technology intangible assets in China?And how does this kind of intangible assets affect the performance of enterprises in the capital market?The research on R & D patents of communication equipment industry and the correlation between patent and business performance will answer the above questions.At the same time, grasping this law and spreading it to other industries has a certain guiding and referential role for realizing the strategy of "innovative country" in our country.In this paper, the author analyzes the index of "Patent selection for Communication equipment Enterprises" of CSRC No. G81, and studies the interactive relationship between the number of patents and the capital market enterprise market value.The calculation of Pearson coefficient index and the regression analysis of panel data fixed effect model are used to test the research hypothesis and draw a conclusion.The first step is to calculate the Pearson coefficients of market value and the number of patents, and to study qualitatively the relationship between the number of patents and market value.Secondly, this paper uses regression analysis to study the main driving factors of market value, and then introduces patent data and transformed patent market value into the model, and analyzes and verifies whether the amount of technical intangible assets of communication enterprises can have value effect.It is found that there is a significant positive correlation between market value and the number of patents, especially among the companies with high number of patents.It is also found that there is a critical point in the relationship between the number of patents and market value, and the relationship between them changes from positive correlation to negative correlation after crossing the critical point.Through further regression test, it is found that the main driving factors of market value are book value and current profit and loss, and the contribution of intangible assets is not obvious.The quasi innovation in this paper is to study the internal relationship between the number of patents and the performance of the company and the performance of the capital market.There are few related documents in our country, this paper intends to try to research the communication enterprise plate here.According to the foreign research methods, the quantity of patents is transformed into the market value of patents for regression analysis to improve the accuracy of the research.The deficiency lies in the fact that the number of patent citations is more frequently used in foreign research than the number of patents, and the value of patent can be indicated by the number of citations, which makes the research conclusions more reliable.However, the patent database of our country does not provide the data of the number of references, so the assumption of the equal weight of the patent in the research has brought some limitations to the research of this paper.With the improvement of patent database, we try to get more accurate conclusion in further research.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F273.1;F426.63

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