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

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

Content Provider	Semantic Scholar
Author	Li, Wenji Su, Qihui Chen, Meiduo
Copyright Year	2016
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. 1 Keywords—technological property right; enterprise' value; technical intangible asset; patent
File Format	PDF HTM / HTML
DOI	10.2991/icemse-16.2016.120
Alternate Webpage(s)	https://download.atlantis-press.com/article/25867308.pdf
Alternate Webpage(s)	https://doi.org/10.2991/icemse-16.2016.120
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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