특허가 기업의 수익성에 영향을 미치는 시차에 대한 미국 소프트웨어 세분시장 수준 분석
The lag analysis on the impact of patents on profitability of firms in software industry at segment level
0
조회
0
다운로드
2
인용
0
참고문헌
키워드
초록
There have been studies to evaluate valuation of firms by using patents in various ways. Also, the theory that value of patents helps enterprise's growth is valid in economics. However, when evaluating the value of the company, through the patent evaluation has not been used. Because of previous studies researched relation between patents and firms only at certain points. To solve this problem, this study intends to analyze lag between patent and profitability of the firms. In this study, we classified top 100 software firms in the United States through PBR, PER and value of intangible assets by using cluster analysis. And we applied Almon's distributed lag model to each cluster to find out lag between patent and profitability of the firms. As a result, in the cluster of more valuable companies, patents have an effect on profitability of the firms at regular lags. This study indicates that the patents are an important indicator to assess companies.
Abstract
There have been studies to evaluate valuation of firms by using patents in various ways. Also, the theory that value of patents helps enterprise's growth is valid in economics. However, when evaluating the value of the company, through the patent evaluation has not been used. Because of previous studies researched relation between patents and firms only at certain points. To solve this problem, this study intends to analyze lag between patent and profitability of the firms. In this study, we classified top 100 software firms in the United States through PBR, PER and value of intangible assets by using cluster analysis. And we applied Almon's distributed lag model to each cluster to find out lag between patent and profitability of the firms. As a result, in the cluster of more valuable companies, patents have an effect on profitability of the firms at regular lags. This study indicates that the patents are an important indicator to assess companies.
참고문헌 (28)
- 송성광, "지식 거래 서비스를 위한 규칙기반 시맨틱 검색 기법", (사)디지털산업정보학회 논문지, 6(1), pp.91~103 (2010), (사)디지털산업정보학회
- Luis A. Rivera, "Economic Integration and Endogenous Growth", Quarterly Journal of Economics, 6(425), pp.531~555 (1991)
- C. Be’de’carrax, "A new methodology for systematic exploitation of technology databases", Information Processing & Management, 30(3), pp.407~418 (1994)
- 2012년 세계경제 및한국경제 전망, "신창목", 삼성경제연구소, ~ (2011)
- 조윤정, "제약 : 규제 리스크는 넘어야 할 산", 하나금융그룹, ~ (2011)
- Raymond Vernon, "International Investment and International Trade in the Product Cycle", The Quarterly Journal of Economics, 80(2), pp.190~207 (1966)
- 김선우, "국내 화학기업의 특허활동과기업성과간의 관계 연구", 2003년 춘계학술대회, pp.389~402 (2003), 한국기술혁신학회
- 길상철, "특허경영이 경영성과에 미치는 영향에 관한 연구: 국내 금속기업 중심으로", 기술혁신학회지, 11(2), pp.171~193 (2008), 한국기술혁신학회
- F. M. Scherer, "Firm Size, Market Structure, Opportunity, and The Output of Patented Inventions", The American Economic Review, 55(5), pp.1097~1125 (1965)
- Griliches Z., "R&D, Patents, and Market Values Revisited : Is There a Second(Technological Opportunity)Factor?", Economics of Innovation and New Technology, 1(3), pp.183~201 (1991)
- William S. Comanor, "Patent Statistics as a Measure of Technical Change", Journal of Political Economy, 77(3), pp.392~398 (1969)
- Ernst H., "Patenting Strategies in The German Mechanical Engineering Industry and Their Relationship to Firm Performance", Technovation, 15(4), pp.225~240 (1995)
- "OECD"[URL]
- 최준철, "가치투자가 쉬워지는 V차트", 이콘, 139~146 (2004)
- Further Evidence, "The Relationship between Earnings' Yield, Market Value and Return for NYSE Common Stocks", Journal of Financial Economics, 12, pp.129~156 (1983)
- Eugene F. Fama, "The CrossSection of Expected Stock Returns", 47(2), pp.427~465 (1992)
- 정창모, "실무의견서 2006-5 적용을 위한 비상장주식의 평가방법에 관한 연구", 박사, pp.2008
- 김종년, "무형자산과기업경쟁력" (2008), 삼성경제연구소
- 송재길, "벤처기업의 기업가정신과 혁신성과 관계 연구 : 사회자본의 매개효과를 중심으로", (사)디지털산업정보학회 논문지, 6(4), pp.267~278 (2010), (사)디지털산업정보학회
- Jae K. Shim, "Schaum's Outline of Theory and Problems of Financial Management", pp.26~30 (1998), McGrawHill
- Gregory B. Murphy, "Measuring Performance in Entrepreneurship Research", 36(1), pp.15~23 (1996)
- 특허청, "지식재산 인재양성을 위한 특허교육활용서", 한국발명진흥회, ~ (2007)
- Brownyn H. Hal, "Market Value and Patent Citations : A First Look", 36, pp.16~38
- Jean O. Lanjouw, "Patent Quality and Research Productivity : Measuring Innovation with Multiple Indicators", The Economic Journal, 114(495), pp.441~465 (2004)
- H. Ernst, "Patent Information for Strategic Technology Management", World Patent Information, 25(3), pp.233~242 (2003)
- Rousseeuw, P. J, "Silhouette : Graphical aid to the interpretation and validation of cluster analysis", Statistics and Computer Science, 20(1), pp.53~65 (1986)
- Shirley Almon, "The Distributed Lag Between Capital Appropriations and Expenditure", The Econometric Society, 33(1), pp.178~196 (1965)
- 천강민, "R&D 사업성과의 시차효과에 관한 연구", 석사, pp.2011