On the Correlation between Enterprises' Value and Their Technological Property Right-Empirical evidences from China's high-tech industries
Yan Liu, Wenji Li, Qihui Su, Meiduo Chen
Available Online December 2016.
- https://doi.org/10.2991/icemse-16.2016.120How to use a DOI?
- Technological property right, enterprise' value, technical intangible asset, patent
- 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.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
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 - 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 - https://doi.org/10.2991/icemse-16.2016.120 ID - Liu2016/12 ER -