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

摘要

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.