The Influences of Patents on Production Technical Efficiency and Market Value of Agricultural Biotechnology Firms
Date Issued
2004
Date
2004
Author(s)
Chang, Jing-Wen
DOI
zh-TW
Abstract
Abstract
This research chose 31 firms from domestic listed companies which are classified to food industry and chemical/biotechnology/medical industry. By using the methodology of stochastic production frontier with panel data, stochastic frontier of varying coefficients, both with Cobb-Douglas production function, and Tobin’s Q to estimate how patents variables -- such as R&D expenditure, annual patents hold, patent weighted by type, patents weighted by claim -- influence these firms’ production technical efficiency and market value. The empirical results exhibit that production technical efficiency changed slightly during 1998 to 2002, and most technical inefficiency is man-made, no matter which patent variables are put into production function. This result imply that there still have a lot to do in promotion firms’ technical efficiency and reducing man-made inefficiency in the future. Furthermore, by comparing the production elasticities of ‘annual patents’ and ‘annual patents weighted by patent’s type’, the results findings suggest that using ‘annual patent’ will overestimate the influence that patents’ effect to firms' added value.
As for the influences of patents on firms’ market value, we used Tobin’s Q model to evaluate these firms’ finance data of 1998 to 2002. The empirical results indicate that patent variables significantly increase these firms’ market value. We also found that patent variables have contribute most to increase sample firms’ market value than other input factors.
The development of agricultural biotechnology industry presently experience some problems such as the influences on human-beings or environment are unknown, and the protection of intellectual properties are imprudent. In order to promote and make agricultural biotechnology industry operate sustainable, the government should encourage R&D and make R&D achievements practicable positively, supervise the using of biotechnology and relative products strictly, integrate biotechnology research institutions, universities, and enterprises to rear professionals, and control the key techniques and expend to international communication and trade cooperation. Eventually, Taiwan will become the biotechnology research center of Asia Pacific.
Subjects
市場價值
生產技術效率
專利
technical efficiency
patent
market value
Type
thesis
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