無形資產管理、計量和呈報外文翻譯(編輯修改稿)

　

【文章內容簡介】 are only partial indicators of Ramp。D output, since not every Ramp。D project id patented. Yet patent research provides interesting insights. The Findings of Patent Research Various attributes of patents, such as the number of patents registered by a pany (patent counts), patent renewal and fee data, and citations of and to patents were examined by researchers. Both patent counts and the number of innovations emerging from a pany’s Ramp。D program were found to be associated with the level of corporate investment in Ramp。D (the higher the Ramp。D expenditures, the larger, on average, the number of consequent patents and innovations) as well as with firms’ market values (the larger the number of patents and innovations, the higher the market value, on average). Patents are thus related to both inputs (Ramp。D) and outputs (market values) of the innovation process and, therefore, are meaningful intermediate value measures. It is clear, however, that patent and innovations are noisy measures of Ramp。D contribution, due to the skewness of their value distributions— that is, the tendency of a few patents or innovations to generate substantial returns (blockbusters), while the majority turn out to be virtually worthless. Citations (references) to a firm’s patents 15 included in subsequent patent applications (forward citations) offer a more reliable measure of Ramp。D value, since such citations are an objective indicator of the firm’s research capabilities and the impact of its innovation activities on the subsequent development of science and technology. Various studies show that patent citations capture important aspects of Ramp。D value. For example, Manuel Trajtenberg reports a positive association between citation counts and consumer welfare measures for CAT scanners。 Hilary Shane finds that patent counts weighted by citations (the firm’s number of registered patents divided by the number of citations by others to these patents) contribute to the explanation of differences in Tobin’s q measures (market value over replacement cost of assets) across semiconductor panies。 and Bronwyn Hall and colleagues report that citationweighted patent counts are positively associated with firms’ market values (after controlling for Ramp。D capital). Patents and their attributes thus reflect technological elements used by investors to value panies. In a direct test of the usefulness of patent citation measures as indicators of value, studies have been conducted to examine the ability of various citationbased measures to predict subsequent stock returns and markettobook values possess such predictive ability: the number of patents granted to the firm in a given year, the intensity of citations to a firm’s patent portfolio by subsequent patents, and a measure based on the number of citation in a firm’s patents (backward citations) to scientific papers (in contrast with citations to previous patents). The third measure reflects the scientific intensity of a patent and may provide a proxy for the extent of basic research conducted by the pany. The fact that patent indicators are associated with subsequent stock prices and returns suggests that investors are not fully aware of the ability of these measures to convey useful information about firms’ innovation processes and capabilities. This is of course not surprising, given the novelty of patentrelated measures as indicators of enterprise value. Patents are the intangible assets actively traded in markets (see chapter 2), in the form of licensing and sale of patents. An examination of firms’ royalties from the 16 licensing of patents indicates that the volume of royalty ine is swiftly increa