专利质量对公司投资价值的作用及影响机制
Can Patent Quality Promote Corporate Investment Value?

摘要 运用发明专利授权率、发明人数量和技术覆盖范围来衡量专利质量，研究了专利质量对公司投资价值的作用及影响机制。研究发现，专利质量促进了公司投资价值的增加，对“高科技”公司的促进作用相对“传统行业”更加显著，对主板公司的促进作用也更加明显。进一步研究表明，专利质量对国有企业的促进作用较民营企业显著为正；而且发现专利保护水平越高的省份，专利质量对公司价值有显著的促进作用。此外，探讨了专利质量对公司价值的作用机制，发现专利质量高的公司可以获得更多垄断利润，公司的毛利率更高，最终促进了公司投资价值的增加。
This paper analyzes the role of patent quality on companies' investment value and its impact mechanism. Firstly, this study uses Patent Authorization Rate, Average Inventor Number and Technology Scope to measure patent quality, and then puts forward the theoretical hypothesis. Empirically, this study finds that patent quality can promote firms' investment value, and the effect on high-tech or board companies is significantly positive. Further study finds that the effect of patent quality is significantly positive on state-owned enterprises and that the higher the patent protection level is, the greater the promotion effect is. The impact mechanism is that, patent quality first influences gross profit rate, then improves business performance, and finally promotes firms' investment value