the relationship between net sales revenuer&dpaten.doc
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the relationship between net sales revenuer&dpaten.doc

therelationshipbetweennetsalesrevenuer&dpatentright.doc

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ASTUDYONR&DINVESTMENTANDCORPORATIONPERFORMANCE:HIGH-TECHCORPORATIONSINTAIWANYI-CHUNKO,CHENG-HSUNHO,KUANG-HUICHIUDepartmentofBusinessAdministration,NationalTaipeiUniversity,Taiwankeg720611@yahoo.com.twjeffher@mail.dba.ntpu.edu.twkhchiu@mail.ntpu.edu.twABSTRACTHigh-techcorporationshaveafixedportiononinvestmentforR&Dexpenditure.Patentrightsarealsomajorsourcetogainprofit.TherearesomeresearchesaboutwhethertherehaspositiverelationbetweenR&Dexpenditureandfinance(Griliches,Pakes,Griliches,HallandPakes),andsomescholarsdiscusstherelationshipbetweenR&Dexpenditureandpatentrights(Pakes&Griliches,Stoneman).Thisresearchbasedonthedataofsixcorporationsthatlistatstockexchangemarketovertheperiodfrom1989to2004.ThefindingsshowthatR&DexpenditureandtheportionofR&Dexpenditureinsalesrevenuehavenotsignificantrelationbetweennetsalesrevenue.ItprobablybecausetheamountthatR&Dexpenditureuseininnovationpatentrightsisnotmuch.Otherwise,patentrights,thegrowthofpatentrights,theaccumulationofpatentrightshavesignificantrelationbetweennetsalesrevenue.Suggestthatinhigh-techcorporationspatentrightapplytoproductishigherthantheportioninotherindustry.Inthisway,high-techcorporationscangainmoresalesrevenue.Patentrights,Thegrowthofpatentrights,Theaccumulationofpatentrightshavegoodexplanationfornetsalesrevenue.Atlast,thequestionwhichpatentrightisthemoderationbetweenR&Dandnetsalesrevenuecan’tbeproved.Keyword:R&Dexpenditure,NetSalesRevenue,PatentrightINTRODUCTIONHallandZiedonis(2001)investigateaftertheannouncementofpatentrightbillin1970’,whatdotheinvestmentreactionchangeon95semiconductorcorporationsinAmericaovertheperiodfrom1979to1995.Infinding,semiconductorcorporationsfinancemuchmoneyonpatentrightin1980’.Infinding,corporationsbecomepursuingthenumberofpatentright.Thoughtheraceofpursuingpatentrights,italsobuildhighbarrierinthisindustry.Mark(1998)discussthevalueofpatentrightsprotect.Theconclusionthatthevalueofpatentrightsprotectionisverysignificant,butitnotthemajorsourcetoinnovation.JungandImm(2002