| Summary: | 碩士 === 中原大學 === 企業管理研究所 === 93 === The impact of patents would eventually be revealed on qualities, cost, or sales of new products. So the value of a good patent would raise the qualities and sales of new products or reduce the cost of new products. Anyway, the value of patents would be revealed on profitability. However, there is a time lag between issued a patent to raising the profits. One previous literature found 2 to 3 years time-lag for commodities. But there are some differences between common products and medicines. One of the differences is it has to pass the investigation by Government to get a license before entering the medicines into the market. So the time lag of the medicine patents would be longer than other products. However, in this topic, there are no literatures in the past study.
The follows are the purposes in this study:
1.Prove there is a relationship between the effect of patents and profitability.
2.Prove there is effect of the time lag between the effect of patents and profitability.
After probing into the past literatures about time lag, the indexes of patents and profitability, and Resource-based Theory, we get the indexes of patents and profitability, and the probable time lag of 8 years. Then we test the relationship between the indexes of patents and the ones of profitability by Regression.
We find there are obvious relationships between the indexes of patents and the rate of return on stockholders’ equity. And we also find there are obvious relationships between the indexes of patents and earnings per share. Moreover, we find there is time lag of 4 years between the indexes of patents and the rate of return on stockholders’ equity. And we also find there is time lag of 5 years between the indexes of patents and earnings per share. We consider the time lag in Pharmaceutical Industry is longer than the result of the previous study.
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