| Summary: | 碩士 === 國立臺北大學 === 企業管理學系 === 105 === The purpose of the study is to identify the relationship between patents and market value of pharmaceutical companies in the US by using the artificial neural network (ANN). The patent data are collected from U.S. Patent & Trademark Office (USPTO). The financial data are collected from the database of COMPUSTAT. The study finds that the number of inventors per company and entropy have positive effects on a pharmaceutical company's market value, while average age of patents has negative effects on a pharmaceutical company's market value. Therefore, company could enhance number of inventors and optimize average age of patents to increase market value. However, when a company’s entropy is at a high level, its market value will not be increasing without bound. For a long-term strategy, the company should consider a diversification strategy if it comes to the point.
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