The Influences of the Plaintiffs/Defendants, Outcomes, and Settlements of Patent Litigations on the Stock Market

專利訴訟之原被告、勝敗訴與和解對股市影響之研究

10.6545/JFS.2017.25(3).2

王瑪如(Ma-Ju Wang)

Patent litigation ； lawsuit verdict ； abnormal return ； buy and hold ； corporate governance ； 專利訴訟 ； 訴訟判決 ； 異常報酬 ； 買進持有 ； 公司治理

財務金融學刊

25卷3期（2017 / 09 / 30）

47 - 90

英文

This study examines market announcements and their long-term effects on patent litigation and lawsuit verdicts in Taiwan. In addition, we analyze how the financial and relevant litigation variables influence the cumulative abnormal return (CAR). We find that the plaintiff firms, firms winning the lawsuit, and reconciliation firms achieve significantly positive abnormal returns during the event period. The cumulative number of patents and the R&D ratio have significant positive influence on the CAR of patent litigation and lawsuit verdicts, respectively. During the period of lawsuit verdicts, for firms with weak corporate governance, the market reaction tends to be more negative.

本文研究臺灣上市櫃公司於專利訴訟與判決宣告時期之市場反應與其後之長期績效表現，並探討財務與訴訟相關變數對異常報酬之影響。實證發現，當公司為原告、判決為勝訴或採和解時，事件期間有正顯著異常報酬。累積專利權數與研發費率分別在訴訟與判決時期對異常報酬產生正向影響，且公司治理品質較差者對公司價值有負面影響。

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