Exploring the Relationship Between Patent Forward Citation and Stock Return Rate Using Empirical Data of China Stock Market

作     者：Hong-Wen Tsai Hui-Chung Che 

作者机构：National Taiwan University of Science and TechnologyTaipeiTaiwanChina China Bio-Medical&Technology Applications AssociateNew TaipeiTaiwanChina 

出 版 物：《Management Studies》 (管理研究（英文版）)

年 卷 期：2024年第12卷第2期

页      面：67-83页

学科分类：02[经济学] 0202[经济学-应用经济学] 

基　　金：support from Ministry of Science and Technology Taiwan R.O.C.under Grant No.MOST 109-2410-H-011-021-MY3. 

主　　题：China A-share patent ANOVA stock return rate forward citation price-citation 

摘      要：A novel indicator called price-citation was proposed.Based on the company integrated patent database of China listed companies of common stocks(A-shares)with the stock price and the stock return rate data,more than two thousand of A-shares from 2017 to 2020 were selected.The effect of the traditional patent forward citation and the price-citation for discriminating the stock return rate was thoroughly analyzed via ANOVA.The A-shares of forward citation counts above the average showed higher stock return rate means than the A-shares having patents but receiving no forward citations.The price-citation,combining both the financial and patent attributes,defined as the multiplication of the current stock price and the currently receiving forward citation count,showed its excellence in discriminating the stock return rate.The A-shares of higher price-citation showed significantly higher stock return rate means while the A-shares of lower price-citation showed significantly lowest stock return rate means.The price-citation effect had not been changed by COVID-19 though COVID-19 affected the social and economic environment to a considerable extent in 2020.