• Title/Summary/Keyword: Patent Value

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A Study on Properties of Patents in the Applicants and Possibility of Economical Usage-Focused on Pharmaceutical Chemistry Industry Sector (기업의 보유 특허 특성과 경제적 활용 가능성에 대한 연구-의료화학산업 특허를 중심으로)

  • Ko, Young-Hee;Lee, Mi-Hyun
    • Knowledge Management Research
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    • v.14 no.1
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    • pp.39-55
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    • 2013
  • As the importance of intellectual property rights for the 21st century challenge became prominent, many companies have been trying to secure many rights competitively. In particular, application numbers of patent that represents technology has been increased continuously. Korean companies were not exception; mainly in large companies, there have been continued the efforts to grow the number of patent applications in quantitative volume. But the issues that how viable patents the companies have, how effectively the companies manage, and how economically usable the patents are, are totally different from quantitative management level. As such, the issue is connected to how to assess the patent management level of companies. On the other side of quantitative growth of patent that companies hold, there are some problems such as the difficulties to determine if the patents hold substantial values, and the difficulties to determine whether the patent are managed effectively. In addition, as the numbers of patent application and registration of companies are increased, the cost for patent holding and managing increase. It is required to pay continuous attention to the cost of patent management because patent registration fee has a property that increases rapidly with time and burden for patentee become heavier. As a result of analysis and interpretation, we confirmed that quantitative management, particularly the number of patent applicant does not make positive impact on how to use patent after application. Rather, it is observed that the economical usage is influenced positively by the efforts of patent applicants such as considering for the time of patent examination, paying attention to receive patent registration decision. Therefore, this study shows that efforts patent applicants provide in management level after application time are important to maintain the value of patents.

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The Impact of IT Innovation on Firm Value: Evidence from IT Patents (정보기술 혁신이 기업 가치에 미치는 영향: 정보기술 특허를 중심으로)

  • Chung, Sunghun;Kim, Kimin
    • Knowledge Management Research
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    • v.17 no.3
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    • pp.161-179
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    • 2016
  • The recent patent wars in the information technology (IT) industry demonstrate the strategic importance of IT patents in the industry. In this paper, we adopt the lens of real options to study the value of IT patents for IT firms. Specifically, we examine the relationship between IT patents and firms' market performance. We also consider the moderating effect of the innovation orientation of firms' patent portfolios (exploitative vs. explorative). Based on a large panel dataset consisting of 697 firms in US IT industries, our results suggest that the impact of IT patents on firm value (as measured by Tobin's q) is positive and significant. Further, we find that this impact varies, depending on the innovation orientation of firms' patent portfolios. IT patent portfolios with higher levels of an exploitative orientation are associated with higher firm value, compared to those with a lower exploitative orientation. This study highlights the value of employing real options theory as the underlying mechanism in understanding the impact of patents on firm valuation. Future researchers can adopt the real options lens to identify and empirically examine the role of other factors that may affect the value of patents and other investments exhibiting real option characteristics. While our paper answers some questions about the value of patents in the IT industry, it also raises a number of additional new questions. As such, we hope that it will generate more research on this important topic.

Patent Portfolio Composition and New Product Introduction: The Moderating Role of Technological Resource Rearrangement (특허 포트폴리오 구성과 신제품 출시 성과: 특허 재정비 활동의 조절효과를 중심으로)

  • Kim, Nami;Lee, Jongseon
    • Knowledge Management Research
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    • v.19 no.3
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    • pp.63-87
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    • 2018
  • In a rapidly changing technology environment, managing and rearranging the patent portfolios is one of the main sources of competitive advantage for firms. This study analyzes the effects of patent portfolio composition on new product introduction related to resource allocation. This study also looks at the moderating role of rearranging the patent portfolios on new product introduction. Our empirical analysis of the global pharmaceutical industry shows that firms with high-value patent portfolios exhibit a tendency to launch new products, and patent portfolio diversity shows a U-shaped relationship with new product introduction. In addition, the patent portfolio rearrangement positively moderates the relationship between patent portfolio diversity and new product introduction. The results are expected to provide implications for firms' patent portfolio composition and patent portfolio rearrangement related to innovation performance such as new product introduction.

The Determining Effects of the Backward Citations on the Attributes of Patent Quality : Using the Korean Patent Citations (특허의 질적 특성에 특허인용이 미치는 효과 분석 : 한국 특허의 전후방 특허인용관계를 중심으로)

  • Choo, Kineung
    • Journal of Korea Technology Innovation Society
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    • v.21 no.3
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    • pp.1127-1154
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    • 2018
  • This paper aims to contribute to estimating the value of a patent by explaining the unobservable attributes of patent quality using observable patent citation indices. The paper first constructs patent citation data and identifies firm, university, and research institute among assignees, and then tries to explain attributes of patent quality using backward citation indices. Backward citation indices carrying information about technological sources which a given patent is based on turn out to be good predictors of forward citation indices carrying information about attributes of patent quality. Finding the functional relationships between attributes of patent quality and backward citations will lead to the improved estimation and prediction of patent value. It is found out that backward citation indices are strongly correlated the technological diversity of a patent. The paper also suggests that with whom an organization chooses to collaborate affects the attributes of patent quality.

2005 PIUG Conference 참관기

  • Kim, Min-A
    • Patent21
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    • s.62
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    • pp.36-38
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    • 2005
  • PIUG란 Patent Information User Group의 약자로서 특허정보에 전문적ㆍ기술적 관심을 가진 개인들이 모여서 결성한 비영리단체이다. 이들은 특허정보 관련 정보교환 및 인적 네트워크 형성을 목적으로 매년 미국에서 Conference를 개최하고 있으며, 올해의 PIUG Conference는 "The Future of Patent Information - Tools and Techniques for Adding Value"라는 주제하에 미국 버지니아주의 Arlington이라는 도시에서 5월 21일부터 26일까지 7일간 개최되었다.

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A Study on the Impact of Patent Quality on the Firm's Market Value (특허의 질적 가치가 기업의 시장가치에 미치는 영향에 관한 연구)

  • Jeong, Jae-kwan;Kim, Byung-Keun
    • Journal of Technology Innovation
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    • v.25 no.3
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    • pp.265-297
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    • 2017
  • As corporate management enters the era of informatization or knowledge management, the level of patent quality, which is the fruit of R&D and technical innovation, is an important element of corporate competitiveness in this age of unbridled competition. This study analyzes the relevance between R&D stocks and 6 types of knowledge stock (patent quality) and corporate market values in utilization of related research models. With Tobin Q model utilized, 108,851 U.S. patents (observed value per year: 2,795) registered by 402 domestic enterprises were analyzed. As the Hall model was analyzed, it turned out that the R&D stock/asset, claim stock/patent stock, and citation stock/patent stock had positive effect on corporate market values. The inventor stock/patent stock also show positive effect on corporate market values.

An Intelligent Decision Support System for Selecting Promising Technologies for R&D based on Time-series Patent Analysis (R&D 기술 선정을 위한 시계열 특허 분석 기반 지능형 의사결정지원시스템)

  • Lee, Choongseok;Lee, Suk Joo;Choi, Byounggu
    • Journal of Intelligence and Information Systems
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    • v.18 no.3
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    • pp.79-96
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    • 2012
  • As the pace of competition dramatically accelerates and the complexity of change grows, a variety of research have been conducted to improve firms' short-term performance and to enhance firms' long-term survival. In particular, researchers and practitioners have paid their attention to identify promising technologies that lead competitive advantage to a firm. Discovery of promising technology depends on how a firm evaluates the value of technologies, thus many evaluating methods have been proposed. Experts' opinion based approaches have been widely accepted to predict the value of technologies. Whereas this approach provides in-depth analysis and ensures validity of analysis results, it is usually cost-and time-ineffective and is limited to qualitative evaluation. Considerable studies attempt to forecast the value of technology by using patent information to overcome the limitation of experts' opinion based approach. Patent based technology evaluation has served as a valuable assessment approach of the technological forecasting because it contains a full and practical description of technology with uniform structure. Furthermore, it provides information that is not divulged in any other sources. Although patent information based approach has contributed to our understanding of prediction of promising technologies, it has some limitations because prediction has been made based on the past patent information, and the interpretations of patent analyses are not consistent. In order to fill this gap, this study proposes a technology forecasting methodology by integrating patent information approach and artificial intelligence method. The methodology consists of three modules : evaluation of technologies promising, implementation of technologies value prediction model, and recommendation of promising technologies. In the first module, technologies promising is evaluated from three different and complementary dimensions; impact, fusion, and diffusion perspectives. The impact of technologies refers to their influence on future technologies development and improvement, and is also clearly associated with their monetary value. The fusion of technologies denotes the extent to which a technology fuses different technologies, and represents the breadth of search underlying the technology. The fusion of technologies can be calculated based on technology or patent, thus this study measures two types of fusion index; fusion index per technology and fusion index per patent. Finally, the diffusion of technologies denotes their degree of applicability across scientific and technological fields. In the same vein, diffusion index per technology and diffusion index per patent are considered respectively. In the second module, technologies value prediction model is implemented using artificial intelligence method. This studies use the values of five indexes (i.e., impact index, fusion index per technology, fusion index per patent, diffusion index per technology and diffusion index per patent) at different time (e.g., t-n, t-n-1, t-n-2, ${\cdots}$) as input variables. The out variables are values of five indexes at time t, which is used for learning. The learning method adopted in this study is backpropagation algorithm. In the third module, this study recommends final promising technologies based on analytic hierarchy process. AHP provides relative importance of each index, leading to final promising index for technology. Applicability of the proposed methodology is tested by using U.S. patents in international patent class G06F (i.e., electronic digital data processing) from 2000 to 2008. The results show that mean absolute error value for prediction produced by the proposed methodology is lower than the value produced by multiple regression analysis in cases of fusion indexes. However, mean absolute error value of the proposed methodology is slightly higher than the value of multiple regression analysis. These unexpected results may be explained, in part, by small number of patents. Since this study only uses patent data in class G06F, number of sample patent data is relatively small, leading to incomplete learning to satisfy complex artificial intelligence structure. In addition, fusion index per technology and impact index are found to be important criteria to predict promising technology. This study attempts to extend the existing knowledge by proposing a new methodology for prediction technology value by integrating patent information analysis and artificial intelligence network. It helps managers who want to technology develop planning and policy maker who want to implement technology policy by providing quantitative prediction methodology. In addition, this study could help other researchers by proving a deeper understanding of the complex technological forecasting field.

IPRs Management in the Koran IT Industry: The Case of Patent Pool & Patent Platform (국내 정보통신산업의 지적재산권 공동 관리방안 : Patent Pool과 Patent Platform 비교분석)

  • 이응석
    • Journal of Technology Innovation
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    • v.12 no.1
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    • pp.219-240
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    • 2004
  • As Shapiro and Varian argue the open approach generates bandwagon effects and facilitates the diffusion of a standard thanks to network externalities. However, the open approach is not linked automatically to economic benefits as suggested by some famous cases as the IBM PC history. On the contrary, the closed approach enables a tight control over a technology and its development, and insures the appropriation of economic benefits. As Shapiro and Varian suggest, a firm can also decide to mix an open approach with tight control over improvement or extentions. Patent pool is to offer fair, reasonable, nondiscriminatory access under a single license to patents that are essential for the use of standards-based or other platform technologies. patent pool offers only one license to everyone, Since each patent is essential, the royalty rate and thus the value is the same whether a licensee uses one or more patents.

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The Effects of Patents on Firm Value;Venture vs. non-Venture (특허활동이 경영성과에 미치는 영향;벤처기업 대 일반기업)

  • Lee, Ki-Hwan;Yoon, Byung-Seop
    • 한국벤처창업학회:학술대회논문집
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    • 2006.04a
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    • pp.77-104
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    • 2006
  • Utilizing the patent application data between 1997 and 2002, this study focuses on analysing the impact of patents on firm value. Especially we attempt to examine the difference of patents between venture firms and general firms. This paper first shows that the number of the patent applications of general firms listed on the securities market are more than those of venture firms listed on KOSDAQ. It is thought that this result is originated from facts that the size of firms of the securities market is usually bigger than the firms of KOSDAQ and that these large firms could manage R&D more efficiently. Second, this paper reports that there is no difference in the ratio of patent maintenance between venture firms and general firms. Both venture firms and non-venture firms would do their best to keep their patents after patent regisration. Third, in the regression of patent index and firm growth, we find that the excellence of patent and the number of patents per employee would have an impact on the growth of firms. Fourth, the regression of patent index and profitability shows that the excellence and the number of patents per employee might have an effect on the profitability of firms.

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Weight Differences of Patent Valuation Factors by Industries (산업별 특허가치평가 요인의 차이에 대한 연구)

  • Park, Seong-Taek;Leet, Seung-Jun;Kim, Young-Ki
    • Journal of Digital Convergence
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    • v.9 no.3
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    • pp.105-116
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    • 2011
  • The innovation is an important element controlling national economic growth and the competitive power reinforcement of the company. The developed nations concentrate interest on upbringing and investment in knowledge intensive industry and advanced technology base industry for national competitive power reinforcement. I support in particular it as Korean representative industry in the case of the advanced technology base industry positively in the government. Though a patent can become the important competition predominance element of the company by such an advanced technology base industry, this and the proof study in the country to be concerned with are the facts that are not enough now. As for the article of the book, what kind of difference there is in importance by IT and BT industry distinction comment on current events value factors of the patent valuation; of the study is aimed. I derived an importance factor among factors shown in the valuation model of the patent valuation organization and an existing precedent study for comparison analysis in the study and used it. In addition, it was analysis hello it utilized AHP technique, and what kind of difference patent value evaluation important factors showed by IT and BT industry distinction. Analysis, Because patent value evaluation important factors showed a difference by industrial distinction, I appeared.