トービンのqモデルによる知財評価
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概要
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In this paper, econometric analyses due to the least squares fitting were done by using multi-capital q model in the financial statements data collected from six medicine companies. In order to achieve high profits these companies use tangible fixed assets accumulated by way of capital investment expenses and intangible assets accumulated by the research and developing expenses. In Tobin's q model, the investment decision will be made depending on whether the costs of the R&D and of the investment could raise the corporate value or not. This research shows that the R&D cost raised the corporate value from fiscal year 1985 to 2002. However, the significance of the coefficient was various. Actually, Eisai, Yamanouchi Pharmaceutical, and Daiichi Pharmaceutical showed high significance, that is 1% level. It suggests that it is possible that an increase in the R&D costs from fiscal year 1985 to 2002 raised the corporate value, and that the intellectual property strategy was effective between the period. In the cases of Takeda Pharmaceutical, Fujisawa Pharmaceutical, and Sankyo, the significance of the coefficient was low, and their coefficients of determination and F value of the model were also low. This means that the model based on the assumption that the accumulated assets increase capital investment and that the R&D raises the corporate value is not very explanatory. Considering this result, it might be meaningful for these three companies to review the intellectual property strategy from fiscal year 1985 to 2002.
- 2006-03-31