台灣半導體IC設計上市公司於美中貿易戰與COVID-19期間其專利訴訟效應 對異常報酬的影響

CCUR > College of Business > Department of Business Administration & Graduate Institute of International Business Administration > Thesis > Item 987654321/51686

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/51686

Title:	台灣半導體IC設計上市公司於美中貿易戰與COVID-19期間其專利訴訟效應對異常報酬的影響 The Impact of Patent Lawsuits on Abnormal Returns of Taiwan’s Semiconductor Listed IC Design Companies duringUS-China Trade War and COVID-19 Pandemic
Authors:	游素珍
Contributors:	國際企業管理學系
Keywords:	IC設計專利訴訟異常報酬 IC design patent lawsuits Abnormal Returns
Date:	2022
Issue Date:	2023-03-17 14:07:31 (UTC+8)
Abstract:	台灣IC設計產業逐漸在國際半導體製造商中嶄露頭角，但由於缺乏自主研發所需的關鍵核心技術。因此，戰略聯盟和競爭合作成為企業快速獲得專利和佈局市場的手段。然而，台灣供應鏈上下游的上市公司近年來一直面臨國際上的專利侵權訴訟。因此，本研究主要希望為投資者在企業面臨專利訴訟時提供應對的投資策略。透過事件研究法對標的股票的異常報酬進行分析，並根據結果使用橫斷面迴歸模型及分量迴歸探索美中貿易戰與COVID-19期間及不同因素與不同分量下的變化。實證結果顯示，公司面臨專利訴訟會產生正向顯著的異常報酬，且事件日後累計異常報酬均為正向且顯著，說明公司在面臨專利訴訟時仍有盈利機會，可供投資者參考。根據橫斷面迴歸分析，其交易量為負向且顯著，表明投資人視其為關鍵變數。在分量迴歸分析中，隨著分位數的變化，原先在0.05、0.25、0.5、0.75無顯著變數，在0.95時，除了成交量外，其他變數皆為呈現顯著。因此，這些變數對累積報酬的宣告效應是有所不同的。 Taiwan’s IC design industry has gradually emerged among international semiconductor manufacturers, but due to the lack of key core technologies required for independent research and development. Therefore, strategic alliances and competitive cooperation have become a means for enterprises to quickly obtain patents and lay out the market. However, listed companies upstream and downstream of Taiwan's supply chain have been facing international patent infringement lawsuits in recent years. Therefore, this research mainly hopes to provide investors with investment strategies to deal with when companies face patent litigation. Analyze the abnormal returns of the underlying stocks through the event research method and use cross-sectional regression models and quantile regressions to explore the changes during the US-China Trade War and COVID-19 pandemic and under different factors and components based on the results. The empirical results show that the company will generate positive and significant abnormal returns the patent litigation. In addition, the accumulated abnormal returns after the event are all positive and significant, indicating that the company still has a profit opportunity in the face of patent litigation, which can be used as a reference for investors. According to cross-sectional regression analysis, trading volume are significantly negative, indicating that they are considered as key variables by investors. In the quantile regression analysis, with the change of quantiles, there were no significant variables in 0.05, 0.25, 0.5, 0.75. At 0.95 all variables were significant except for trading volume. Therefore, the declared effects of these variables on cumulative returns are different.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

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