USING PATENT BACKWARD CITATION FOR CLASSIFYING STOCK PRICE OF CHINA STOCK MARKET
USING PATENT BACKWARD CITATION FOR CLASSIFYING STOCK PRICE OF CHINA STOCK MARKET
Author(s): Hong-Wen Tsai, Hui-Chung Che, Bo BaiSubject(s): Economy, National Economy, Business Economy / Management, Financial Markets
Published by: ЮГОЗАПАДЕН УНИВЕРСИТЕТ »НЕОФИТ РИЛСКИ«
Keywords: China A-share; patent; ANOVA; stock price; backward citation
Summary/Abstract: Based on the company integrated database, more than 2,000 China listed companies of RMB common stocks (A-shares) from 2017 to 2020 were studied. The impact of the backward citation count, which defined as the total number of patent backward citations per A-share, and the average backward citation count, which defined as the average number of patent backward citations per A-share’s patent, on the stock price was thoroughly analyzed via ANOVA. With regard to the original stock price, either the backward citation count or the average backward citation count was not a good indicator for classifying China A-share’s stock price. When considering the stock price in the natural logarithm form, the backward citation count showed its significant impact on the stock price. The A-shares of higher backward citation counts showed higher stock price means than the A-shares of lower backward citation counts. It worked well even under Covid-19 pandemic.
Journal: Икономика и управление
- Issue Year: 18/2021
- Issue No: 2
- Page Range: 12-34
- Page Count: 23
- Language: English