创新的估值:以Iphone为例

Timo P. Korkeamaki, T. Takalo
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引用次数: 17

摘要

我们通过观察股票市场对与创新相关的新闻公告和专利出版物的异常反应来估计苹果iPhone的私人价值。我们对iPhone市场估值下限的估计相当高,至少为300亿美元(事件日)。我们发现,专利技术占总价值的25%左右。我们还发现,苹果的竞争对手对iPhone的新闻有微弱的负面反应,但对iPhone专利文件的公布没有明显的反应。有证据表明,iPhone的价值主要来自苹果的管理和营销能力和努力,而不是潜在的“硬”技术和知识产权。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Valuation of Innovation: The Case of Iphone
We estimate the private value of Apple’s iPhone by observing abnormal stock market reactions to news announcements and patent publications related to the innovation. Our estimate of the lower bound on the market valuation of iPhone is fairly high, at minimum 30 billion U.S. (event day) dollars. We find that patentable technology explains about 25% of that total value. We also find a weak negative reaction among Apple’s rivals to the news about iPhone but no significant reaction to the publication of patent documents concerning iPhone can be observed. The evidence suggests that the value of iPhone primarily stems from Apple’s management and marketing abilities and efforts rather than from underlying "hard" technologies and intellectual property.
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