Exploring Patent Effects on Higher Stock Price and Stock Return Rate—A Study in China Stock Market

Based on the valid patent data and stock price data of China A-shares, the patent effects of four patent species including the invention publication, the invention grant, the utility model grant, and the design grant, on the stock price and the stock return rate were analyzed via analysis of variance (ANOVA). It was proved that the A-shares having new patents of any patent species shown the higher stock price mean and the higher stock return rate mean than those A-shares having no new patents did. The A-shares having new design grants were found to show the highest stock price mean among the A-shares having new patents of any patent species. The A-shares in the group of top 25% patent count of either the invention publication or the invention grant shown the highest stock return rates mean than those A-shares in other groups of less patent count did. The invention grant, following the general concept, showed its excellent patent effect. The design grant, beyond the expectation, also showed patent effects on the higher stock price and the higher stock return rate. The finding would improve the state of the art in the patent valuation and the listing company evaluation.