中文摘要：

股票市场必须具备为上市公司专利产出提供有效定价的功能才能激励上市公司进行技术创新。本文基于手工收集的1990-2008年我国上市公司的三类专利拥有量数据，对我国股票市场的专利定价功能展开实证研究。研究发现，上市公司专利每增加一项，公司市值将增加223万元，其中发明专利、实用新型专利、外观专利每增加一项，市值分别增加309万元、260万元和159万元。进一步研究还发现，高科技公司专利产出所带来的市值增加幅度是传统行业公司的四倍；知识产权保护水平越高的地区，专利产出对市值的影响越大。这些结果表明，我国股市具备专利定价功能，政府实施知识产权保护战略是强化这一功能的重要保障。

英文摘要：

As a representative emerging country, China has ex- perienced fast yet unbalanced development in both financial and patent systems since the early 1990s. Using newly available data, this paper examines the relations among patent output, intellectual property right protections, and stock market valuations in China. Some of our empirical findings are consistent with the results of prior studies based on developed countries, while others are novel to relevant literature. Specifically, this study finds that one more patent output from listed companies is associated with 2.23 million RMB increment of their market value. Moreover, one more output of innovation patent, design patent and appearance patent could en- hance market value by 3.09 million, 2.60 million and 1.59 million RMB respectively. We also find that the effect of patent outputs on market value is four times larger for high teeh companies than that of companies in traditional industries. In addition, the effect is stronger in the cities with stronger intellectual property protection and the provinces with lower patent piracy. We also conduct instru- mental variable regressions to mitigate the potential endogeneity issues in view of the relation between patent output and market value. Based on our findings, we draw several implications for the government and investors. First, the business environments in Chi- na suffer from weak intellectual property protection, which may slow down the countries＇ economic momentum in the future. Our paper documents a real effect of intellectual property protection on the economy through enhancing market value of local firms. Given this effect, governments are strongly recommended to strengthen intellectual property protection, which not only motivates firms to invest in innovation but also encourages financial market par- ticipants to appreciate intellectual property. Secondly, our results suggest that China stock market offers effective pricing for patent outputs of companies. Therefore, stock investors could make better