USING PATENT BACKWARD CITATION FOR CLASSIFYING STOCK PRICE OF CHINA STOCK MARKET
USING PATENT BACKWARD CITATION FOR CLASSIFYING STOCK PRICE OF CHINA STOCK MARKET

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.

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