Abstract
With the powerful implementation of national intellectual property strategy, China became the country with the most patent applications around the world in previous five years. There are more than 3,200 A-share listed companies in China, the daily transaction volume exceeded RMB 1 trillion Yuan, ranking it as the second largest stock market in the world. Patents are the concrete manifestations of scientific and technological innovation achievements, this study intended to discover how patents impact stock prices on technology-based companies listed on China's Shanghai A-share market from 2011-2017. It was found that specific patent indicators significantly lead the stock prices more than one year; a patent leading equation for predicting stock price was proposed. It also showed that the specific stocks extracted by the proposed patent leading equation had better performance than that of Shanghai stock index.
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