IT 산업의 다양화 할인 효과: SAP 주가와 특허 간 상관관계 분석으로

This study analyzed the relationship between patent activities and the stock price of SAP, the leading global enterprise software company in the IT industry. We investigated the impact of cumulative patent filings and connectivity on stock prices using the company's patent data (2000~2022). The results revealed a strong positive correlation between stock prices and cumulative patent numbers, cumulative patent connectivity, and the HHI (Herfindahl-Hirschman Index). Conversely, annual fluctuations in patent filings and connectivity were weakly and negatively correlated with stock prices, suggesting that accumulated patent filing numbers have greater impact on a company's performance and valuation than the immediate results of patent filings. Additionally, the study showed that filing patents with higher connectivity increased stock prices, whereas diversification into new technologies or fields had a negative effect. This indicates the presence of a diversification discount effect, whereby diversification, a critical, innovative strategic direction, leads to negative outcomes. The finding that the diversification discount effect exists even in the rapidly evolving IT industry provides valuable insights for strategic planning in similar companies.