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E90058
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研究發展、專利權與經濟效益:台灣資料之驗證
R&D, Patents and Economic Performance: Evidence from Taiwan Firms
1.林惠玲
1.Hui-lin lin
1.國立臺灣大學經濟學系暨研究所
1.Department of Economics, National Taiwan University
001,002,003,004
1.國立臺灣大學經濟學系暨研究所
1.Department of Economics, National Taiwan University
002
1.行政院國家科學委員會
1.National Science Council
A.14 計畫執行期間(起):2001-08-01
A.14 計畫執行期間(訖):2002-07-31
1991-01-012000-12-31
A.16 收到日期:2002-12-18
1
上市上櫃公司

1
225

225
096
C.2 聯絡日期:2002-12-19
2
1.國立臺灣大學經濟學系暨研究所
1.Department of Economics, National Taiwan University
1
C.7 資料公開日期:2003-08-01
1
002
1
2
1
5
1
3
000
1.市場價值
2.研究發展
3.計數資料模型
4.專利
5.經濟效益
1.Count Data Model
2.Economic Performance
3.Market Value
4.Patent
5.Research and Development (R&D)
近年來由於國內經濟衰退、產業結構變動、失業率攀高等問題,因此政府及學術界提出「知識經濟」方案,做為振興經濟的方針。知識經濟即是以知識為基礎的經濟,然而知識是不易量化的生產因素,本文嘗試以一些量化的指標包括專利數、研發支出等衡量知識對經濟活動的影響。而因知識具累積性的問題,因此我們以存量的方式來處理,此外,知識亦有過時的問題,因而亦考慮不同的折舊率方式,對其存量加總。本文主要的研究目的在於探討:專利數及研發支出等知識無形資產對廠商的影響,專利數及研發支出是否有外部效果。在實證時,本文以廠商的市場價值的變動作為衡量無形資產報酬的指標,藉此分析是否專利數愈多、廠商的市場價值愈高?研發支出愈多,廠商的市場價值亦愈高?以及不同的折舊方式對上述的估計結果是否有影響?
本文以台灣資訊電子產業為主要研究對象,建立Tobin ’s Q model ,利用台灣經濟新報財務資料,智慧財產局以及新竹科學園區資料,來實證分析專利數、研發支出與廠商市值的關係。實證結果發現:專利數對廠商市值的影響不顯著,其原因可能是國內申請的專利權數較無價值,台灣電子廠商多傾向向國外申請國外專利權,由於國外專利權的取得不易,因此未能考慮在本研究中,有待進一步研究。研發投入量對於廠商市場價值有正向影響,顯示研發支出,其市場價值亦越高,此外,競爭對手的專利越高對廠商的市場價值有負向的影響,此乃表示競爭對手的專利越多,競爭對手較具壟斷力,會使廠商處於不利的競爭地位,而促使廠商市場價值降低。再者,本研究發現競爭對手的研發愈高,會產生外部的示範效果,而促使廠商亦積極增加研究支出提升其技術,而對市場價值有正向影響。換言之,競爭對手的研發對廠商有所謂的外部示範效果。

Owing to the rapidly economic development in South-East Asian and Mainland China, the survival conditions of traditional and low-tech industries in Taiwan have been deteriorated. These industries firms have been forced to shrink or move outward. Meanwhile the high-tech industries meet the challenge from the Asian country. The best way toward this problem is to develop knowledge economy. R&D activities are the short and direct way to develop knowledge-based economy that induces the increase of productivity ad competitiveness. Therefore, how to promote firm to do R&D and what the performance of R&D and patents become the important issues.
This study investigates the economic performance of R&D and patents in order to understand the value of the technology innovation. Two factors form the supply side of innovation Firms ’Patents and R&D activities and their spillovers are focused. LnQ and Q linear model are specified to do empirical study. Both the random and fixed effects models are applied to the 1996-2000 firms ’ panel data.
The empirical results show that firms ’ patents have positive association but less significance with market value. This may be because Taiwan ’s electronic firms more likely apply patents to foreign country such as US, EC. While we only consider the domestic patents, thus the effect of patents on market value is less significant. Firms ’R&D, rival ’s R&D variables as predicted, they are positive with market value, while rival ’s patents decrease firm ’s market value. The other controlled variables such as cash flow, profit rate, and sales growth are all positively associated with market value.

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追蹤清單
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