| Summary: | 博士 === 國立臺北大學 === 企業管理學系 === 92 === According to the World Economic Forum''s(WEF) “Global Competitiveness Report, 2002-2003” Taiwan rose to 2nd place on the “Technology Index” behind only the US. A total of 5,431 US patents were awarded to recipients from the Taiwan in 2002, behind only the US, Japan, and Germany. These results are making the world take notice of Taiwan''s impressive innovation development. On the other hand, private industry accounted for 63.02% of all R&D expenditures in 2001, compared to rates of 47.93% in 1991. These very gratifying achievements strengthen technological innovation and promote industrial upgrading efforts of the private industry in Taiwan. This study addresses two specific questions：(1)Does innovation have a impact on operation performance? (2)Does a higher degree of innovation translate into superior corporate value?
R&D and patents can be viewed as two important indicators of innovation capital in previous research. The novelty of this study is that, apart from R&D and patents of the firms, we measure the imported technology of the firms by also including a measure of premium and technological service. The objective of this study is the investigation about effects of three innovation capitals on operation performance and corporate value. We separately investigate approved patents from Taiwan, China, USA. On the other hand, we separately analyze the value relevance of patents divided into three parts：patent counts, patent citations and citations-based patents. We use a Cobb-Douglas form based on the empirical association between innovation capital and operation performance, and a market value model is used to show the empirical association between innovation capital and corporate value. This study is examined for 101 listed firms in Taiwan electronic industry by using unbalanced panel data during 1993-2002. We use two way random effects model to evaluate parameters of model, and use Vuong Z test to examines the explanatory power of a model, with respect to the previous model.
There are seven empirical findings：(1) R&D, patents and imported technology have been the tendency of growth. R&D expenditures are higher than imported technology’s expenditures. Although approved patents are increased year by year, patent equality is low. (2)There are positive relationship between R&D and patents. Nevertheless, no significant relationship between R&D and imported technology, neither significant relationship between patents and imported technology. (3)R&D has a positively impact on firm’s revenue, Economic Value Added(EVA), corporate value. (4)Imported technology has no significant effect on firm’s revenue and EVA, moreover has a negative impact on corporate value. (5)Approved patents from USA have positively effect on EVA and corporate value more than approved patents from Taiwan, China. On the other hand, not only patent counts but also patent quality and citations-based patents have a positively impact on firm’s revenue, EVA, corporate value. (6)R&D contribute to operation performance and corporate value beyond the effects of imported technology. Patents also contribute to operation performance and corporate value beyond the effects of imported technology. (7)The effect on operation performance and corporate value of innovation capital between expense and capitalization is not different, but capitalization can increase explanatory power of a model. In addition, R&D and patents have a positively impact EVA with priority year and a lag of 2 years after priority year.
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