| Summary: | 碩士 === 銘傳大學 === 經濟學系碩士班 === 100 === The patent plays an important role in economic development and technological improvement. The Number of patents Reflect different R&D capabilities and future marketability and profitability. We use the number of patent to measure as firm’s R&D output and use SFA model to evaluate R&D efficiency. As everyone knows, shareholding structure will play an important role in R&D activity and efficiency. This study will investigate the relationship between shareholding structure and R&D efficiency. We adopt SFA model to estimate R&D production frontier and explore the significance of explanatory variables. Finally, we apply translog production function to investigate Allen’s substitute elasticity. The empirical results show that: (A), showing a significant positive relationship between R & D costs and the number of citation data for efficiency. (B), the manager ownership and shareholding ratio efficiency significantly negative. (C), return on equity, cash flow ratio, and sales with efficiency showing a positive relationship.
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