| Summary: | 碩士 === 東吳大學 === 會計學系 === 102 === With the change of economic formation, innovation is not only one of the important elements of business development, but also a key influence for country development. This study first reviews literature which is related to innovation types and chooses adequate indices for classifying Taiwan listed firm/year data into fitted innovation stage. After obtaining classified data set, this study examines the effect of R&D expenditures on firms’ performance and finds significant different at each innovation stage. Though the empirical results show that distinct innovation stage would present different operating performance, there is no significant difference on R&D density between electronic and non-electronic industries. Furthermore, the R&D expenditures will have significant positive impacts on operating performance only when firms are in the destructive innovation stage in both industries. Nevertheless, R&D expenditures will have negative effect on operating performance at efficiency innovation stage while firms belong to non-electronic. This study explains the relationship between innovative stages and R&D impact on operating performance, and also provides perspective for firms in enhancing operating performance under different innovation development.
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