創新對於企業價值之影響:外資的角色

Abstract

本文探討了台灣股市中的外資持股與企業創新能力和企業價值間的關聯。採用了臺灣1996至2022年間上市公司的資料，本研究的實證結果顯示：（1）外資法人投資人顯著偏好創新能力高之公司，無論以專利數量或被引用次數衡量皆呈正向關聯；（2）創新能力以專利品質衡量時對企業價值具有正面影響，且創新能力在外資法人持股比例提高時也對企業價值有正面影響；（3）外國自然人投資人則無顯著偏好創新能力高的公司，且未能有效影響創新對企業價值的貢獻。本研究增進了對於臺灣股票市場中外資的偏好以及其角色的理解

This study examines the relationship among foreign shareholding, firm innovation capability, and firm value in Taiwan’s stock market. Using data on listed Taiwanese firms from 1996 to 2022, the empirical results indicate that: (1) foreign institutional investors exhibit a significant preference for firms with high innovation capability, whether measured by patent counts or citation frequencies; (2) innovation capability proxied by patent quality has a positive impact on firm value, and innovation capability has positive effect on firm value as the share of foreign institutional ownership increases; and (3) foreign individual investors show no significant preference for firms high innovation capability and do not affect the value contribution of innovation. These findings enhance our understanding of foreign investors’ preferences and their roles in Taiwan’s equity market.