研發費用、外溢效果與專利品質對於市場價值之影響：以半導體晶圓代工廠商為例

Abstract

本研究使用具時間序列與橫斷面縱橫資料的廻歸分析方法，探討2005-2014年，在美國專利資料庫中，以美國經濟研究院NBER歸類之半導體製造的樣本公司，利用其核准專利數資料，以及利用Datastream財金資料庫之公司財務資料與產業現況資料，統計專利h指標累積變化率及考量廠商間進行研發合作的研發產出對於公司市場價值之總體影響。 本研究驗證兩項與研發費用與專利品質對於市場價值相關的假說。比較固定效果模型與隨機效果模型結果，以隨機效果模型之解釋力為佳。研究結果顯示，半導體產業中，當廠商研發費用花費的越多，其產出專利的品質越高。當廠商的研發費用與其專利品質間直接關係越強烈，也越能有效衡量其公司市場價值，加入考慮研發產出之下，公司市場價值衡量的有效性提升。

In this study, an associated research using the regression analysis method of time series and cross section was to gather statistics of H index analyzed by granted patents from the value of the empirical firm returning and patent index in 2005 to 2012. The empirical companies were samples from the NBER classified semiconductor manufacturing industry and then analyzed their firm market value return with the financial data from Datastream database and the R&D outputs. This research develop two hypothesis about research and development, the quality of patent and the relationship with the market value. This study framework with panal data model verified that the optimization of the random effect model was better than the others. The empirical results indicated that the R&D outputs and h index have a comprehensive effect on market value in the semiconductor industry.