本研究探討在景氣變動影響下研究發展、專利及權利金與企業績效之關係,並探討專利的中介效果。本研究以2008年~2012年間150家臺灣上市、上櫃之公開發行公司為對象,進行多元迴歸分析結果發現:研發支出對資產報酬率及每股盈餘有顯著影響;但研發支出透過專利對企業績效無顯著影響,故專利無中介效果。權利金支出對每股盈餘有顯著的影響;且權利金支出透過專利對每股盈餘有顯著影響,故專利具有中介效果。因此企業在選擇自行研發或引進外部技術時,應該考量景氣變化的影響,方能更有效的提昇企業績效。同時企業應透過技術與知識的累積,不僅要追求專利的數量,更要能強化專利之品質,如此一來才能顯現專利的價值。
This thesis investigates the effect of the change of business cycle on the relationship between R&D expenditures, patents, royalty payment, and business performance, and the intermediary effect of patents. Related data, in 2008~2012, of 150 OTC companies are collected. The results from multiple regression analysis show that, with the moderating effect of the change of business cycle, R&D expenditures have a significant effect on ROA and EPS. But no evidence shows that patents have a significant intermediary effect between R&D expenditures and performance. It is also found that, with the moderating effect of the change of business cycle, the royalty payments has a significant effect on EPS, and patents have a significant intermediary effect between royalty payment and EPS.