依據企業創新之價值鏈模型,本文以路徑分析探討我國企業研發投資、專利權、營業秘密與經營績效之關係。實證發現企業研發投資對專利權,研發投資與專利權對獲利影響皆存在遞延效果,本文依此估計研發資本與累積專利權。研究結果顯示電子、塑化、機電、鋼鐵業,研發投資與專利權之經營績效較重要;食品、紡織業之專利權獲得與效益則不重要,其研發投資成效可能是以「營業秘密」之型態提供效益。此外,也發現電子類股之研發與專利權有增加營收或降低成本而增加公司價值的「間接效果」外,亦有影響公司價值的「直接效果」。本文建議在分析研發投資效益時應以資本存量觀念分析以洞悉實情。
Based on the model of value chain of innovation, this study investigates the relationships among R&D, patents, trade secret and operating performance via path analysis. Our findings are consistent with the notion of lagged effects of R&D investment on patents, R&D investment on operating income, as well as patents on operating income. Accordingly, we estimate the firms' R&D capital and accumulated patents. This study documents significant benefit of R&D investment and patents for Electronic, Plastics, Chemicals, Rubbers, Electric and Machinery, Electric Appliance and Cable as well as Steel and Iron firms but insignificant effect for Foods and Textiles firms. For the latter groups of firms, innovation may be in the forms of trade secret. Furthermore, we find not only the indirect effect that R&D investments, patents in Electronic may first help increase revenues or decrease cost and then increase the market value, but also the direct effect in market value. Moreover, our results lend support to the use the capital stock in analyzing the effectiveness of R&D investments.