創新能力、創新效率與公司價值：以台灣電子資訊業為例

Innovation Capability, Innovation Efficiency and Firm Value: The Evidence of Taiwan's Electronics Industry

本研究以2005年至2008年於美國專利暨商標局申請專利之台灣電子業上市、上櫃公司為研究對象，以技術週期作為創新能力之衡量指標，並利用資料包絡分析法衡量公司之創新效率，探討創新能力、創新效率與公司價值間之關係。研究結果發現，公司具有較高之創新能力及創新效率皆能為公司帶來更高之價值；具有較佳創新能力得以提升公司創新活動之效率，另外，創新能力部分藉由創新效率進一步提升公司價值。本研究認為，創新能力以及創新效率之高低直接影響投資人對於公司未來前景之觀感，進而反映於市場價值之中。儘管創新能力可以助益創新效率之提升，然而影響創新效率之因素眾多，使得創新能力僅能部分藉由影響創新效率之力量進一步改變公司價值。此結果支持動態能力理論與時基競爭（Time-based Competition）觀點，即公司吸收新知轉換為創新成果之速度越快，表示越能於變動快速之環境中生存；此外，於創新活動風氣盛行之環境中，創新效率也是公司贏得競爭優勢之關鍵。

In this study, we investigate Taiwan's publicly traded electronics companies that applied for patents in the U.S. Patent & Trademark Office (USPTO), to examine the relationships among innovation capability, innovation efficiency and firm value. We also use the technology cycle time to measure innovation capability and measure innovation efficiency by a data envelopment analysis (DEA) model. The empirical results show that higher innovation capability and innovation efficiency enhance firm value, and higher innovation capability can also lead to higher innovation efficiency. However, innovation capability just partially affects firm value indirectly through innovation efficiency. This study suggests that innovation capability and innovation efficiency will directly influence investors' perception regarding a company's future prospects; it will then be reflected in the market place. These findings are supported by dynamic capabilities theory and time-based competition: ”the faster to switch new knowledge into innovation, the easier to survive in a dynamic environment”. Additionally, innovation efficiency is also the key competitive advantage in the prevailing innovation environment.