研發投入與經營績效之遞延效果——以台灣半導體產業為例

研究發展支出為企業累積創新能力的重要投入，但對於企業的經營績效未必會有立即性的效果。本研究以2007–2021年上市櫃半導體產業之企業財務資料作為研究對象，透過固定效果模型（fixed effect model）與系統性一般化動差法（system generalized method of moments）兩種分析方法，探討我國半導體業之研發投入與經營表現之遞延效果及其時間長短。實證結果確認我國半導體業研發投入對資產報酬率（return on assets）存在遞延效果，且具一定之延續性；正向效益約可持續1至3年。

Research and development (R&D) expenditure is an important input for firms to accumulate innovative capacity, but the effect on business performance is not immediate. This study uses financial data for Taiwan’s listed semiconductor firms from 2007 to 2021 as the research subject. Using a fixed effect model and the system generalized method of moments, this study explores the presence and duration of the deferred effects of R&D investment on the business performance of Taiwan’s semiconductor industry. The empirical results confirm the existence of positive deferred effects of R&D investment for semiconductor firms in Taiwan, with the effects lasting for one to three years.