對於從事創新績效相關研究的學者來說，在進行實證分析時，皆必須考量研發活動對於經營績效的影響並不僅止於當期，且存在著遞延效果；相同地，對於實務界的投資者來說，也必須考量各企業所進行的研發活動對其經營績效的遞延效果。過去學者將研發活動依流程分為投入與產出兩個構面，其中，研發產出又可再細分為數量與品質二部分，因此，本研究將就我國電子業上市上櫃公司，分別探討研發投入、產出數量與品質對於企業經營績效的遞延效果。 研究結果發現，研發投入之效益於未來第三年實現。研發產出數量對於經營績效並未呈現顯著的相關；而研發產出品質對於當年的企業經營績效即產生效益，且此效益及於未來二年。本研究推論，研發產出的數量雖能反映企業研發投入的成果，但唯有能夠高品質的產出，才能有效提升企業的經營績效。 / For scholars engaged in innovation performance research, they must consider that the impact of R&D activities on financial performance often has a time-lag effect; so do the investors in the capital market. In the past, researchers divided R&D activities into two aspects by means of the procedure, including R&D input and R&D output. The latter also includes the quantity and the quality of R&D output. Therefore, this thesis uses Taiwan’s electronics industry as a research sample and examines the lag-effect of R&D input, R&D output quantity and quality on the companies’ financial performance. The research results show that the benefits of R&D input are realized in the 3rd year in the future. In addition, the benefits of R&D output quality are realized in the current year, and last to the 2nd year in the future. However, there is no evidence for the relationship between R&D output quantity and companies’ financial performance. Overall, only can the high quality R&D output contribute to the companies’ financial performance.

知識經濟時代與全球化潮流下，創新是廠商提升自我競爭力的重要途徑。創新乃原始概念到將知識商業化的一連串過程，而過去探討廠商創新的研究取向多元，研究觀點則以經濟地理學、企業管理學為主，綜合相關研究，大致可將影響廠商創新的因素歸類為三大面向：廠商內部屬性、對外網絡連結關係、廠商所處地區的環境條件。其中，創新氛圍乃是特定地區的行動者透過偕同作用及集體學習過程所產生的社會關係，提升了地區的創新能力，同時提供有利於廠商創新的環境條件，是近來區域發展的重要議題。本研究即綜合上述三大面向因素來探討廠商創新活動(研發投入與研發合作)與創新成效之影響因素。 創新氛圍理論從早期”某種東西之地方化”的探討，演變到後期關注於地方生產系統的運作是受到地區創新氛圍的影響所致；其中，創新氛圍量化指標的缺乏、探討領域的侷限，乃是本研究所要突破之處。本研究以工業區分佈情形、自然與人文界線、通勤圈範圍等原則，先將台灣地區分為46個地區分析單元，再參酌地方生產系統概念，以兩個指標：LQ大於1與製造業就業員工數大於50000人，篩選出26個地區作為研究範圍，最後以科技與傳統產業LQ大於1指標，區別出9個科技產業群聚地區、17個傳統產業群聚地區，藉以比較不同產業領域、地區發展程度不同之創新氛圍。準此，本研究以8個創新氛圍的相關指標，經過因素分析後萃取出2個創新氛圍因素：「創新綜效」、「創新成效」；藉此將台灣46個地區劃分為4種創新氛圍類型：創新氛圍、有創新無氛圍、有氛圍與創新、無創新無氛圍。 於廠商創新活動與成效實證分析方面，本研究採取兩個階段進行，分別皆以三個面向因素(廠商內部屬性、研發合作、地區創新氛圍)的影響因素來探討廠商創新活動與成效之差異。針對創新氛圍方面，於第一階段以不同產業群聚地區的虛擬變數作為隱含地區創新氛圍的概念，測試其對廠商創新活動與成效的影響，第二階段則以地區創新氛圍因素(創新綜效、創新成效)進行科技與傳統產業群聚地區的廠商創新成效之測試。整體研究結果顯示，科技產業群聚地區的廠商傾向自身的研發投入，而傳統產業群聚地區的廠商則多以研發合作居多，但科技產業群聚地區的廠商創新成效較佳；地區創新氛圍確實對於廠商的創新活動與成效有顯著的影響，尤其對於科技產業群聚地區的廠商創新成效更有顯著的貢獻；而研發合作對於廠商創新成效的影響則不如預期。因此，從基礎產業發展環境、知識設施的聚集、地區網絡的建構等方面，來促使各地區創新氛圍之形塑，將有利於地區廠商的創新，特別應加強傳統產業群聚地區的創新氛圍；此外，提倡廠商強化內部基本體質亦是促進廠商創新效率之關鍵所在。 / Under the wind of the knowledge-based economics and globalization, innovation is an important way for firms to increase their own competitiveness. Innovation is the process from original concept to business. The past researches on firm innovation branch widely, most focus on economic geography and corporation management. From those related researches, we can simplify the elements which can influence the innovation of the firm into three: firms’ inner attributes, relation of the connection to outside network, and the environment of the area which firms located. Innovation milieu is the social relationship which actors in the area could make it happen through interactions and group learning, which can advance the area’s innovation ability, and give the good environment condition for firms to innovate. Innovative milieu is the important issue in the present regional development researches, this research will integrate the three elements to discuss the influence on firms innovation activities and innovation success. The theory of the innovative milieu have transformed from discussion of “the localization of something” to focus on the relation of the work of the regional production system and the local innovative milieu. But, the lack of the quantification indicator, and the territory of the research field still need to break through, and is the focus of this research. This research divide Taiwan into 46 analysis area unit, then bring into the concept of the local production system, use two indicators to choose 26 elements as the scope of the research, and farther define 26 analysis area unit into 9 technology industry cluster area, and 17 traditional industry cluster area, to compare the differences of the industry field and the level of the development of the innovation milieu. This research take 8 innovative milieu related indexes, and compress into 2 indexes: “innovation synergy” and “innovation success” through the content analysis; this research use these two indexes to divide 46 areas of Taiwan into 4 types of innovation milieu: innovative milieu, no innovative milieu, innovation but without milieu, and milieu but without innovation. On the analysis of the firms’ innovation activities and the success, this research take two steps to discuss. At the first step, this research use the dummy variables of the different industry cluster area as the concept of the regional innovative milieu, to check the influence it could make on the firms innovation activities and the success; At the second step, this research use regional innovative milieu indexes to check the firms’ innovation success of the traditional and technology industry cluster area. The whole research shows that the firms of technology industry aggregation area are tend to invest on their own R&D, which the firms of traditional industry aggregation area often do their R&D by cooperating with others, and the innovation outcome of firms of the technology industry aggregation area is better. The regional innovative milieu has the conspicuous influence on the firms innovation activities and the success, especially to the technology industry cluster area, but the influence which the R&D cooperation could make on the innovation outcome is not good as expect. Thus, the making of the basic environment of the industry development, the aggregation of the knowledge facilities, and the build of the local network is the good impact for local firms to innovate, especially for the traditional industry aggregation area ones. At the same time, to reinforce the firms’ inner constitution is also the key to promote the firms innovation.

隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。 / Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.