本研究主要是針對台灣LED產業上中游廠商的研發活動與營運活動進行效率分析的論文。文中採取兩階段DEA之投入導向的CCR與BCC模式進行效率評估，第一階段研究LED上中游9家廠商2004~2006年運用研發資源的能力，並將所得出的研發效率值作差額變數分析，其投入項為研發資本與研發人力，產出項為專利權數量；第二階段研究LED上中游9家廠商2006~2008年運用營運資源的能力，並將所得出的獲利效率值作差額變數分析，其投入項為專利權數量與行銷費用，產出項為營業毛利。接著利用二維矩陣分析與Pearson相關性分析試圖找出研發效率與獲利效率之間的關聯性，並藉由Tobit迴歸分析尋找可能影響效率的因子。最後，本研究根據實證結果分析對管理當局及未來研究提供建議。 實證結果發現：（1）在研發效率上，【新世紀】連續三年整體效率皆為1，是最有效率的廠商，而【璨圓】、【華上】、【洲磊】也有兩年在技術效率上是表現優異的；（2）在獲利效率上，【廣鎵】連續三年整體效率皆為1，是最有效率的廠商，【新世紀】也有兩年被評估是有效率的，而【光磊】與【洲磊】在技術效率上表現優異且穩定，且就整體產業而言，各廠商在獲利效率上的表現更勝於研發效率；（3）在研發效率的影響因子中，專利變化數量及員工教育程度與研發效率呈現正向關係，專利累積存量則呈現反向關係與預期方向不同，而發明專利比例及研發資本人力比不影響研發效率的表現；（4）在獲利效率的影響因子中，員工平均年資、行銷能力及發明專利比例與獲利效率呈現正向關係，公司規模則呈現反向關係與預期方向不同，而員工平均年收及員工教育程度不影響獲利效率的表現；（5）本研究發現台灣LED產業上中游廠商，擁有研發效率的不一定擁有獲利效率，這兩個指標並沒有明顯的相關。 / This paper presents a study which utilizes the input oriented CCR&BCC model of two-stage Data Envelopment Analysis(DEA) that separates R&D efficiency and profitability efficiency to evaluate the performance for the listed LED manufacturers in Taiwan. Research period of the first stage and second stage respectively is during 2004 to 2006 and 2006 to 2008. In order to deal with the result of DEA, this study takes the Slack Variable Analysis that could be the improving reference with inefficiency of DMUs and uses two-dimension matrix analysis and Pearson Correlation Analysis to find relationships of R&D efficiency and profitability efficiency. Furthermore, this study seeks factors which may affect the efficiencies by applying Tobit Regression Analysis. Finally, we hope these results can provide actual suggestions for management authority and future research. The major empirical findings of this study are as follow：(1) In the R&D efficiency, GPI is the best firm of global efficiency for three years, and FOREPI、AOC and UniLite also have the best performance of technical efficiency for two tears. (2) In the profitability efficiency, HUGA is the best firm of global efficiency for three years and GPI is also the best for two years. OPTO TECH and UniLite have the best performance of technical efficiency for three years. In terms of overall industry, the performance in the R&D efficiency of these firms is better than in the profitability efficiency. (3) In influence factors of R&D efficiency, difference of patent quantity、education background of employee are positive correlation and accumulated patent quantity is negative correlation. Proportion of invention patent and R&D capital per labor are no correlation. (4) In influence factors of profitability efficiency, qualification of employee、market ability、proportion of invention patent are positive correlation and firm scale is negative correlation. Revenue and education background of employee are no correlation. (5) There is no evidence to prove a relevance of R&D efficiency and profitability efficiency of LED manufacturers in Taiwan.

台灣高科技產業經過三十多年的發展，已累積了雄厚的資金與技 術基礎。而近日來由於政府政策的倡導與產品應用的擴展等緣故，使 得LED 產業成為當前最具未來發展潛力之產業。對於以投資在具有發 展潛力產業的創業投資公司來說，LED 相關之產業儼然成為投資首選 的目標。然而，台灣的創業投資事業的發展在2000 年達到高峰之後，近年來以日漸趨緩。雖然整體大環境表現不佳，但是其中仍不乏表現不錯的創業投資公司。本文以「源創管理顧問」為研究對象，以其投資於LED 產業為例，探討其創投經營之成功關鍵。研究發現，「股東人際網絡的運用」與「產業供應鏈的整合」為源創管理顧問最主要之核心要素。與其他創投公司相比，源創管理顧問除了投資標的公司以外，仍以股東之人際網路資源促進標的公司與上下游供應鏈之間的關係，一方面確保標的公司之穩定成長，另一方面也同時促進LED 產業之技術升級，以及加強與國外大廠之合作。以LED 產業國際分工的成效，以個案公司為例，本文建議台灣未來創業投資事業的發展也可採取國際分工的模式，如此一來除了可使創業投資公司處於有利優勢外，亦可完成其對於國家整體產業升級的使命。 / Taiwan High Tech Industry has developed for over thirty years and has amassed huge quantity of capital and technology knowledge. Due to government policies and product usage expansion in recent years, LED has become a highly potential industry. Therefore, venture capitalists are likely to lean towards investing in this industry due to its high growth rate. However, the development of venture capital has since slowed down upon reaching its peak in year 2000. Though most ventures did not perform well however, there were some that did well. The company studied in this thesis is InnoStream Consultancy Services. The study is to explore on their investment in the LED industry and the reasons for success. The study has discovered the usage of networking and integration of supply chain as the elements for the achievement. Different from the rest of industry, InnoStream made use of resources such as the network of its shareholders to foster the supply chain integration. As such, they managed to ensure steady growth of the company, development in their LED technology and strengthened in ties with overseas manufacturer. This study suggests international cooperation in the LED industry. Such a policy will improve the competitiveness of Taiwan’s LED industry in the global market, and result in industry upgrade.