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本篇主要是研究大型TFT-LCD產業的研發活動進行效率分析的論文，本研究採取二階段的方法來對大型TFT-LCD產業進行分析，研究期間為2001~2003年，第一階段採用資料包絡分析法（Data Envelopment Analysis；DEA），其產出項為專利件數，其投入項為研發人力，研發資本，一般研究TFT-LCD的經營績效都以研發費用當作投入，而本研究以研發效率為為討論對象，研發資本當作投入，為其特殊之處。 第二階段以Tobit回歸分析找出可能影響研發活動的影響因子，發現影響大型TFT-LCD研發的因子有碩士以上研發人員(R&D)占研發人員比例、研發人員年約收入高低、研發人員平均年資、專利累積數量、專利數量變化量不同會影響技術效率。 實驗結果發現友達的整體相對效率、研發績效、規模效率皆為1為最有效率的廠商，這也印證友達能在世界TFT-LCD占據第三名的地位；友達是連續三年總體及技術效率被評估為最有效率廠商；廣輝在技術相對效率是相當好且穩定的公司，而在營收表現也逐年進步；瀚宇彩晶在整體效率、技術效率、及規模效率是逐年下滑的，而營收表現也不佳；華映則是整體相對效率、技術效率逐年改善。 研究也發現公司規模、技術移轉費用的多寡並不影響研發效率，因此並不是買技術就可提昇研發能力，最根本還是要從資源妥善運用及管理。 關鍵字：研發資本、研發人力、資料包絡分析法、TFT-LCD

Information technology (IT) investments have increased over the last half-century without clear justification in academic or practice-based literatures. One area that has not been adequately addressed in the past literature is the role of IT investments in mitigating firm financial vulnerability. This dissertation specifically attempts to understand the marginal effects of IT investments on financial vulnerability as defined by firm risk and R&D depreciation. Two research questions are pursued to help explain the role IT investments play in firm financial vulnerability: 1) What is the relationship between IT investments and R&D depreciation? and 2) What is the relationship between IT investments and firm risk? For this, I draw testable from the Real Options Theory. In addition, I develop measures of firm risk and the Depreciation of Business R&D capital. I source the data from three archival sources: Compustat, The Center for Research in Security Prices (CRSP), and the Ci Technology Database (CiTDB). This dissertation uses panel regression models using fixed effects to control the unobservable time invariant firm heterogeneity. To alleviate potential endogeneity and sampling biases, I use generalized method of moments models. The results suggest the relationships between IT investments and both firm risk and depreciation, namely that IT investments increase firm risk and decrease R&D depreciation.

本文探討研發支出資本化與攤銷之理論，並以國內股票上市公司為實證對象。本研究使用聯立方程式及Almon lag procedure來檢測企業研發投資效益遞延之情形，然後以Feltham and Ohlson（1995）之評價模式，探討研發支出資本化與攤銷後之權益帳面價值與盈餘之特性，並探討研發投資是否為股票報酬之長期風險因素。本研究並以研發強度（研發費用對銷貨凈額比）區分高、低研發強度二組樣本，比較其與研發有關問題。 本文發現如下： (1)研究發展支出效益遞延實現之現象，似乎存續自第三年開始至未來數期（第四、五年）；平均而言，一元之研發投資可於未來4-5年產生2元以上之獲利，高研發強度廠商則有3元以上之獲利；而低研發強度之公司，研發支出獲益則不顯著的於研發初期二年實現。 (2)在股票評價模式中，高研發強度廠商之研發支出採取資本化，對模式解釋能力較高；而低研發比例（強度）廠商之研發支出則採取費用化，「似乎」對模式解釋能力較高。 (3)目前「一般公認會計原則」對於評價模式的解釋，對低研發強度的廠商之解釋能力較高；反之，對高研發強度廠商較不適用。 (4)研發資本存量對市場比率為股票報酬之長期風險因素。 / This study analyzes the theory of capitalization and amortization of R&D expenditures. This study uses the simultaneous equations and Almon lag procedure to examine whether earnings reflect benefits from past R&D expenditures of public firms in Taiwan. Based on asset valuation model generated by Fetham and Ohlson(1995) and Bernard (1995), this study examines the properties of coefficients of parameters of valuation model and explainary power. In addition, this study estimates the R&D capitalization, and tests whether the R&D capitalization is the long risk factor of stock return or not. Moreover, this study groups sample firms into high or low intensity groups by R&D intensity (R&D expenses-to-sales ratio), and compares the above issues of capitalization of R&D expenditures. The major findings of this study follows: (1)Earnings almost reflect realized benefits from R&D, but there are two years time lag. On average, every one N.T. dollar invested in R&D will produce 2 N.T. dollars profits during four or five - years period. In the high R&D intensity group, every one N.T. dollar invested in R&D will produce 3 N.T. dollars profits in future. On the contrary, in the low R&D intensity group, the benefits of R&D outlays are insignificantly reflected in the first two years. (2)The explainary power (Radj2) of valuation model of R&D capitalized in the high R&D intensity group is higher than that of in the low R&D intensity groups. (3)The relevance of stock valuation generated by present GAAPs for the high R&D intensity group is lower than that of the lower R&D intensity group. (4)The R&D capital-to-market values ratio is the long risk factor of stock returns.