Organizations have realized that they need to develop and strategically utilize their patent portfolios in order to maintain sustainable competitive advantage. This requires a change in the organization design and practice. Prior studies have addressed this in context of increasing patent productivity, i.e., process of filing patents (Shapiro, 1990; Berkowitz, 1993; Ransley and Gaffney, 1997; Chattopadhyay, 2003). But there have been lacunae in addressing issues in organization design and practice for ensuring patent utilization, which forms the focus of this thesis. Patent externalization is defined the process of translating embedded intellectual value of a patent into “externalized” knowledge and financial benefits. The objectives of the thesis have been to conceptualize a model and measure high and low variances in organizational patent externalization potential, to understand significant organization-level practices that differentiates between organizations having high and low patent externalization potential, to understand differences in organizational perceptions about knowledge and financial orientation of the patent externalization practices in organizations having high and low patent externalization potential and to suggest changes in practices that would enhance organizational patent externalization potential. Towards this purpose, prior literature related to patent productivity and organization change were studied and a conceptual model was developed. The conceptual model outlines that the organizational design components – organizational practices supporting patenting outcomes, competitive intelligence gathering practices and patent commercialization practices alongwith organization and individual moderating variables determine the organizational patent externalization potential. This model was initially verified through exploratory case studies across seven R&D intensive organizations. Variables identified from literature review and initial case studies, were operationally defined and measurement models for the thesis were developed. A questionnaire comprising of 160 items (validated items measuring the aforementioned variables) was designed for conducting the survey research. The measurement scale used was a 5-point Likert-type interval scale. . A Cronbach alpha of 0.82 was obtained for the questionnaire. The sample comprised of professionals from four sectors – pharmaceutical, IT, manufacturing and academia. The sample size was 56 organizations representing 208 professionals. To accommodate the influence of the moderating variables, data was collected from professionals having commercialized patents, whose patents were yet to be commercialized and those having no patent commercialization experience. The statistical techniques used for data analysis were: principal component analysis, hierarchical cluster analysis, discriminant analysis, F-test, t-test and chi-square tests. This thesis provides insights into various practices and perceptions that are essential design components in enhancing organizational patent externalization potential. These findings have implications for OD managers. The thesis contributes both to the theory of patent management and change management literature. Additionally, the questionnaire designed for this study has potential for being used as a diagnostic tool to assess potential for organizational change. Limitations and future areas of study are also addressed.

abstract: This study focuses on three major Maghreb states (Algeria, Morocco and Tunisia) with distinct institutional, political and socioeconomic patterns. It essentially tackles the issue of technological development particularly investments, trade, human capital and patents in a socially and politically sensitive environment. The researcher assumes that government stability, law and order, GDP growth and ICT usage are related to technological innovation in the Maghreb. The stated hypotheses indicate that these political, institutional and socioeconomic factors have significant effect on technological innovation in the Maghreb. Based on a two equations' empirical model, our researcher attempts to test these effects and explore the interactions between the different dependent and independent variables through a set of hypotheses. Data analysis covers three countries from 1996 to 2010. The study identifies significant effects of key covariates on technological innovation in the Maghreb. Although not every predictor effect is consistent, the results indicate that they matter for technological innovation in the Maghreb. Empirical findings might constitute essential evidence for technology and innovation policies in this Middle East and North African region. / Dissertation/Thesis / M.S. Technology 2012

La consanguinité et l’hybridation sont deux processus génétiques pouvant avoir des effets antagonistes dans les élevages d’auxiliaires de lutte biologique. L’hybridation peut minimiser les risques de dépression de consanguinité (diminution de fitness des individus consanguins), et favoriser l’apparition de phénotypes avantageux. Bien que les mécanismes de la dépression de consanguinité et des conséquences de l’hybridation soient bien connus, très peu d’études ont été réalisées dans le cadre de la lutte biologique. Il convient d’évaluer les effets réels de la consanguinité et de l’hybridation sur la fitness des auxiliaires pour orienter les pratiques de l’industrie de la lutte biologique. Dans le cadre d’une collaboration public-privé, des données ont été produites sur les effets de la consanguinité chez les quatre auxiliaires Allotropa burrelli, Chrysoperla near comanche, Cryptolaemus montrouzieri et Macrolophus pygmaeus. La consanguinité a notamment provoqué une baisse de 30% du succès reproducteur chez M. pygmaeus. Une étude approfondie des conséquences de l’hybridation intra-spécifique a alors été réalisée en utilisant quatre populations de M. pygmaeus. Trois groupes génétiques séparés par un fort isolement reproducteur ont été mis en évidence. Néanmoins, un avantage de fitness pour les individus issus de croisements entre parents génétiquement distants a été mis en évidence au sein de chaque groupe génétique. Ce travail de thèse apporte des données utilisables à court-terme par les entreprises partenaires. Il contribue par ailleurs à créer un corpus de données pour mieux évaluer l’importance réelle des effets génétiques dans les élevages d’auxiliaires. / Inbreeding and hybridization are two genetic processes that may have antagonistic effects in biological control agents (BCAs) rearing. Hybridization can minimize the risk of inbreeding depression (decrease in fitness of inbred individuals), and favor the emergence of advantageous phenotypes. Although the mechanisms of inbreeding depression and the consequences of hybridization are well known, very few studies have been carried out in the context of biological control. The actual effects of inbreeding and hybridization on the fitness of BCAs should be assessed to guide the practices of the biocontrol industry. In a public-private collaboration, data were generated on the effects of inbreeding in the four BCAs Allotropa burrelli, Chrysoperla near comanche, Cryptolaemus montrouzieri and Macrolophus pygmaeus. Inbreeding resulted in a 30% decrease in reproductive success in M. pygmaeus. A thorough study of the consequences of intra-specific hybridization was then carried out using four populations of M. pygmaeus. Three genetic groups separated by strong reproductive isolation were identified. Nevertheless, a fitness advantage for individuals from crosses between genetically distant parents has been highlighted within each genetic group. This work brings data usable in the short term by the partner companies. It also helps to create a corpus of data to better evaluate the real importance of genetic effects in BCAs rearing.

Esta pesquisa foi desenvolvida a partir de um Projeto de P&D do setor elétrico brasileiro. Há duas abordagens, uma relacionada ao desenvolvimento teórico-metodológico sobre o conhecimento acerca das erosões marginais e outra relativa à transformação deste desenvolvimento teórico-metodológico em discussões sobre a melhoria da gestão desta problemática pelo setor elétrico e pela sociedade brasileira. Quanto ao desenvolvimento teórico-metodológico acerca das erosões marginais, realizou-se uma série de procedimentos cujos resultados principais foram (i) a discussão de um novo modelo conceitual sobre a velocidade de desenvolvimento das erosões ao longo da vida dos reservatórios, (ii) a revisão bibliográfica acerca das condicionantes envolvidas na gênese e no desenvolvimento dos processos erosivos e (iii) a geração de um conjunto de dados e informações sobre as erosões monitorados que possibilitaram novas discussões sobre as condicionantes citadas no item anterior. As análises sobre a gênese das erosões foi conduzida a partir da comparação entre as margens dos reservatórios com instabilidade morfodinâmica e aquelas que apresentam estabilidade morfodinâmica; enquanto a análise sobre o desnvolvimento das erosões foi realizada a partir da comparação de dados e informações acerca de processos erosivos já instaurados, monitorados ao londo de determinado período de tempo. Por fim, a relação entre este desenvolvimento teórico-metodológico e a gestão desta problemática pelo setor elétrico brasileiro foi abordada por meio da (i) proposição de um método de classificação da tipologia das erosões marginais; (ii) proposição de um sistema de classificação dos níveis de criticidade das erosões; e (iii) das análises e discussões sobre questões relacionadas às erosões marginais, visando propor medidas e ações para mitigação deste impacto desde a implantação até a operação dos empreendimentos hidrelétricos. / This research was developed along with aP&D project of the brazilian eletric sector. It approaches two perspectives This research approach two perspectives, one related to the theoretical and methodological development of the knowledge of bank erosions and another one on development in discussion about improving the management of this problem by the electric sector and Brazilian society. In relation to the theoretical and methodological development of marginal erosions, I conducted a series of procedures whose main results were (i) a discussion of a new conceptual model on the speed of development of erosions over the life of the reservoirs, (ii) literature review about the constraints involved in the genesis and development of erosion processes and (iii) the generation of a set of data and information about the monitored erosions which enabled further discussion on the constraints mentioned in the previous item. The analysis of the genesis of the erosions was conducted based on the comparison between the margins of reservoirs with morphodynamic instability and those which have morphodynamic stability; while for the analysis of the development of erosions was done by comparing data and information about erosion processes already in place, tracked by a certain period of time. Finally, the relationship between this theoretical and methodological development and the management of this problem by the Brazilian electric sector is given by (i) proposing a method of classification of the type of marginal erosions; (ii) proposing a classification system for levels of criticality of erosions; and (iii) analyzing and discussing issues related to marginal erosions, aiming to propose measures and actions to mitigate this impact since implementation to operation of hydroelectric projects.

Made available in DSpace on 2016-06-02T19:33:12Z (GMT). No. of bitstreams: 1 SHIROZONO_Luana_2014.pdf: 1918104 bytes, checksum: ffc03f9ad73c5594e0a8c71d0bd3d549 (MD5) Previous issue date: 2014-07-11 / Financiadora de Estudos e Projetos / Starting from the concept of human capital and considering it as a synonymous of knowledge, the present thesis collected based on lecture of Human Capital, searching in data of Higher Education in Brazil and studying a part of this topic and the effects over the dynamic of talents in the country. Searching inferences on alternative models of education from China, South Korea and The United States of America. Using as fundamental the HHJK theoretical model, the research concluded that to the period between 2002 and 2012, the distribution and allocation of talents among the knowledge areas / careers from Brazil didn t show a remarkable convergence if compared with state of São Paulo, which is the reference state by representation and importance in the country. Beyond that, the effects of those discrepancies among the occupation can correspond until 95% wage deviation on representative careers. / Partindo do conceito de capital humano e considerando-o como um sinônimo do conhecimento, a presente dissertação buscou, com referência na literatura sobre capital humano, basear-se no levantamento de dados sobre o Ensino Superior e a Pesquisa no Brasil, e estudar uma parte dessa formação e da dinâmica de alocação de talentos do país. Buscando inferências sobre os modelos alternativos educacionais da China, da Coreia do Sul e dos Estados Unidos, e utilizando como fundamento teórico o modelo HHJK, o trabalho concluiu que, para o período de 2002 a 2012, a distribuição e a alocação de talentos entre ocupações das áreas do conhecimento/carreiras do Brasil não apresentam convergência notável em relação ao estado de São Paulo, que é tomado como referência nesse quesito por sua representatividade e sua importância. Além disso, os efeitos dessas discrepâncias entre ocupações podem significar variações salariais de até 95% em carreiras com maior oferta de profissionais.

Made available in DSpace on 2016-06-02T19:49:59Z (GMT). No. of bitstreams: 1 TeseJLMC.pdf: 2573293 bytes, checksum: e97d2ef13b6cde5e6d1649ca1b19be7c (MD5) Previous issue date: 2006-09-01 / Universidade Federal de Sao Carlos / Continuous development of new and improved products is seen as a key factor for business survival and growth. A new product that satisfies consumer s needs in an efficient and opportune manner increases competitive advantage. New product development (NPD) process has a multidisciplinary and multifunctional character, demanding specialized kinds of technical knowledge, peculiar of different disciplines or functions. A successful NPD requests a good integration among these functions, so that an auxiliary tool that helps this integration can increase project s performance and, consequently, competitive performance. In this thesis an auxiliary tool for managing functional integration in new product development processes is proposed, based in three conditional factors (Context, Technological Positioning, Competences) and three dimensions (Communication, Coordination and Collaboration). The tool s proposal includes a discussion about these conditional factors and dimensions, describing how they can be used to acquire an adequate functional integration in new product development process. As a secondary contribution of the thesis, a discussion about a particular case of integration, the one between applied research and NPD project, is made, including a theoretical discussion and case studies. / O desenvolvimento contínuo de produtos novos e aprimorados é considerado um fator chave para a sobrevivência e o crescimento das empresas. Um produto que atenda às necessidades dos consumidores de maneira eficiente e oportuna aumenta a vantagem competitiva. O processo de desenvolvimento de produto (PDP) tem um caráter multidisciplinar e multifuncional, demandando conhecimentos técnicos especializados, próprios de diversas disciplinas ou funções. Um PDP bem sucedido requer uma boa integração entre estas funções envolvidas, de forma que uma ferramenta de auxílio a essa integração pode melhorar o desempenho no desenvolvimento de produtos e, conseqüentemente, o desempenho competitivo. Nesta Tese propõe-se uma ferramenta para auxiliar a gestão da integração funcional no Processo de Desenvolvimento de Produto baseada em três condicionantes (Contexto, Competências, Posicionamento Tecnológico) e três dimensões (Comunicação, Colaboração e Coordenação). A proposta de ferramenta inclui uma discussão sobre esses condicionantes e dimensões, descrevendo como estes podem ser usados para atingir uma integração funcional adequada no projeto de desenvolvimento de produto. Como uma segunda contribuição da Tese, um caso particular de integração, a das atividades de Pesquisa Aplicada com os Projetos de Desenvolvimento de Produto, é também abordado através de uma discussão teórica e em um estudo de casos.

Esta pesquisa foi desenvolvida a partir de um Projeto de P&D do setor elétrico brasileiro. Há duas abordagens, uma relacionada ao desenvolvimento teórico-metodológico sobre o conhecimento acerca das erosões marginais e outra relativa à transformação deste desenvolvimento teórico-metodológico em discussões sobre a melhoria da gestão desta problemática pelo setor elétrico e pela sociedade brasileira. Quanto ao desenvolvimento teórico-metodológico acerca das erosões marginais, realizou-se uma série de procedimentos cujos resultados principais foram (i) a discussão de um novo modelo conceitual sobre a velocidade de desenvolvimento das erosões ao longo da vida dos reservatórios, (ii) a revisão bibliográfica acerca das condicionantes envolvidas na gênese e no desenvolvimento dos processos erosivos e (iii) a geração de um conjunto de dados e informações sobre as erosões monitorados que possibilitaram novas discussões sobre as condicionantes citadas no item anterior. As análises sobre a gênese das erosões foi conduzida a partir da comparação entre as margens dos reservatórios com instabilidade morfodinâmica e aquelas que apresentam estabilidade morfodinâmica; enquanto a análise sobre o desnvolvimento das erosões foi realizada a partir da comparação de dados e informações acerca de processos erosivos já instaurados, monitorados ao londo de determinado período de tempo. Por fim, a relação entre este desenvolvimento teórico-metodológico e a gestão desta problemática pelo setor elétrico brasileiro foi abordada por meio da (i) proposição de um método de classificação da tipologia das erosões marginais; (ii) proposição de um sistema de classificação dos níveis de criticidade das erosões; e (iii) das análises e discussões sobre questões relacionadas às erosões marginais, visando propor medidas e ações para mitigação deste impacto desde a implantação até a operação dos empreendimentos hidrelétricos. / This research was developed along with aP&D project of the brazilian eletric sector. It approaches two perspectives This research approach two perspectives, one related to the theoretical and methodological development of the knowledge of bank erosions and another one on development in discussion about improving the management of this problem by the electric sector and Brazilian society. In relation to the theoretical and methodological development of marginal erosions, I conducted a series of procedures whose main results were (i) a discussion of a new conceptual model on the speed of development of erosions over the life of the reservoirs, (ii) literature review about the constraints involved in the genesis and development of erosion processes and (iii) the generation of a set of data and information about the monitored erosions which enabled further discussion on the constraints mentioned in the previous item. The analysis of the genesis of the erosions was conducted based on the comparison between the margins of reservoirs with morphodynamic instability and those which have morphodynamic stability; while for the analysis of the development of erosions was done by comparing data and information about erosion processes already in place, tracked by a certain period of time. Finally, the relationship between this theoretical and methodological development and the management of this problem by the Brazilian electric sector is given by (i) proposing a method of classification of the type of marginal erosions; (ii) proposing a classification system for levels of criticality of erosions; and (iii) analyzing and discussing issues related to marginal erosions, aiming to propose measures and actions to mitigate this impact since implementation to operation of hydroelectric projects.

Les référentiels de compétences et la formation professionnelle des enseignants sont devenus des sujets qui suscitent beaucoup d’intérêt de la part de plusieurs chercheurs en éducation, dont Paquay (1994), Perrenoud (2001) et Berchoud (2007). La présente étude est une recherche-développement qui se donne pour objectif principal de concevoir et d’élaborer un référentiel de compétences pour les futurs enseignants de français langue étrangère (FLE). Pour y parvenir, notre démarche générale consistait à partir de l’analyse des référentiels de formation des enseignants ainsi que des standards de performance que nous pouvions déjà trouver partout dans le monde. Cette analyse nous a amenée à repérer les points communs et, par la suite, à les synthétiser pour trouver les éléments pertinents qui pourraient nous inspirer pour une première ébauche de notre référentiel. Ainsi, nous avons dressé une liste des domaines de performance nécessaires à la formation des futurs enseignants que nous avons repérés dans les écrits. Pour enrichir cette liste, nous avons mené des consultations auprès de quelques experts en Égypte où le français est enseigné comme deuxième langue étrangère dans les écoles publiques. Et, à l’aide de trois outils de recherche, les entrevues individuelles, le focus-group et le questionnaire, nous avons pu développer et valider des standards de performance pertinents à chacun des domaines identifiés ainsi que des indicateurs pour chaque standard. L’analyse statistique des données recueillies nous a permis d’en faire une description globale, de confirmer des points de convergence de façon significative, et aussi de repérer des éléments sujets à discussion. Ainsi, nous sommes parvenue à élaborer un référentiel qui comprend trois composantes principales : les domaines de performance, les standards et les indicateurs. Ce référentiel contient vingt standards de performance essentiels à la formation des futurs enseignants de FLE. Les standards sont regroupés sous six catégories appelées domaines : compétence linguistique, communication, processus d’enseignement, gestion de classe, évaluation et professionnalité. Le référentiel comprend aussi soixante-trois indicateurs reliés aux standards retenus. Le résultat de notre recherche est donc ce référentiel de compétences destiné aux futurs enseignants de FLE et dont les éléments ont été validés en Égypte. Nous croyons que cet outil servira, d’une part, de cadre de référence pour les professeurs des facultés d’éducation surtout lors du choix de contenu de leurs cours et, d’autre part, comme un guide pour les futurs enseignants qui leur permettra de s’autoévaluer et de se situer par rapport aux différents standards de performance identifiés dans ce référentiel. / Competency frameworks and professional education of teachers have become subjects of great interest among educational researchers (Paquay, 1994 ; Perrenoud, 2001 & Berchoud, 2007). This study is a Research & Development research that has as main objective to design and develop a competency framework for the future teachers of French as foreign language (FFL). To achieve this objective, our general approach was primarily based on the analysis of teacher education competency frameworks and performance standards that existed across the world. This analysis has led to identify the common points and subsequently, find the relevant elements that could inspire us in the development of a first draft of our competency framework. Thus, we have compiled a list containing the key performance domains for the education of the future teachers that we have identified based in our review of literature. To develop this list, we have consulted some experts in Egypt where French is taught as a second foreign language in public schools. By means of three research tools, interviews, focus-group and questionnaire, we have developed and validated the performance standards relevant to each of these domains as well as some indicators for each identified standard. The statistical analysis of data collected have allowed us to make an overall description of this data to confirm points of convergence significantly and also to identify some items subject of discussion. Hence, we could develop our competency framework that includes three main components: performance domains, standards and indicators. This framework consists of twenty performance standards that are essential for the education of future teachers of FFL. These standards are grouped under six categories called domains: language competence, communication, teaching process, classroom management, assessment and professionalism. The framework includes also sixty-three indicators related to the defined standards. Thus, the result of our research is this competency framework designed for the future teachers of FFL that its components have been validated in Egypt. We believe that this tool will be used, on the one hand, as a reference for the professors in faculties of Education helping them in the selection of the course content ; on the other hand, it will be used as guide for the future teachers enabling them to self-assess in reference with the defined performance standards.

Les référentiels de compétences et la formation professionnelle des enseignants sont devenus des sujets qui suscitent beaucoup d’intérêt de la part de plusieurs chercheurs en éducation, dont Paquay (1994), Perrenoud (2001) et Berchoud (2007). La présente étude est une recherche-développement qui se donne pour objectif principal de concevoir et d’élaborer un référentiel de compétences pour les futurs enseignants de français langue étrangère (FLE). Pour y parvenir, notre démarche générale consistait à partir de l’analyse des référentiels de formation des enseignants ainsi que des standards de performance que nous pouvions déjà trouver partout dans le monde. Cette analyse nous a amenée à repérer les points communs et, par la suite, à les synthétiser pour trouver les éléments pertinents qui pourraient nous inspirer pour une première ébauche de notre référentiel. Ainsi, nous avons dressé une liste des domaines de performance nécessaires à la formation des futurs enseignants que nous avons repérés dans les écrits. Pour enrichir cette liste, nous avons mené des consultations auprès de quelques experts en Égypte où le français est enseigné comme deuxième langue étrangère dans les écoles publiques. Et, à l’aide de trois outils de recherche, les entrevues individuelles, le focus-group et le questionnaire, nous avons pu développer et valider des standards de performance pertinents à chacun des domaines identifiés ainsi que des indicateurs pour chaque standard. L’analyse statistique des données recueillies nous a permis d’en faire une description globale, de confirmer des points de convergence de façon significative, et aussi de repérer des éléments sujets à discussion. Ainsi, nous sommes parvenue à élaborer un référentiel qui comprend trois composantes principales : les domaines de performance, les standards et les indicateurs. Ce référentiel contient vingt standards de performance essentiels à la formation des futurs enseignants de FLE. Les standards sont regroupés sous six catégories appelées domaines : compétence linguistique, communication, processus d’enseignement, gestion de classe, évaluation et professionnalité. Le référentiel comprend aussi soixante-trois indicateurs reliés aux standards retenus. Le résultat de notre recherche est donc ce référentiel de compétences destiné aux futurs enseignants de FLE et dont les éléments ont été validés en Égypte. Nous croyons que cet outil servira, d’une part, de cadre de référence pour les professeurs des facultés d’éducation surtout lors du choix de contenu de leurs cours et, d’autre part, comme un guide pour les futurs enseignants qui leur permettra de s’autoévaluer et de se situer par rapport aux différents standards de performance identifiés dans ce référentiel. / Competency frameworks and professional education of teachers have become subjects of great interest among educational researchers (Paquay, 1994 ; Perrenoud, 2001 & Berchoud, 2007). This study is a Research & Development research that has as main objective to design and develop a competency framework for the future teachers of French as foreign language (FFL). To achieve this objective, our general approach was primarily based on the analysis of teacher education competency frameworks and performance standards that existed across the world. This analysis has led to identify the common points and subsequently, find the relevant elements that could inspire us in the development of a first draft of our competency framework. Thus, we have compiled a list containing the key performance domains for the education of the future teachers that we have identified based in our review of literature. To develop this list, we have consulted some experts in Egypt where French is taught as a second foreign language in public schools. By means of three research tools, interviews, focus-group and questionnaire, we have developed and validated the performance standards relevant to each of these domains as well as some indicators for each identified standard. The statistical analysis of data collected have allowed us to make an overall description of this data to confirm points of convergence significantly and also to identify some items subject of discussion. Hence, we could develop our competency framework that includes three main components: performance domains, standards and indicators. This framework consists of twenty performance standards that are essential for the education of future teachers of FFL. These standards are grouped under six categories called domains: language competence, communication, teaching process, classroom management, assessment and professionalism. The framework includes also sixty-three indicators related to the defined standards. Thus, the result of our research is this competency framework designed for the future teachers of FFL that its components have been validated in Egypt. We believe that this tool will be used, on the one hand, as a reference for the professors in faculties of Education helping them in the selection of the course content ; on the other hand, it will be used as guide for the future teachers enabling them to self-assess in reference with the defined performance standards.

在知識經濟時代下，無形資產的對於公司的重要性愈來愈高。有別於在工業時代下的生產重心，著重在大量的土地，機器設備...等有形的資產，在二十一世紀競爭中致勝的關鍵因素卻是那些無實體存在的知識累積，例如：研究發展的能力、員工的素質、顧客關係的維持…等;然而，會計處理對於無形資產卻是停留在歷史的取得成本，而不是現時的市場價值，更甚，有些無形資產根本無法入帳;因此，資本市場如何看待與反應公司的無形資產就是一項有趣的議題。本研究之研究目的是：依據Fama and French (1993)三因子模型，以橫斷面的分析方式，欲控制了系統風險、規模效果和淨值與市價比效果後，進一步分別探討研究發展活動與專利權對於股票報酬之影響，是否擁有投入愈多的研發活動與專利可以在股票市場獲得愈高的報酬？是否研究發展費用與專利權數對於股票報酬有遞延效果的影響？ 樣本期間從民國七十一年到民國九十三年，包含上市與上櫃公司，總共有21717筆觀察值，在研究發展活動方面，本研究採用了當期研究發展費用與依五年資本化後之研究發展費用二種替代變數，專利權方面，採用專利權數與累積專利權數二種代理變數，其實證結果發現： (1)當期研究發展費用溢酬與股票超額報酬呈現顯著的正向相關，將研究發展費用依五年資本化後，資本化後之研究發展費用溢酬仍與股票超額報酬呈現顯著的正向相關。 (2)專利權數之溢酬與股票超額報酬卻是顯著的負相關，累積專利權數之溢酬與股票超額報酬也是呈現顯著的負向關係，可能的原因是：在本研究樣本裡的大部分的專利權數量是非常集中在少部分的公司。 (3)研究發展溢酬對於超額報酬最多有三年的遞延效果，專利權溢酬對於超額報酬至少有五年遞延的效果。 (4)當期研究發展費用溢酬與資本化後之研究發展費用溢酬對於超額報酬有顯著不同的影響，二者比較下，當期研究發展費用溢酬對於股票報酬的影響程度大於資本化後之研究發展費用溢酬。可能的原因是:Fama and French三因子模型某種程度上代表著流量的概念，因此，當期研究發展費用溢酬的效果較為顯著。 (5)在專利權數之溢酬與累積專利權數之溢酬二者之間，對於超額報酬不具有顯著差異性的影響。可能的原因是:大部分的樣本都沒有專利權，因此，專利權數之溢酬與累積專利權數之溢酬沒有太大的差異。 (6)以研究發展與專利來說，二者對於超額報酬具有顯著不同差異的影響。 / Since the change in the global economy in the last decade, from manufacturing and industry-based to knowledge-based, it has created new interest in intellectual capital and increased the demand for measuring and reporting the effect on business and profitability. Nonetheless, accounting conventions based on historical cost often understate their value. Thus, from a practical point of view, how the stock market responses to the innovative activity is an interesting issue. Here, the major objective of this study is, on the basis of the three-factor model in Fama and French (1993), to investigate the relationship between innovation activities in firms and stock returns. That is, the aim in this study is to examine whether the intellectual capital, in particularly focusing on R&D and patents, has impact on stock returns. Does the market provide the premium for the value of the innovation in firms? Do the stocks with more innovation efforts worth the higher market rate of returns? Do R&D and patents have time lag effect on returns? We find that: (1) The return premiums are significantly greater for high-level of R&D than for low-level R&D. The mimicking returns both for the R&D-expense factor and capitalized-R&D factors are significantly positive related to excess stock returns. (2) Contrary to our intuition and expectation, the mimicking returns both for patent count and cumulated patent count are significantly negative associated with excess stock returns. One possible explanation is that the distribution of patented innovation is known to be extremely skewed, implying that a few patents are very valuable and many are worth almost nothing. (3) R&D-related return premiums have 3-year lag effect on excess stock returns at most. As for patent-related return premiums, it shows 5-year lag at least for excess stock returns. (4) R&D expenses have more impact on stock returns than the R&D capitalization. One possible explanation is that the “flow” concept is more suitable than the “stock” concept in the Fama and French (1993) regression of stock returns. (5) There is no difference between patent count and cumulated patent count in explaining stock returns. It is likely that, for a large proportion of the sample, they do not possess any patents. (6) When it comes to compare R&D to patents, we find that there is statistically significant difference between the two in explaining excess stock returns.