臺灣博碩士論文加值系統

在全球化的過程中，隨著知識時代的來臨，產業競爭越來越激烈，致使企業的創新能力逐漸被重視，甚至成為國家現代化象徵之一。本研究以1997年至2013年共計17年，共9,640筆臺灣上市公司年資料樣本，包含1,915件訴訟案件，其中1,049件為專利訴訟案件。並根據學者Hirshleifer et al.(2013)以核准(授權)專利權數/研發資本、專利調整引證數/研發資本等作為創新效率指標，來分析臺灣上市公司之創新效率與專利訴訟對於企業績效之影響程度。實證結果顯示，創新效率越好對企業績效呈現顯著為正的影響。而在專利訴訟的判決結果對於資產報酬率為負相關，對現金流量與Tobin’s Q為正相關。而迴歸結果顯示當專利訴訟判決定讞後，會部分抵減創新效率對企業績效的影響程度。此結果說明在創新的過程中，如何避免專利訴訟以提升創新效率，這將是企業取得產業競爭優勢重要的關鍵之一。

In the age of economic knowledge, industry competition is severe and business innovation capability has important role that becomes one of the symbols of the modernization of a country. This study analyzes the effect of innovative efficiency and patent lawsuits on corporate performance by using a sample of Taiwanese listed companies. We find that innovative efficiency is significantly and positively associated with firm performance. Second, patent lawsuit is negatively associated with ROA and positively associated with cash flow and Tobin’s Q. Finally, when the verdict of patent lawsuits is rendered, the impact of innovative efficiency on corporate performance is partially reduced. This result implies that to avoid patent lawsuits is important in the innovation process.

摘 要 i
ABSTRACT ii
誌 謝 iii
目 錄 iv
表目錄 v
圖目錄 vi
第一章 緒論 1
第一節　研究背景與動機 1
第二節　研究目的 4
第三節　研究架構 5
第二章 文獻探討 7
第一節　創新特性與效率 7
第二節 創新效率之投入與產出 11
第三節 專利訴訟 18
第四節 研究假設 23
第三章 研究方法 24
第一節 資料來源與樣本敘述 24
第二節 研究模型 25
第四章 實證結果與分析 28
第一節 基本敘述統計量表 28
第二節 創新效率、專利訴訟之績效迴歸分析 33
第五章 結論與建議 37
第一節 研究結論 37
第二節 未來研究建議 40
參考文獻 60

國外文獻:
Aboody, D., Lev, B., 1998. The value-relevance of intangibles: The case of software capitalization. Journal of Accounting Research, 36, 161-191.
Aboody, D., Lev, B., 2000. Information Asymmetry, R&D, and Insider Gains. Journal of Finance, 6, 2747-2766.
Ahuja, G., 2000. Collaboration networks, structural holes, and innovation: A longitudinal study. Administrative Science Quarterly, 45(3), 425-455.
Aghion, P., Bloom, N., Blundell, R., Griffith, R. and Howitt, P., 2005. Competition and Innoation: An Inverted-U Relationship, The Quarterly Journal of Economic, 120(2), 701-728.
Ayadi, F., Dufrene, U. B., Obi, C. P., 1996. Firm Performance Measures: Temporal Roadblock to innovation? Managerial Finance 22, 18-32
Ayyagari, M., Demirguc-Kunt, A., Maksimovic, M., 2011. Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition, Journal of financial and quantitative analysis, 46(6): 1545-1580.
Baysinger, B. D., Hoskisson, R.E., 1989. Diversification strategy and R&D intensity in multiproduct firms. Academy of Management Journal, 32(2): 310-332.
Baker, N. R., Freeland, J. R., 1975. Recent Advantages in R&D Benefit Measurement and Project Selection Method. Management Science, 21, 1164-1175.
Baumol, W. J., 2002. The Free-Market Innovation Machine: Analyzing the Growth Miracle of Capitalism. Princeton, NJ: Princeton University Press.
Becker-Blease, John R., 2011. Governance and Innovation. Journal of corporate finance, 17(4), 947-958.
Berk, J., Green, R., Naik, V., 2004, Valuation and Return Dynamics of New Ventures. Review of Financial Studies 17, 1-35.
Bessen, J., Meurer, M. 2005. The patent litigation explosion working paper series. Law and Economics N. 05-18, Boston University School of Law.
Bessen, J., Meurer, M. 2006. Patent litigation with endogenous disputes. American Economic Review, 96, 77–81.
Bessen, J., 2008. The value of U.S. patents by owner and patent characteristics. Research Policy. 37, 5, June, 932–945.
Bhagat, S., Brickley, J.A., Coles, J. L., 1994. The Cost of Inefficient Bargaining and Financial Distress: Evidence from Corporate Lawsuit. Journal of Financial Economics, 35(2), 221-247.
Bhagat, S., Brickley, J. A., Coles, J. L. (1998). The Costs of Inefficient Bargaining and Financial Distress. Journal of Financial Economics, 14, 5-27.
Chan, L. K. C., Lakonishok, J., Sougiannis, T., 2001. The stock market valuation of research and development expenditures. Journal of Finance, 56(June): 2431-2456.
Chan, S., Martin, J., Kensinger, 1990. Corporate Research and Development Expenditures and Share Value, Journal of Financial Economics, 21, 255-276.
Chan, Su, Kesinger, J., Martin, J., 1992. The market rewards promising R&D and punishes the rest. Journal of Applied Corporate Finance, 5, 59-66.
Chin, C. L., Lee, P., Chi, H. Y., Anandarajan. A., 2006. Patent Citation, R&D Spillover and Tobin’s Q: Evidence from Taiwan Semiconductor Industry. Review of Quantitative Finance and Accounting, 26, 67-84.
Cuneo, P., Mairesse, J., 1984. Productivity and R&D at the Firm Level in French Manufacturing. in Z. Griliches, Ed., R&D, Patents, and Productivity, Chicago, IL, The University of Chicago Press.
Coase, R., 1960. The Problem of Social Cost. Journal of Law and Economics, 3, 1-44.
Cochrane, J. H., 1991. Production-based asset pricing and the link between stock returns
and economic fluctuations. Journal of Finance, 46, 209–237.
Cochrane, J. H., 1996. A cross-sectional test of an investment-based asset pricing model. Journal of Political Economy, 104, 572-620.
Coolley, R. B., 1990. Obtaining Attorney’s Fees for Corporate Patent Counsel’s Assistance in Litigation. Journal of the Patent and Trademark Office Society, 72, 212-224.
Deng, Z., Lev, B., Narin, F., 1999. Science and Technology as Predictors of Stock Performance. Financial Analysis Journal. 55(3), 20-32.
Dierickx, I., Cool, K., 1989. Asset Stock Accumulation and Sustainability of Competitive Advantage. Management Science, 35, 1504-1513.
Eberhart, A., Maxwell, W., Siddique, A., 2004. An Examination of Long-Term Abnormal Stock Returns and Operating Performance Following R&D Increase, Journal of Finance, 59, 623-650.
Eisdorfer, A., Hsu, P. H., 2011. Innovate to Survive: The Effect of Technology Competition on Corporate Bankruptcy. Financial Management, 40(4), 1087-1117.
Engelmann, K., Cornell, B., 1988. Measuring the Cost of Corporate Litigation: Five Case Studies. Journal of Legal Studies, 17, 377-399.
Fama, E., MacBeth, J., 1973. Risk, return, and equilibrium: empirical tests. Journal of Political Economy, 71, 607-636.
Fisher, K. L., Statman, M., 2000. Investor Sentiment and Stock Returns. Financial Analysts Journal, 56(2), 16-23.
Foster, J. J., 1986. How to Manage the Cost of Patent Litigation: Suggestions of Trial
Counsel. Journal of the Patent and Trademark Office Society, 68, 127-140.
Greenwood, J., Jovanovic, B., 1999. The Information-Technology Revolution and the Stock Market. American Economic Review 89, 116-122.
Green, Jerry, R., Suzanne Scotchmer. 1995 On the division of profit in sequential innovation. RAND Journal of Economic. 26. 20-33.
Griliches, Z., 1984. R&D, Patents, and Productivity, Chicago, IL, The University of Chicago Press.
Griliches, Z. 1990. Patent Statistics as Economic Indicators: A Survey. Journal of Economic Literature, 28, 1661-1707.
Griliches, Z., B. H. Hall, and A. Pakes. 1998. R&D, Patent and Markets Value Revisited: Is There a Second (Technological Opportunity) Factor. Working Paper, No. 2642, NBER.
Gu, F., 2005. Innovation, future earnings, and market efficiency. Journal of Accounting Auditing and Finance 20, 385-418.
Harhoff, D., Narin, F., Scherer, F. M., Vopel, K., 1999. Citation frequency and the value of patented inventions, The Review of Economics and Statistics, 81(3), 511-515.
Hashimoto, A., Haneda, S., 2008. Measuring the Change in R&D Efficiency of the Japanese Pharmaceutical Industry, Research Policy, 37(10), 1829-1836.
Hanley, K. W., Hoberg, G., 2012. Litigation risk, strategic disclosure and the underpricing of initial public offerings. Journal of Financial Economics, 103, 235-254.
Harhoff, D., Reitzig, M., 2004. Determinants of opposition against EPO patent grants-The case of biotechnology and pharmaceuticals. International Journal of Industrial Organization, 22, 443-480.
Hall, B. H., Jaffe, A., Trajtenberg, M., 2001. The NBER patent citation data file: lessons, insights and methodological tools. Unpublished working paper. NBER Working Paper 8498.
Hall, B. H., Jaffe, A., Trajtenberg, M., 2005. Market value and patent citations. RAND Journal of Economics, 36, 16–38.
Hall, B. H., Ziedonis, R. M., 2001. The patent paradox revisited: an empirical study of patenting in the US semiconductor industry, 1979–1995. RAND Journal of Economics 32, 101–128.
Hirschey, M., Weygandt, J. J., 1985. Amorthization Policy for Advertising and Research and Develoment Expenditures. Journal of Accounting Research, 23, 326-335.
Hirshey, M., J. Weygandt, 1985. Amortization Policy for Advertising and R&D Expenditures, Journal of Accounting Research (Spring), 326-335.
Hirshleifer, D., Hsu, P. H., Li, D., 2013. Innovative efficiency and stock returns. Journal of Financial Economics, 107(3), 632–654.
Hill, C. W. L., Snell, S. A., 1988. External Control, Corporate Strategy, And Firm Performance in Research-Intensive Industries, Strategic Management Journal, 9, 577-590
Hobijn, B., Jovanovic, B., 2001. The IT Revolution and the Stock Market: Evidence. American Economic Review,85, 1000-1020.
Hsu, P., 2009, Technological innovations and aggregate risk premiums, Journal of
Financial Economics, 94, 264-279.
Jaffe, A. B., Lerner, J., 2004. Innovation and its discontents: How our broken patent system is endangering innovation and progress, and what to do about it. Princeton University Press. New Jersey.
Jesper B. S., Stuart, T. E., 2000. Aging obsolescence, and organizational innovation. Administrative Science Quarterly, 45(1), 81-112.
Karki, M. M. S., 1997. Patent Citation Analysis: A policy Analysis Tool. World Patent Information, 19(4), 269-272.
Lall, S., 1992. Technological Capabilities and Industrialization. World Development, 20(2) , 165-186.
Lanjouw, J. O., Lerner, J., 2001. Tilting the Table? The Use of Preliminary Injunctions. Journal of Law and Economics, 44(2), 573-603.
Lanjouw, J. O., Schankerman, M. 2000. Characteristics of patent litigation: A Window on competition, CEPR WP 2042.
Lanjouw, J. O., Schankerman, M. 2004. Protecting intellectual property rights: Are small firms handicapped? Journal of Law and Economics, 47, 19-44.
Lanjouw, J. O., Schankerman, M. 2004. Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators. The Economic Journal, 114(495), 441-465.
Lee, C., Jeon, J., Park, Y. 2011. Monitoring trends of technological changes based on the dynamic patent lattice: A modified formal concept analysis approach. Technological Forecasting and Social Change, 78(4),690-702.
Lee, Y. G., Lee, J. D., Song, Y. I., Lee, S. J., 2007. An in-depth empirical analysis of patent citation counts using zero-inflated count data model: the case of KIST. Scientometrics ,70(1), 27-39.
Lemley, M., Allison, R. 1998. Empirical evidence on the validity of litigated patents. American Intellectual Property Law Association Quarterly Journal, 185, 26.
Lemley, M., Shapiro, C., 2005.Probabilistic Patent. Journal of Economic Perspectives, 19(2), 75-98.
Lerner, J. 1994. The Importance of Patent Scope: An Empirical Analysis. RAND Journal of Economics, 25(2), 319-333.
Lev, B., Sougiannis, T., 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economic, 21(January): 107-138.
Li, E., 2007. Corporate Governance, the Cross Section of Returns, and Financing
Choices, University of Rochester, Working Paper.
Li, D., 2010. Financial Constraints, R&D Investments, and Stock Returns, Review of Financial Studies, 24, 2974-3007.
Lin, J. C., Howe, J. S., 1990. Insider Trading in the OTC Market. The Journal of Finance, 45(4), 1273-1284.
Liu, L., Whited, T.M., Zhang, L., 2009. Investment-Based Expected Stock Returns, Journal of Political Economy, 117, 1105-1139
Megna, P., Klock, M., 1993. The impact of intangible capital on Tobin’s Q in the semiconductor industry. American Economic Review (May), 83(2): 265-269.
Meurer, 1989. The Settlement of Patent Litigation. Rand Journal of Economics, 20(1), 77-91.
Miele, A. L., 2000. Patent strategy: The Manager's Guide to Profiting from Patent Portfolios. John Wiley & Sons.
Nelson, R. R., Winter, S. G., 1982. An Evolutionary Theory of Economic Change. Boston: Belknap Press of Harvard University Press.
OECD. 1996. The knowledge-based Economy. Organization for Economic Cooperation and Development：Paris.
O'Brien, J. P., 2003. The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal, 24(5), 415-431.
Pandit, S., Wasley, C. E., Zach, T., 2011. The Effect of R&D Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing and Finance, 26, 121-144.
Prajogo, D. I., Ahmed, P. K., 2006. Relationships between innovation stimulus, innovation capacity, and innovation performance. R&D Management, 36(5), 499-515.
Raghu, T. S., Woo, W., Mohan, S. B., Rao, H. R., 2008. Market Reaction to Patent Infringement Litigations in the Information Technology Industry. Information Systems Frontiers, 10(1), 61-75.
Sadao, N., 2009. Does Strong Patent Protection Facilitate International Technology Transfer? Some Evidence from Licensing Contracts of Japanese Firms. Journal of Technology Transfer, 34, 128-144.
Schankerman, M., Pakes, A., 1986. Estimates of the value of patent rights in European
countries during the post-1950 period. The Economic Journal, 96(384), 1052-1076.
Scherer, F. M., 1965. Corporate inventive output, profit and growth. Journal of Political Economy(May/June), 190-197.
Schumpeter, J. A., 1942. Capitalism, Socialism, and Democracy. New York: Harper and Brothers.
Schumpeter, J. A., 1947. The Creative Response in Economic History. Journal of Economic History, 7, 149-159, reprinted in J. Schumpeter, Essays: On Entrepreneurs, Innovations, Business Cycles, and the Evolution of Capitalism, R. V. Clemence, ed. New Brunswick, NJ: Transaction Publishers (1989).
Shapiro, 2007. Patent Reform: Aligning Reward and Contribution, NBER Working Paper. No. 13141.
Sherry, E. F., Teece, D. J., 2004. Royalties, evolving patent right, and the value of innovation. Research Policy, 33, 179-191.
Spiegel, M., Tookes, H., 2013. Dynamic competition, valuation, and merger activity. Journal of Finance, 68(1), 125-172.
Somaya, D. 2003. Strategic determinants of decisions not to settle patent litigation. Strategic Management Journal, 24, 17-38.
Thornhill, S., 2006. Knowledge, innovation and firm performance in high- and low-technology regimes. Journal of Business Venturing, 21(5), 687-703.
Thornhill D. J., LaJeunesse T. C., Kemp D. W., Fitt W. K., Schmidt, G.W., 2006. Multi-year, seasonal genotypic surveys of coral-algal symbioses reveal prevalent stability or post-bleaching reversion. Marine Biology, 148, 711–722.
Toivanen, O., Stoneman, P., Bosworth, D., 2002. Innovation and Market Value of UK
Firms, 1989-1995, Oxford Bulletin of Economics and Statistics, 64, 39-61.
Terziovski, M., 2010. Innovation practice and its performance implications in small and medium enterprises, Strategic management Journal, 31(8), 892-902.
Wang, E. C., 2007. R&D Efficiency and Economic Performance: A Cross-country Analysis Using the Stochastic Frontier Approach, Journal of Policy Modeling, 29(2), 345-360.




 
國內文獻:
阮明淑、梁峻齊， 2009，The Study of Development of Patent Indexes. Journal of Library and Information Science, 35(2), 88-106。
林惠玲、陳正倉，2002，研究發展、專利權與經濟效益：台灣1996-2000年追蹤資料之驗證. 行政院國家科學委員會專題研究計畫成果報告。
林富松，1990，研究發展策略與生產力關係之研究. 國立政治大學企管研究所博士論文。
林惠玲、陳正倉，2002，研究發展、專利權與經濟效益：台灣1996-2000年追蹤資料之驗證，行政院國家科學委員會專題研究計畫成果報告。
洪榮華、陳香如、林慧珍，2007，公司治理機制對創新、多角化策略及公司績效
之影響－研發密集產業之實證，中山管理評論十五卷第一期，37-60。
龔明鑫，2003，我國研發創新能力之國際比較，我國產業結構下的研發創新投資
研討會論文集。
龔明鑫，林秀英，2003，從專利分析台灣創新能量與趨勢，2003年產業科技創新-
關鍵年代的政策與挑戰國際研討會，2003 年10月30-31 日，台北，經濟部
技術處、台灣經濟研究院。
黃政仁、詹佳樺，2013，創新能力、創新效率與公司價值：以台灣電子資訊業為
例，商略學報第五卷第一期，1-17。
翁崇雄、邱仁鈿、魯美貝，2005，專利訴訟對於企業競爭優勢之影響分析-以台灣IC 設計廠商為例，國立臺灣大學資訊管理學研究所碩士論文。
耿筠、蔡東佑，2011，專利佈局與專利訴訟的關聯性研究-以美國半導體業為例，
國立雲林科技大學企業管理研究所博士論文。
中華民國經濟部智慧財產局: 專利侵害鑑定要點。取自於http://www.tipo.gov.tw/ct.asp?xItem=285950&ctNode=6727&mp=1。
克里斯汀生，2010，創新的兩難－破壞性創新才能確保永續成長，9/25工商時報。