本文旨在研究廠商創新行為與專利訴訟策略對其經營績效之影響。本文以台灣前五十大半導體廠商為研究對象，使用台灣經濟新報資料庫(Taiwan Economic Journal)、全球專利檢索系統及ITIS (Industry & Technology Intelligence Service)智網之資料，建立2005至2017年間的跨公司追蹤資料，並使用一因子隨機效果模型進行實證估計。隨機效果模型的估計結果發現了兩點與傳統文獻不同的結論，一、廠商專利存量對其毛利率並無顯著影響，而專利被引用數與毛利率則為顯著的負向關係，此間可能原因為過往文獻使用市值作為被解釋變數，而市值容易受市場訊息而波動而改變；另一個可能原因為專利資訊公開透明，因此專利引用數越高隱含原專利被突破機率越高。然而，估計結果亦顯示研發的投資報酬率對於毛利率仍有顯著的正向影響。二、廠商所面臨的專利訴訟總數越少、越能提高公司獲利能力，並且在專利訴訟中，不管廠商是身為原告或被告，對毛利率皆有負向的影響。其可能原因為訴訟期間系爭專利相關產品的生產與佈局勢必會受到影響，且訴訟期間需負擔高額訴訟費用，此費用可能拖垮公司營運。

This paper examines the impact of innovation activities and patent strategies on operating performances. We established a firm-level panel dataset consisting of the top 50 semiconductor firms in Taiwan from 2005 to 2017 and adopted the random-effect panel data model as the estimation strategy. The estimation results obtained are different from the findings of the previous studies. First, the estimation results show that the patent stock of firms has no significant impact on the gross profit ratios, and the numbers of patent citations have a significant negative impact on the gross profit ratios. However, the rates of return to R&D expenditures still have significant positive impact on the gross profit ratios. Second, the number of patent litigations involved of a firm has a significant negative impact on the gross profit ratio, regardless whether the firm is the plaintiff or the defendant.

審定書 i
中文摘要 ii
Abstract iii
第一章 緒論 1
第二章 文獻回顧 4
第一節 創新與績效 4
第二節 專利策略 7
第三章 研究方法 10
第一節 追蹤資料(Panel data) 10
第二節 模型選擇―Hausman檢定 13
第三節 變數介紹 14
第四節 實證模型 19
第五節 變數資料來源 22
第四章 實證結果 25
第一節 檢定結果 25
第二節 實證模型估計結果 26
第五章 結論 35
第一節 變數選擇與模型設定 35
第二節 實證結果與總結 35
參考文獻 39

表目錄
表3-1 變數敘述統計值 23
表3-2 變數定義 24
表4-1 檢定結果 25
表4-2 專利訴訟總數下估計結果 30
表4-3 專利訴訟中身為原告或被告估計結果 34

 中文部分
1. 施學浩(2010)，「專利經營方法與訴訟策略—以台灣半導體和電子產業為實證研究」,國立交通大學管理學院碩士在職專班科技
法律組碩士論文。
2. 何愛文(2003)，「專利聯盟所生競爭法上爭議」，《公平交易期刊》，11(4)，頁1-30
3. 曾俊堯(2003)，「創新資本對經營績效與公司價值影響之研究」,國立台北大學企業管理學系博士論文。
4. 陳婉儀(2017)主編，「2017年台灣半導體年鑑」,工業技術研究院產業經濟與趨勢研究中心。
 英文部分
1. Aoki R., Hu, J.-L. (1996), "Licensing vs. Litigation: Effect of the Legal System on Incentives to Innovate", Journal of Economics
& Management Strategy, 8(1),133-160.
2. Baltagi, B.(2008), "Econometric Analysis of Panel Data", England:John Wiley & Sons Ltd.
3. Belenzon, S. (2012),"Cumulative Innovation and Market Value: Evldence from Patent Citations",The Economic Journal,
122(559), 265-285.
4. Chang, H. (1995), "Patent Scope, Antitrust Policy, and Cumulative Innovation",The RAND Journal of Economics, 26(1), 34-57.
5. Choi, J., Gerlach, H. (2015), "Patent pools, litigation, and innovation" The RAND Journal of Economics, 46(3), 499-523.
6. Chen, Y.-S.,Chang, K.-C.(2010), "The relationship between a firm's patent quality and its market value —The case of US
pharmaceutical industry",Technological Forecasting & Social Change,77(1),20-33
7. Cockburn, I. , Griliches, Z.(1988), "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and
Patents. " The American Economic Review, 78(2), 419-423.
8. Crampes, C., Langinier, C.(2002), "Litigation and Settlement in Patent Infringement Cases", The RAND Journal of
Economics,33(2), 258-274
9. Griliches, Z.(1984), "Market Value, R&D, and Patents", University of Chicago Pr-
ess, Chicago, 249-252
10. Griliches, Z., Hall, B., & Pakes,A.(1991), "R&D, Patents, and Market Value Revisited: Is There a Second (Technological
Opportunity) Factor? ", Economic of Innovation New technology, 1(3), 183-201.
11. Harhoff, D., Narin, F., Scherer, F.M., & Vopel, K.(1999), "Citation Frequency and the Value of ", Review of Economics and
Statistics,81(3), 511-515.
12. Hall, B. (1993), "The Stock Market's Valuation of R&D Investment During the 1980's", The American Economic Review, 83(2),
259-264.
13. Hayashi, Fumio(1982),"Tobin's Marginal q and Average q: A Neo-classical Interprtion," Econometrica , 50, 213-224.
14. Horstmann, I., MacDonald, G., & Slivinski, A. (1985), "Patents as Information Transfer Mechanisms: To Patent or (Maybe) Not
to Patent", Journal of Political Economy, 93(5), 837-858.
15. Langinier, C. (2005), "Using Patents to Mislead Rivals",The Canadian Journal of Economics / Revue Canadienne
D'Economique, 38(2), 520-545.
16. Lanjouw, J., & Schankerman, M. (2001),"Characteristics of Patent Litigation: A Window on Competition ", The RAND Journal of
Economics, 32(1), 129-151.
17. Lin, B.-W., Chen, C.-J. Chen, & Wu, H.-L.(2006),"Patent Portfolio Diversity, Tec-
hnology Strategy, and Firm Value" , IEEE Transactions on Engineering Man-
agemen, 53(1), 17-26.
18. Lee, M.-H.(2018), "The Impact of Housing Market Activities on the Inequality of Economic Opportunities in China", Mainland
China Studies , 61(3),87-116.
19. Megna, P., Klock, M.(1993),"The Impact of Intangible Capital on Tobin's q in the Semiconductor Industry", The American
Economic Review, 83(2), 265-269.
20. Somaya, D.(2003), "Strategic determinants of decisions not to settle patent litigation", Strategie Management Journal, 24(1),
17-38.
21. Yang, C.-H., Chen, J.-R. (2003), "Innovation and Market Value in Newly-Industrialized Countries: the case of Taiwanese
electronics firms", Asian Economic Journal. 17 (2) ,205–220.
22. Wildasin, David E.(1984), "The q Theory of Investment with Many Capital Goods", American Economic Review, 74, 203-210.