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題名 美國半導體產業關鍵專利與公司財務績效
Crucial patents and company financial performance from American semiconductor industry作者 劉冠妤
Liu, Kuan-Yu貢獻者 李浩仲<br>李文傑
劉冠妤
Liu, Kuan-Yu關鍵詞 半導體
關鍵專利
財務績效
網絡分析
Semiconductor
Crucial patents
Financial performance
Network Analysis日期 2019 上傳時間 5-Sep-2019 17:09:02 (UTC+8) 摘要 本篇文章主要在探討美國上市櫃半導體產業公司擁有關鍵專利與其財務績效之間的關聯性。在半導體產業中各公司無不重視技術的研發與商業化，本文先從incoPat資料庫搜尋並下載USPTO上之專利，再透過專利引用網絡中專利之SPNP(Search Path Node Pair)值計算出衡量專利重要性的Z分數(Z-Score)並探討其對公司財務表現的影響。研究結果發現Z分數(Z-Score)對公司的資產報酬率(ROA)以及現金流量(Cash Flow)有正向且顯著的影響，將公司依技術生命週期進行分群後的結果也顯示關鍵專利會影響公司的財務績效，故本研究之結果證明進行技術研發與創新在半導體產業中的重要性。
Trace back to neoclassical belief, total factor productivities beneath firms` invisible core competence would be crucial to long-run progress. This dissertation goes further to test whether the better-quality patented technologies would beneficial to firms` operational profitability and routine trading scales. On the one hand, the developed networked approached in this research present a way of quality measure to firms` accumulated patents. Secondly, the hand-collected dataset consist of both firm-level patent information and financial performance. The results in this research show that patents revealing better quality would impact favorably to firms` profitabilities and trading scales. This result aligned with finance literature would suggest the undeletable role played by firms` innovation investment; though not shown in just the short-term payoffs.參考文獻 一、 中文李雅明(1999)。 《半導體的故事》 。出版社：新新聞文化王志封，我國半導體上市櫃公司財務績效之研究，實踐大學企業管理研究所碩士論文，2000。鄭國強，廠商的專利行為與市場價值關聯—以全球半導體產業為例，世新大學財務金融研究所碩士論文，2004。二、 英文Cheng, Y. H., Kuan, F. Y., Chuang, S. C., Ken, Y. (2009). “Profitability decided by patent quality? An empirical study of the U.S. semiconductor industry”, Scientometrics 82, 175-183.Deeds, D. L., Decarolis, D. M. (1999). “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry”, Strategic Management Journal 20, 953-968.Gu, F. (2005). “Innovation, Future Earnings, and Market Efficiency”, Journal of Accounting, Auditing & Finance 20, 385-418.Hirshleifer, D., Hsu, P. H., Li, D. (2017). “Innovative Originality, Profitability, and Stock Returns”, The Review of Financial Studies 31, 2553-2605.Lin, B. W., Chen, C. J., Wu, H. L. (2006). “Patent portfolio diversity, technology strategy, and firm value”, IEEE Transactions on Engineering Management 53, 17-26.Markman, G. D., Espina, M. I., Phan, P. H. (2004). “Patents as Surrogates for Inimitable and Non-Substitutable Resources”, Journal of Management 30, 529-544.Rosenbusch, N., Brinckmann, J., Bausch, A. (2011). “Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs”, Journal of Business Venturing 26, 441-457.Sohn, D. W., Hur, W., Kim, H. J. (2010). “Effects of R&D and patents on the financial performance of Korean venture firms”, Asian Journal of Technology Innovation 18, 169-185.Triulzi, G. (2015). “Looking for the right path : technology dynamics, inventive strategies and catching-up in the semiconductor industry”Verspagen, B. (2005). “Mapping Technological Trajectories as Patent Citation Networks. A Study on the History of Fuel Cell Research”, Advances in Complex Systems 10, 93-115.Verbeek, A., Debackere, K. (2006). “Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States”, Scientometrics 66, 279-294.三、 網路資源CMoney投資網誌 (民103年9月23日)。現金流量表告訴我，公司盈餘是真是假？讓我避開地雷股！取自：https://www.cmoney.tw/notes/note-detail.aspx?nid=16961投資達人 (民106年2月14日)。本益比、ROE及ROA的意義。取自：https://www.stockfeel.com.tw/%E6%9C%AC%E7%9B%8A%E6%AF%94%E3%80%81roe-%E5%8F%8A-roa-%E7%9A%84%E6%84%8F%E7%BE%A9/電腦王 (民103年2月28日)。半導體產業的燒錢術，研發費用年年創新高。取自：https://www.techbang.com/posts/17096-burning-money-in-the-semiconductor-industry-research-and-development-every-year-highs科技網 (民99年4月2日)。美光陣營。取自：https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?cat=32&cat1=15&cat2=&id=0000176857_4r97lcag6tfssk65wvaa4iT邦幫忙 (民97年6月6日)。AMD : Advanced Micro Devices。取自：https://ithelp.ithome.com.tw/articles/10004557 描述 碩士
國立政治大學
經濟學系
106258012資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106258012 資料類型 thesis dc.contributor.advisor 李浩仲<br>李文傑 zh_TW dc.contributor.author (Authors) 劉冠妤 zh_TW dc.contributor.author (Authors) Liu, Kuan-Yu en_US dc.creator (作者) 劉冠妤 zh_TW dc.creator (作者) Liu, Kuan-Yu en_US dc.date (日期) 2019 en_US dc.date.accessioned 5-Sep-2019 17:09:02 (UTC+8) - dc.date.available 5-Sep-2019 17:09:02 (UTC+8) - dc.date.issued (上傳時間) 5-Sep-2019 17:09:02 (UTC+8) - dc.identifier (Other Identifiers) G0106258012 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125808 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 106258012 zh_TW dc.description.abstract (摘要) 本篇文章主要在探討美國上市櫃半導體產業公司擁有關鍵專利與其財務績效之間的關聯性。在半導體產業中各公司無不重視技術的研發與商業化，本文先從incoPat資料庫搜尋並下載USPTO上之專利，再透過專利引用網絡中專利之SPNP(Search Path Node Pair)值計算出衡量專利重要性的Z分數(Z-Score)並探討其對公司財務表現的影響。研究結果發現Z分數(Z-Score)對公司的資產報酬率(ROA)以及現金流量(Cash Flow)有正向且顯著的影響，將公司依技術生命週期進行分群後的結果也顯示關鍵專利會影響公司的財務績效，故本研究之結果證明進行技術研發與創新在半導體產業中的重要性。 zh_TW dc.description.abstract (摘要) Trace back to neoclassical belief, total factor productivities beneath firms` invisible core competence would be crucial to long-run progress. This dissertation goes further to test whether the better-quality patented technologies would beneficial to firms` operational profitability and routine trading scales. On the one hand, the developed networked approached in this research present a way of quality measure to firms` accumulated patents. Secondly, the hand-collected dataset consist of both firm-level patent information and financial performance. The results in this research show that patents revealing better quality would impact favorably to firms` profitabilities and trading scales. This result aligned with finance literature would suggest the undeletable role played by firms` innovation investment; though not shown in just the short-term payoffs. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究問題 3第三節 本文架構 4第二章 文獻回顧 5第一節 專利品質與公司績效之文獻 5第二節 專利品質研究方法之文獻 7第三節 文獻整理與歸納 8第三章 研究方法 10第一節 研究對象與資料來源 10第二節 研究方法 11第三節 研究流程圖 13第四節 敘述性統計 14第五節 模型設定 18第四章 實證結果 20第一節 基礎模型實證結果 20第二節 分群模型實證結果 24第五章 結論與建議 28第一節 結論 28第二節 建議後續研究之方向 29參考文獻 30附錄 33 zh_TW dc.format.extent 891403 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106258012 en_US dc.subject (關鍵詞) 半導體 zh_TW dc.subject (關鍵詞) 關鍵專利 zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 網絡分析 zh_TW dc.subject (關鍵詞) Semiconductor en_US dc.subject (關鍵詞) Crucial patents en_US dc.subject (關鍵詞) Financial performance en_US dc.subject (關鍵詞) Network Analysis en_US dc.title (題名) 美國半導體產業關鍵專利與公司財務績效 zh_TW dc.title (題名) Crucial patents and company financial performance from American semiconductor industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文李雅明(1999)。 《半導體的故事》 。出版社：新新聞文化王志封，我國半導體上市櫃公司財務績效之研究，實踐大學企業管理研究所碩士論文，2000。鄭國強，廠商的專利行為與市場價值關聯—以全球半導體產業為例，世新大學財務金融研究所碩士論文，2004。二、 英文Cheng, Y. H., Kuan, F. Y., Chuang, S. C., Ken, Y. (2009). “Profitability decided by patent quality? An empirical study of the U.S. semiconductor industry”, Scientometrics 82, 175-183.Deeds, D. L., Decarolis, D. M. (1999). “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry”, Strategic Management Journal 20, 953-968.Gu, F. (2005). “Innovation, Future Earnings, and Market Efficiency”, Journal of Accounting, Auditing & Finance 20, 385-418.Hirshleifer, D., Hsu, P. H., Li, D. (2017). “Innovative Originality, Profitability, and Stock Returns”, The Review of Financial Studies 31, 2553-2605.Lin, B. W., Chen, C. J., Wu, H. L. (2006). “Patent portfolio diversity, technology strategy, and firm value”, IEEE Transactions on Engineering Management 53, 17-26.Markman, G. D., Espina, M. I., Phan, P. H. (2004). “Patents as Surrogates for Inimitable and Non-Substitutable Resources”, Journal of Management 30, 529-544.Rosenbusch, N., Brinckmann, J., Bausch, A. (2011). “Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs”, Journal of Business Venturing 26, 441-457.Sohn, D. W., Hur, W., Kim, H. J. (2010). “Effects of R&D and patents on the financial performance of Korean venture firms”, Asian Journal of Technology Innovation 18, 169-185.Triulzi, G. (2015). “Looking for the right path : technology dynamics, inventive strategies and catching-up in the semiconductor industry”Verspagen, B. (2005). “Mapping Technological Trajectories as Patent Citation Networks. A Study on the History of Fuel Cell Research”, Advances in Complex Systems 10, 93-115.Verbeek, A., Debackere, K. (2006). “Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States”, Scientometrics 66, 279-294.三、 網路資源CMoney投資網誌 (民103年9月23日)。現金流量表告訴我，公司盈餘是真是假？讓我避開地雷股！取自：https://www.cmoney.tw/notes/note-detail.aspx?nid=16961投資達人 (民106年2月14日)。本益比、ROE及ROA的意義。取自：https://www.stockfeel.com.tw/%E6%9C%AC%E7%9B%8A%E6%AF%94%E3%80%81roe-%E5%8F%8A-roa-%E7%9A%84%E6%84%8F%E7%BE%A9/電腦王 (民103年2月28日)。半導體產業的燒錢術，研發費用年年創新高。取自：https://www.techbang.com/posts/17096-burning-money-in-the-semiconductor-industry-research-and-development-every-year-highs科技網 (民99年4月2日)。美光陣營。取自：https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?cat=32&cat1=15&cat2=&id=0000176857_4r97lcag6tfssk65wvaa4iT邦幫忙 (民97年6月6日)。AMD : Advanced Micro Devices。取自：https://ithelp.ithome.com.tw/articles/10004557 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900784 en_US
