本研究使用台灣製造業2000年至2015年資料分析財務狀況(或財務健康)對廠商研發投資與否決策及研發投資金額的影響。實證結果顯示財務狀況對廠商是否進行研發投資及研發投資金額為正向且顯著，然而對於非高科技產業的廠商，財務狀況好壞對研發投資與否無顯著影響。本研究也發現生產力高的廠商，投資金額較高。最後，從事出口活動及對外直接投資會降低財務狀況對研發投資活動的影響。

Using a panel of Taiwan manufacturing firms over the period 2000-2015, we explore the links among firms’financial health, their R&D participation decisions,and the level of R&D investment.First,We find that financial health has significantly positive influence on firm’s decisions on R&D participation and the level of R&D investment. However, financial health has no significant influence on decisions to invest in R&D in low-tech industries.On average,high productivity firms are likely to invest more in R&D.Finally, export market participation decisions and foreign direct investment(FDI) will reduce the effect of financial health on firm R&D investment.

第一章 緒論 1
第一節 研究背景 1
第二節 研究目的與方法 3
第三節 研究架構 4
第二章 文獻回顧 5
第三章 資料與敘述統計 8
第一節 資料來源 8
第二節 財務實力衡量 11
第三節 廠商生產力計算 14
第四節 其他控制變數 18
第五節 敘述統計 19
第四章 實證分析 23
第一節 實證模型 25
第二節 實證結果 28
第五章 延伸分析 39
第一節 出口活動、財務實力與研發投資與否及金額 39
第二節 對外直接投資、財務實力與研發投資與否及金額 40
第三節 延伸分析結果 42
第六章 結論 52
參考文獻 53

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