本研究的目的是確定一些因素與台灣產業升級之間的關係。我們利用2005年至2016年10個台灣高科技產業的資料來進行研究。根據現有之關於產業升級的文獻，我們選擇研發經費除以營業額之百分比來作為產業升級的代理變數。模型中包括了對外國直接投資和對中國的直接投資作為解釋變數。此外，我們也加入了宏觀經濟因素，包含實質有效匯率及名目有效匯率。因此，我們預期實質有效匯率的升值對大多數行業的研發經費百分比會產生正面影響，也就是當實質有效匯率升值時，產業會選擇增加其研發佔營業額之比例，藉此提高其競爭力。然而研究結果顯示，實質有效匯率的升值對研發支出的百分比沒有顯著的影響。同時我們分別探討了實質有效匯率對於R＆D經費和產業營業額的影響，發現其結果皆為顯著正向，此結果可能是導致實質有效匯率對研究經費百分比之影響不顯著的原因。
因為我們的資料包括了金融危機的時期，我們進一步探討了金融危機和實質有效匯率對於研究經費百分比的影響。結果顯示金融危機對研究經費比例確有影響。
雖然研究結果並不如預期般顯著，我們可能高估了實質有效匯率、對中國投資、對外國投資對R＆D之影響，從另一個角度來看，當央行在調整其匯率政策時，這些產業並不需要感到太過緊張。近年來，各國產業互相影響，形成了全球產業供應鏈，造成匯率之影響模糊難以判斷，並不僅僅是透過單一渠道來影響R＆D，其效果錯綜複雜，因此也是造成研究結果不顯著的原因之一。
關鍵字:產業升級、R＆D、實質有效匯率、對中國直接投資、對外國直接投資

The purpose of this study is to identify the factors that affect Taiwan industrial upgrading. In this study, we estimate an econometric model based on the empirical data covering 10 Taiwanese high tech industries from 2005 to 2016. Following the existing literature, we choose R&D expenditure to total revenue ratio as a proxy of industrial upgrading. We use foreign direct investment and the investment to China as independent variables in our model. We also highlight the effect of macroeconomic factor real effective exchange rates to industrial upgrading. Accordingly, we expect the results would indicate that the appreciation of the real effective exchange rate has a positive impact on research fund percentages in most industries. However, the results show that the appreciation of the real effective exchange rate has no significant negative influence on research fund percentages. We also estimate the effect of real effective exchange rate on R&D expenditures and sales, and find that the results are significant positive. The result may explain the cause of the insignificance of our empirical result.
Our data includes the financial crisis of 2007-2008, therefore we also examine the impact of the occurrence of the financial crisis and real effective exchange rate on research fund percentages during the period. The result shows that the financial crisis does have an impact on the research fund percentages.
Key Words:Industrial Upgrading, R&D, Real Effective Exchange Rate

摘要. . . . . . .. . .. . . . i
Abstract . . . . . . .. . . .ii
Acknowledgements
1 緒論
1.1 研究動機 . . . . . . . . 1
1.2 研究架構. . . . . . . . . 3
2 文獻探討
2.1 文獻引用. . . . . . . . . 4
2.2 文獻評析. . . . . . . . . 6
3 研究方法
3.1 資料來源與分析.. . . . . . 7
3.2 研究模型. . . . . . . . . 16
4 實證結果
4.1 研究結果. . . . . . . . . 18
4.2 穩健性測試. . . . . . . . 20
5 結論與建議
5.1 研究發現. . . . . . . . . 24
5.2 研究限制和未來研究建議 . . 25
Appendix
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