隨著知識經濟時代來臨，各國需藉由持續不斷地創新才能提升競爭力。過去文獻指出廠商的研發支出及對外直接投資皆有助於研發創新，而根據國內統計資料顯示，近年來台灣整體的研發支出及對外投資金額皆逐年上升，說明了國內對研發創新活動愈趨重視。
　　廠商進行研發創新需要投入大量資金，因此資金來源對廠商的創新活動相當重要，本研究以2003年至2021年台灣上市櫃電子業廠商為研究對象，透過金融深度、台灣企業信用風險指標(TCRI)以及保留盈餘分別衡量廠商的海外外部資金、國內外部資金以及內部資金來源，並探討廠商內外部資金與研發創新之關聯。
　　本研究指出，廠商之內外部資金與研發創新活動皆呈現顯著正相關，而大規模廠商及高資本密集度廠商在研發創新之資金來源上更依賴海外外部資金及內部資金，小規模廠商及低資本密集度廠商則傾向透過國內金融機構取得外部資金。此外，本研究亦發現廠商在進行研發創新時，其內外部資金互相具有調節效果，說明廠商會整合不同資金來源並投入研發創新活動。另一方面，本研究亦指出2008年全球金融危機發生後，廠商研發創新活動之資金來源由依賴外部資金轉向依賴內部資金。
　　因此，根據本研究結果，廠商的海外外部資金、國內外部資金以及內部資金皆對廠商研發創新具有重要影響力，然而影響程度隨廠商資本密集度、廠商規模以及時間不同而有所差異。

With the advent of the knowledge-based economy, countries need to enhance their competitiveness through continuous innovation. Previous studies have indicated that firms' R&D expenditure and outward foreign direct investment (OFDI) contribute to R&D innovation. According to domestic statistics, both R&D expenditure and OFDI in Taiwan have been increasing in recent years, demonstrating the growing emphasis on R&D innovation activities domestically.
Firms require substantial financial investment for R&D innovation, making the source of funds crucial for their R&D activities. This study focuses on Taiwan's electronics industry from 2003 to 2021, using financial depth, Taiwan Corporate Credit Risk Index (TCRI), and retained earnings as measures of firms' overseas external funding, domestic external funding, and internal funding sources, respectively.
This study points out that a significant positive correlation between firms' internal and external funding and R&D innovation. Large-scale firms and high-capital intensity firms rely more on overseas external funding and internal funding as sources for R&D innovation. In contrast, small-scale firms and low-capital intensity firms tend to acquire external funding through domestic financial institutions. Furthermore, the study reveals that firms integrate different funding sources and engage in R&D innovation, indicating a moderating effect between firms' internal and external funding during R&D activities. In addition, this study also points out that after the 2008 global financial crisis, firms' funding sources for R&D innovation shifted from relying on external funds to relying on internal funds.
In conclusion, the results of this study highlight the significant influence of firms' overseas external funds, domestic external funds, and internal funds on R&D innovation. However, the impact varies depending on firms' capital intensity, firm size, and time period.

第壹章、 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 3
第三節 研究架構 4
第貳章、 文獻回顧 5
第一節 內外部資金與研發創新 5
第二節 對外直接投資與研發創新 6
第三節 金融深度與研發創新 7
第參章、 研究方法 9
第一節 資料來源 9
第二節 變數定義 9
第三節 模型設定 14
第肆章、 實證結果 17
第一節 敘述統計 17
第二節 實證結果與分析 21
第伍章、 結論 36
第一節 研究結果與建議 36
第二節 研究限制與未來研究方向 37
參考文獻 39
附錄 42

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