台灣平均每人國內生產毛額在1980年代以前快速成長，但2000年後平均成長率下降，本文想要透過觀察1980年代已成立的台灣上市及上櫃製造業廠商勞動生產力變化趨勢，討論這些廠商經歷過經濟快速成長時期後，是否也反映成長趨緩的現象。採用台灣經濟新報的資料，再依據OECD科技產業分類區分不同科技產業，觀察這些廠商勞動生產力在1984年至2019年的變化趨勢與分散程度。接續發現台灣研發經費占國內生產毛額之比率逐年上升，台灣勞動生產力成長幅度卻呈現趨緩，再加上金融機構對廠商設定的借貸門檻會影響其投資決策，進而影響勞動生產力，因此本文進一步利用模型來探討廠商研發、內部資金和勞動生產力的關係，以廠商依賴內部資金的程度來判斷是否受到融資限制。結果顯示，本文研究對象勞動生產力持續上升至2010年後才呈現微幅衰退，其中以中低科技產業衰退幅度最大，反映2010年後台灣經濟成長趨緩的現象。再來，雖然樣本前期投入研發資本會增加當期勞動生產力，但是不同科技產業的影響大小及方向不同，且勞動生產力表現也有差異，此外，本文也發現中高科技產業廠商存在融資限制的問題。

Taiwan’s GDP per capita grew rapidly before the 1980s, but its average growth rate declined after 2000. This paper aims to observe the trend of change in labor productivity of Taiwanese listed manufacturing firms in the 1980s to discuss whether these firms also reflect the phenomenon of slowdown growth after experiencing a period of rapid economic growth. Data from Taiwan Economic Journal is applied and then classifies the technology industries according to the OECD technology industry classification. We intend to observe the trend and dispersion of labor productivity in these manufacturers from 1984 to 2019. We also find that the ratio of R&D expenditure to GDP in Taiwan is increasing year by year, but the growth rate of labor productivity in Taiwan is slowing down. In addition, the borrowing threshold set by financial institutions for firms will affect their investment decisions, and thus will affect labor productivity. Therefore, we explore the relationship between R&D, internal funds and labor productivity for Taiwanese manufacturing firms, depending on how much it relies on internal funds to determine whether the firm suffers from financing constraints. The results suggest that the labor productivity of the research object continued to rise until 2010 before showing a slight decline, among which the medium-low-technology industries declined the most, reflecting the phenomenon of Taiwan's economic growth slowing down after 2010. Moreover, although R&D capital invested by the research object in the previous year can increase labor productivity this year, the significant and direction of different technology industries are different, and the performance of labor productivity is also different. Finally, we find that there are financing constraints in the medium-high-technology industries.

誌謝 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 vi
表目錄 viii
1. 緒論 1
2. 文獻回顧 5
2.1 勞動生產力 5
2.2 影響生產力的因素 5
2.2.1 研究發展 5
2.2.2 內部資金 7
3. 資料說明與變數處理 9
3.1 資料說明 9
3.1.1 資料來源 9
3.1.2 資料處理 10
3.2 變數處理及資料特性 12
3.2.1 變數處理 12
3.2.2 資料特性 15
4. 研究方法 17
4.1 簡單統計 17
4.2 研究模型 17
5. 製造業勞動生產力與研發密集度分析 19
5.1 製造業勞動生產力分析 19
5.2 研發密集度分析 25
6. 實證結果 28
6.1 相關性分析 28
6.2 迴歸結果 29
7. 結論與討論 35
參考文獻 37
附錄 40

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