隨著全球產業垂直分工的發展，台灣產業往年從代工製造切入的策略，使台灣企業在全球產業鏈佔據獨特位置，並得以建立競爭門檻。不過「微利時代」的來臨，與大陸以低廉的勞動成本成為「世界工場」之後，使得台灣在全球化的競爭中已經慢慢失去了以往的競爭優勢。 臺灣「IT教父」施振榮先生在2004年底和親手創立的宏碁公司揮別，他退休前舉辦巡迴演講分享其成功經驗，在首場活動中開門見山地透過投影儀，畫出了一條「施振榮微笑曲線」：座標的X軸是研發、製造、行銷，Y軸是附加價值，曲線向上伸展，就是希望台灣企業，能更重視「行銷」與「研發」。 本研究主要是根據Sougiannis（1994）、Lev & Sougiannis（1996）以及Arellano & bond（1991）之研究建立實證模型。針對台灣企業探討的議題包括：（1）比較研發與行銷投入，對企業績效影響及遞延情形之差異，（2）比較產業特性的差異，對研發與行銷投入影響企業績效之差異，（3）比較研發與行銷密度差異，對研發與行銷投入影響企業績效之差異。 研究結果發現，研發與行銷投入均對於企業營運績效有正面影響，而研發的效果遠大於行銷效果，且研發的遞延年限比行銷長久，長期看來，到第四年約才發揮研發總效果的九成，但行銷第一年就佔了總效果的91.4%。而製造業研發效果的確比服務業好，反之服務業的行銷效果比製造業好。另外，電子產業的研發績效是大於非電子產業，但是在行銷方面卻是非電子產業較有影響的。最後針對研發或行銷密度的高低進行分析，結果顯示研發密度較高的投入，的確會使企業獲得較高績效，但是在行銷方面，高行銷投入與低行銷投入卻差異不大。 Taiwan has been playing an important role in the vertical disintegration of global manufacturing industries. Taiwanese enterprises are facing ever increasing competitive pressures especially from the neighboring China with a cheep labor cost. They need to gain new market informational and knowledge to remain competitive. A Smile-curve concept has been proposed by Dr. Stan Shih, the founder of global computer giant-Acer Group. He stressed that the enterprises of Taiwan should pay more attention to “marking’ and “R&D” to remain. In this research we demonstrate an application of the dynamic panel data to do comparative study of the deferred effects of R&D and marketing in Taiwan’s enterprises. The empirical results indicate that the R&D and marketing inputs both have positive influence on enterprise’s performance. As for the deferred effects, R&D input brings back 90% total revenue by the end of first years. The manufacturing enterprises can increase their performance by consolidating with R&D inputs to achieve the optimal situation than the service enterprises. Those electronic enterprises may give a better performance improvement than non-electronic enterprises by more R&D devoting. Finally, the higher density of R&D inputs can have significant effects than marketing inputs do.
