本研究基於以歷史成本為主的財務報表已無法衡量企業之真正價值，故根據無形資本之文獻與定義、以具有公司價值攸關性的非財務績效指標作延伸性研究。本研究從公司研究支出與獲得專利權數量兩方面切入，探討此兩項研究投入資本和股價之價值攸關性，以瞭解其對股價是否具有增額解釋力。 本研究以台灣之上市之電子工業與傳統產業為樣本，探討公司研究投入資本對於台灣證券市場的有用性，採用公開資訊觀測站資料庫之財務與經濟部智慧財產局之專利權資訊2007整年度。並以Ohlson(1995) 價格模型進行研究。研究結果顯示電子工業之研究支出與專利權數量對於股價具有價值攸關性。反之，傳統產業之研究支出與專利權數量對於股價不具有價值攸關性。 再進一步觀察研究支出與專利權之相關變數後發現，研究支出之R2 顯著高於專利權變數，顯示研究支出較專利權變數更具公司價值的解釋能力。 Innovation have been more and more important, not only that innovation could make companies more competitive and keep technology progress, but also establish the entry barrier for the industry which companies belong to. The study mainly discuss whether innovation activities would create firm value. The variables of innovation in the study are R&D expenses and patent in one year. The principle in the study are establish by Ohlson model(1995), and we would develop four model for different variables. The resulting in electronic companies show that firm value adjustment increase with R&D expenses and patent. On the contrary, the resulting in conventional industries show that firm value have no influence by changing R&D expenses and patent. This study also notes that in Taiwan listed companies, almost every industries involves in R&D expenses to do innovation activities. Different industries or products have different properties, so that we choose electronic companies and conventional companies to evidence.
