本研究使用臺灣經濟新報資料庫(TEJ) 2002~2018年臺灣上市櫃製造業廠商資料，應用Levinsohn and Petrin (2003) 的方法估計總要素生產力，利用普通最小平方法、固定效果模型與threshold model，探討研發對生產力的影響。此外，本文另討論2008年金融風暴下研發與生產力之關聯性是否隨著研發密集度門檻值的不同而有所差異。 OLS實證結果顯示研發支出、廠商規模、廠商年齡、外銷比率與外資持股比率、財務槓桿度對於生產力有正面顯著影響，在金融風暴下從事研發活動能減緩總體經濟帶來的負面衝擊。在控制廠商間隨時間固定無法觀察到的特質後，與OLS估計結果相符，但此時財務槓桿度轉為負向顯著。 Threshold model的估計結果發現研發與績效之間的關係是存在門檻值的，且不論高科技產業、高科技與中高科技產業、低科技與中低科技產業，隨著研發密集度的上升，研發對績效的提升都有遞減的趨勢。金融危機發生後，高科技產業研發密集度門檻值與研發對生產力的影響有降低的現象，顯示研發活動受到金融風暴影響，需耗費更多資源才能達到原有生產力；低科技與中低科技產業的研發活動對生產力之效益則不具顯著性，表示此時該產業類別不適合研發，應以其他策略提升生產力。 ;The paper collected 2002~2018 manufactural listed company in Taiwan from Taiwan Economic Journal (TEJ) and we applied OLS and fixed effects model to explore the relationships between Total Factor Productivity(TFP) that Levinsohn and Petrin (2003) estimated and research and development (R&D) in 2008 financial crisis. Also, the threshold value existed or not and how it changes is what we concerned. Hence, threshold model was included in the thesis. OLS estimation indicated that R&D investment, firm size, the ages of firm, export ratio, average annual income of employee and leverage have significant positive effect on TFP. In addition, the interaction term of financial crisis dummy variable and R&D investment was positive, it showed that R&D decreased the negative impact in 2008 financial crisis. After control the unobservable characteristics which do not change over time. The estimation was similar to OLS, but leverage excepted. It negatively impacted productivity. Threshold model revealed that threshold effect does exist. No matter which industries that OECD classified according to R&D intensity, the more R&D intensity that firms conducted, the less benefit that R&D investment brought to TFP. Furthermore, when 2008 financial crisis was occurred. The coefficients of R&D investment and threshold value were less than before in high and medium-high technologies industries. It represented that R&D investment was affected by crisis, the enterprises need to spend more making TFP as well as before. To medium-low and low technologies industries, R&D was no longer significantly affected TFP. They should apply others strategies to improve their performance.
