創新能力、創新效率與公司價值：以台灣電子資訊業為例

In this study, we investigate Taiwan's publicly traded electronics companies that applied for patents in the U.S. Patent & Trademark Office (USPTO), to examine the relationships among innovation capability, innovation efficiency and firm value. We also use the technology cycle time to measure innovation capability and measure innovation efficiency by a data envelopment analysis (DEA) model. The empirical results show that higher innovation capability and innovation efficiency enhance firm value, and higher innovation capability can also lead to higher innovation efficiency. However, innovation capability just partially affects firm value indirectly through innovation efficiency. This study suggests that innovation capability and innovation efficiency will directly influence investors' perception regarding a company's future prospects; it will then be reflected in the market place. These findings are supported by dynamic capabilities theory and time-based competition: ”the faster to switch new knowledge into innovation, the easier to survive in a dynamic environment”. Additionally, innovation efficiency is also the key competitive advantage in the prevailing innovation environment.