在競爭激烈的環境下，研發投資被視為企業維持或強化競爭力之必要手段，研發投資的成敗不僅影響到企業存續及競爭力提升外，亦對整體經濟的成長與繁榮皆有很大衝擊，故企業有必要探尋影響研發投資產出效益的方法。然而，根據過去學者的研究結果發現，研發投資對創新或經營績效的結果不一致。本研究認為，若企業在研發衍生知識過程中，可以透過吸收能力結合所需外部知識，以提升企業特定知識的深度及廣度，進而改善創新產出或提升經營績效。故本研究以我國向來重視研究發展投資的半導體產業為對象，以路徑分析法探討研發投資對創新、經營績效及吸收能力的影響為何，並進一步研究研發投資是否會透過吸收能力對創新及經營績效產生影響。實證研究結果顯示：（1）研發投資對創新、經營績效及吸收能力存在遞延關係；（2）吸收能力對創新及經營績效存在正向遞延關係；（3）研發投資透過吸收能力對創新產生正面影響於當期開始呈現；（4）研發投資透過吸收能力對經營績效產生正面的影響至少遞延一期。最後，本研究根據實證分析結果，建議企業應多著重吸收能力的發展，以協助企業改善研發投資效益，進而提升創新產出與經營績效，再者，針對吸收能力提出可行的衡量方式，期能反映企業真實的吸收能力之特質。 R&D investment is deemed necessary for the competitiveness of a company. However, according to prior literatures the evidence on the effect of R&D investment on innovation and operating performance is inconclusive. This study argues that in the R&D process, a company combines external knowledge through absorptive capacity to improve the depth and the width of specific knowledge, and then improve innovation outputs and operating performance. Using Taiwan’s semiconductor industry as a research sample, this paper examines the impact of R&D investment on innovation, operating performance, and absorptive capacity. Furthermore, I test whether the effect of R&D investment on innovation and operating performance is mediated by absorptive capacity or not. The empirical results show that R&D investment has deferred relationships with innovation, operating performance, and absorptive capacity. In addition, absorptive capacity exists not only positive but also deferred associations with innovation and operating performance. Finally, the effect of R&D investment on innovation and operating performance is mediated by absorptive capacity.
