本篇文章主要在探討美國上市櫃半導體產業公司擁有關鍵專利與其財務績效之間的關聯性。在半導體產業中各公司無不重視技術的研發與商業化，本文先從incoPat資料庫搜尋並下載USPTO上之專利，再透過專利引用網絡中專利之SPNP(Search Path Node Pair)值計算出衡量專利重要性的Z分數(Z-Score)並探討其對公司財務表現的影響。研究結果發現Z分數(Z-Score)對公司的資產報酬率(ROA)以及現金流量(Cash Flow)有正向且顯著的影響，將公司依技術生命週期進行分群後的結果也顯示關鍵專利會影響公司的財務績效，故本研究之結果證明進行技術研發與創新在半導體產業中的重要性。

Trace back to neoclassical belief, total factor productivities beneath firms' invisible core competence would be crucial to long-run progress. This dissertation goes further to test whether the better-quality patented technologies would beneficial to firms' operational profitability and routine trading scales. On the one hand, the developed networked approached in this research present a way of quality measure to firms' accumulated patents. Secondly, the hand-collected dataset consist of both firm-level patent information and financial performance. The results in this research show that patents revealing better quality would impact favorably to firms' profitabilities and trading scales. This result aligned with finance literature would suggest the undeletable role played by firms' innovation investment; though not shown in just the short-term payoffs.

一、 中文
李雅明(1999)。 《半導體的故事》 。出版社：新新聞文化
王志封，我國半導體上市櫃公司財務績效之研究，實踐大學企業管理研究所碩士論文，2000。
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二、 英文
Cheng, Y. H., Kuan, F. Y., Chuang, S. C., Ken, Y. (2009). “Profitability decided by patent quality? An empirical study of the U.S. semiconductor industry”, Scientometrics 82, 175-183.
Deeds, D. L., Decarolis, D. M. (1999). “The Impact of Stocks and Flows of Organizational Knowledge on Firm Performance: An Empirical Investigation of the Biotechnology Industry”, Strategic Management Journal 20, 953-968.
Gu, F. (2005). “Innovation, Future Earnings, and Market Efficiency”, Journal of Accounting, Auditing & Finance 20, 385-418.
Hirshleifer, D., Hsu, P. H., Li, D. (2017). “Innovative Originality, Profitability, and Stock Returns”, The Review of Financial Studies 31, 2553-2605.
Lin, B. W., Chen, C. J., Wu, H. L. (2006). “Patent portfolio diversity, technology strategy, and firm value”, IEEE Transactions on Engineering Management 53, 17-26.
Markman, G. D., Espina, M. I., Phan, P. H. (2004). “Patents as Surrogates for Inimitable and Non-Substitutable Resources”, Journal of Management 30, 529-544.
Rosenbusch, N., Brinckmann, J., Bausch, A. (2011). “Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs”, Journal of Business Venturing 26, 441-457.
Sohn, D. W., Hur, W., Kim, H. J. (2010). “Effects of R&D and patents on the financial performance of Korean venture firms”, Asian Journal of Technology Innovation 18, 169-185.
Triulzi, G. (2015). “Looking for the right path : technology dynamics, inventive strategies and catching-up in the semiconductor industry”
Verspagen, B. (2005). “Mapping Technological Trajectories as Patent Citation Networks. A Study on the History of Fuel Cell Research”, Advances in Complex Systems 10, 93-115.
Verbeek, A., Debackere, K. (2006). “Patent evolution in relation to public/private R&D investment and corporate profitability: Evidence from the United States
”, Scientometrics 66, 279-294.

三、 網路資源
CMoney投資網誌 (民103年9月23日)。現金流量表告訴我，公司盈餘是真是假？讓我避開地雷股！取自：https://www.cmoney.tw/notes/note-detail.aspx?nid=16961
投資達人 (民106年2月14日)。本益比、ROE及ROA的意義。取自：https://www.stockfeel.com.tw/%E6%9C%AC%E7%9B%8A%E6%AF%94%E3%80%81roe-%E5%8F%8A-roa-%E7%9A%84%E6%84%8F%E7%BE%A9/
電腦王 (民103年2月28日)。半導體產業的燒錢術，研發費用年年創新高。取自：https://www.techbang.com/posts/17096-burning-money-in-the-semiconductor-industry-research-and-development-every-year-highs
科技網 (民99年4月2日)。美光陣營。取自：https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?cat=32&cat1=15&cat2=&id=0000176857_4r97lcag6tfssk65wvaa4
iT邦幫忙 (民97年6月6日)。AMD : Advanced Micro Devices。取自：https://ithelp.ithome.com.tw/articles/10004557