自從無形資產成為研究顯學開始，技術品質對經營績效的影響力成為一個熱門的討論議題，關於連結重要的技術指標與企業績效間的因果關係間的探討，一直以來就是個複雜卻相當有趣的一門研究領域，而且過去在設計專利指標以及驗證其預測股價能力的相關研究也有一定的成果，如CHI研究公司也在2001年得到相關方法專利。本研究在CHI的方法基礎下，來加以驗證此方法在近期的可行性，並透過文獻探討來找出重要且具代表性的專利與財務指標，試著整合專利與財務指標，來找出一個可以融合落後與領先指標概念的系統方法，因而設計出可以整合此兩種觀點的選股模式，並從實證研究中改良出最佳的選股流程設計，依此來建構最適的投資組合。結果發現，在最後的績效上本研究設計的指標篩選法最高，但在變動的幅度上相對的也較高。而在CHI基礎下所整合的專利與財務指標不論在花費的時間與成本上都高出指標篩選法，這也證明了複雜的模型不一定就是好的模型，而且CHI的專利方法在2000年之後的可行性要帶商榷。

Since intangible property has formed a famous research, the influence of technology quality on management performance became popular discussing issues. With regard to connect important technology indicators with business performance for investigating the causal relationship between these, it’s always a very complicated and interesting research field. And it has quite result of the research that is related to design patent indicators and ability to predict stock prices, for instance, CHI research. Inc has acquired a related patent of method at 2001. On the basis of CHI research to test and verify the feasibility of the method for the late period, and to find out the important and representative patent and financial indicators through reference for a systematic method of integrating leading and lagging indicators. So we can devise an integrating model that fusing these two kinds of viewpoints, and set up a most appropriate investment portfolio from an improving stock selection that has demonstrated.

一、 中文部分
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