本研究旨在研究發展投資、對中國直接投資與機器設備投資對廠商的生產力以及訂價能力的影響。運用台灣經濟新報中2000年至2014年上市、上櫃電子業廠商資料作為實證分析之對象。過去文獻指出研發投資、對中國直接投資以及機器設備投資分別對生產力與訂價能力都有正向的影響。本文先以Levinsohn and Petrin (1996)的研究方法估計出生產函數之係數，再以非線性最小平方法(NLLS)估計生產力；訂價能力則根據De Loecker and Warzynski (2012)的研究方法估計。接著以兩階段最小平方法之固定效果(Fixed-effect)模型與工具變數估計三項投資對生產力與訂價能力的影響。實證結果顯示，僅有研發投資對生產力有正向顯著之影響以及機器設備投資對訂價能力有正向顯著之影響。

This study investigates the effect of R&D, FDI and physical investment on firm productivity and markup. The data we used from the TEJ database and on the electronics manufacturing firms which during the periods from 2000 to 2014. Based on past studies, we find that R&D, FDI and physical investment have significantly positive influence on firm productivity and markup. We adopt Levinsohn and Petrin’ (1996) method to estimate the production function and use NLLS to estimate firm productivity. Besides, we adopt the De Loecker and Warzynski’ (2012) method to estimate the firm markup. In addition, we employed two-stage least squares and fixed-effect with instrumental variables model as the estimation method. Empirical results show that R&D has significantly positive effects on firm productivity and physical investment has significantly positive effect on firm markup.

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