本研究以Collins, Maydew and Weiss (1997)所採用之實證模式為基礎，探討我國上市公司民國85年至91年度，研發支出與人力資本對企業價值之影響。 本研究係以研究發展費用率作為研發活動之投入指標，同時以專利權數作為研發活動之產出指標，探討研發支出對企業價值的影響。在股價評價模式下，實證結果顯示，我國電子產業之專利權數與企業價值呈正相關；而非電子產業則以研究發展費用率與企業價值呈正相關。此外，關於人力資本對企業價值之影響方面，經實證分析得知，員工紅利保留盈餘比與企業價值呈正相關。員工年齡及服務年資與企業價值呈負相關。 本研究亦針對研發支出與人力資本交互效果作分析，實證結果發現，研究發展費用率與每人營收之交互效果對企業價值的影響呈顯著正相關，且專利權數與每人營收之交互效果對企業價值之影響亦呈顯著正相關。因此，本研究實證結果顯示，企業從事研發活動的投入必須結合員工對公司的貢獻，才能提高企業的價值。

This research, based on the model adapted by Collin, Maydew and Weiss (1997), discusses the impact of R&D expenditure and human capital on business value by using 1996-2002 financial statement data of Taiwan’s listed companies. We take the R&D expenditure ratio as input index and the number of patents as output index to measure the impact of the R&D expenditure on business value. Under stock price valuation model, the empirical evidences show that the number of patents are positively related with business value in electronic industries and the R&D expenditure ratio are positively related with business value in non-electronic industries, ceteris paribus. In addition to, this paper examines the impact of human capital related variables on business value. The empirical analysis indicates that the stock bonus-to-retain earnings ratio for employees is positively related with business value; the employees’ average age and the employees’ service years are negatively related with business value, ceteris paribus. Finally, the interactive impact on business value between R&D expenditure and human capital is tested. The results show that the interactive impact between R&D expenditure and net sales per employee are significant positively related with business value, and the interactive impact between the number of patents and net sales per employee are also significant positively related with business value, ceteris paribus. The findings of this study suggest that only if the process of R&D activity incorporates the contribution of employee, will the business value be enhanced.