本研究主要探討在金融風暴之後2010~2014年為研究期間，以台灣上市、上櫃知識型企業中的半導體產業為研究對象，探討當以研發經費投入做為企業啟動知識轉轉過程中的一個起點並對廠商經營績效的影響，並探討當研發經費的投入具遞延效果時對廠商經營績效造成的影響。然而，將研發具遞延效果觀念納入模型後，廠商經營績效與研發強度呈現正相關，本期的研發經費的投入增加對下期經營績效產生積極且正向的影響，台灣半導體廠商所期待研發帶來正面效果是必需經過要有等待期，而不是一蹴及成。本研究採動態追蹤資料面板模型進行實證研究而以GMM估計方法，可有效規避當模型中加入動態因素所產生的內生性的問題，更能適當解釋模型的動態變化。

This study focuses on the study of the semiconductor industry in the knowledge-based enterprises in the OTC market during the period from 2010 to 2014 after the financial turmoil. The research on the R & D budget investment as the start-up knowledge In the process of a starting point and the impact on the performance of manufacturers, and to explore when the investment in R & D investment with a deferred effect on the impact of manufacturers business performance. However, the research and development of the concept of deferred effect into the model, the manufacturers operating performance and R & D intensity showed a positive correlation, the current R & D spending increased on the next business performance has a positive and positive impact, Taiwan semiconductor manufacturers look forward to R & D To the positive effect is necessary to have a waiting period. In this study, the GMM estimation method can be used to effectively avoid the endogenous problems caused by the dynamic factors in the model, and the dynamic changes of the model can be explained more appropriately.