過去理論與實證文獻中，經濟學家已證明出內部融資為研發投資的重要決定因素，由於台灣企業籌資管道已朝多元化發展，因此外部融資亦為另一項重要的融資來源，而融資層級可區分為內部資金及外部資金，前者以現金流量為主，後者主要來自於借款、發行債券及現金增資。為了觀察廠商的外部融資在研發支出及實體投資所扮演的角色，本研究以1999至2003年台灣上市製造業廠商共425家為研究對象，並且應用Panel Data技術討論外部融資的可能影響。根據本研究的實證分析，得到下列結論：
一、內部融資與外部融資對於研發投資皆有正向顯著的影響。
二、在研發支出決策方面，廠商傾向以內部資金為主，而實體投資決策方面，則是外部資金為主要來源。
三、考量廠商規模的因素後，發現不同規模廠商的研發投資決策略有不同，同時也顯示中小企業因面臨融資限制，故內部融資對研發投資的影響較大。相對的，大企業偏好以外部融資取得資金。
四、對研發支出而言，廠商會先以內部資金為主，再者為負債（借款、債券），最後才是權益融資，此結果與融資順位理論相符。至於廠商的實體投資，反而是傾向以權益及負債融資方式。

Previous theoretical and empirical studies argued that the internal finance is the most important financial source of firms’ R&D investment. While, the external finance (debt, corporate bond, and stock financing) is also a potentially important financial source, because both the bond and stock market become increasing important for enterprises to acquire finance. To investigate the role play by external financial sources on firms’ R&D expenditures and physical investment, the thesis adopt a panel data for 425 firms listed on Taiwan Stock Exchange over the 1999-2003 period and employ the panel data model to assess the impact of external financing.     The main empirical findings are listed below:  
1.Both the internal and external financing are associated with a positive and significant effect on R&D investment.
2.Internal finance is the main source of R&D expenditures, while external finance plays a predominant role for physical investment.
3.After dividing sample into small and large firms, the empirical results show that small firms seem to encounter more on financing constrains for R&D so that the internal finance is the major financial source of R&D investment. Alternatively, large firms prefer to acquire finance through external finance. 
4.On financing for R&D expenditures, firms prefer to use internal finance, then is debt usage and new share issues accordingly. This result is consistent with the pecking order theory.  While stock and debt are major sources of funds for firms’ physical investment.

目次
第一章　緒論　1
第一節　研究背景與動機　1
第二節　研究目的　3
第三節　研究範圍　4
第四節　本文架構　4

第二章　文獻回顧　6
第一節　研發投資與理論基礎　6
第二節　實證文獻　11

第三章　研究設計　18
第一節　實證模型設定與變數說明　18
第二節　估計方法　24
第三節　研究對象及資料來源　27

第四章　內部與外部融資與研發投資之實證分析　32
第一節　各變數相關係數　32
第二節　傳統線性迴歸模型的估計結果　34
第三節　工具變數的應用及結果　41

第五章　不同規模企業其融資方式與研發投資的關係　45
第一節　不同廠商規模之估計結果　45
第二節　融資限制之效果的檢定　49

第六章　不同外部融資工具對研發投資的影響　51
第七章　結論　58
參考文獻　59

圖表次
圖1-1　研究流程　5

表1-1　歷年直接金融與間接金融之消長　2
表3-1　各項變數定義彙總　23
表3-2　基本統計量　28
表3-3　敍述統計量　30
表4-1　變數間相關係數矩陣　33
表4-2　固定效果的Within-Firm估計結果　36
表4-3　固定效果的Between-Firm估計結果　39
表4-4　Instrumental Variable估計結果　43
表5-1　中小企業之固定效果的Within-Firm估計結果　47
表5-2　大企業之固定效果的Within-Firm估計結果　48
表5-3　加入廠商規模虛擬變數後固定效果之Within-Firm估計結果　50
表6-1　固定效果的Within-Firm估計結果　53
表6-2　固定效果的Between-Firm估計結果　56

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