第五章 研究結論與建議
第二節 研究建議
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構本身的投資目標，投資策略可能以短期操作獲利為主。本研究認為隨著新興國 家市場競爭趨於激烈，為使整體產業與經濟發展更加完善，可透過直接吸引外資 的方式引入創新效率的策略觀念，如此的做法也可間接的使其他股東產生學習的 效果，另外，政府如何建立完備的公司治理相關制度以及加速企業私有化的進程 也是非常重要的一環。
第二節 研究建議
一、Hirshleifer, Hsu, and Li (2011)提出的創新效率概念有三種衡量方式，除本研 究的衡量方式外尚有從專利權品質的角度以及將研發支出資本化之方式，未 來的研究可增加不同的創新效率變數。
二、本研究所計算的專利權取得數包含了所有專利權的種類，有發明專利、實用 新型專利和外觀設計專利，然而不同種類的專利所隱含的技術層級可能不同，
未來的研究可以對其加以區分。
三、本研究以中國上市公司為研究標的，但由於其不單獨揭露研發費用，因此以 管理費用作為其替代變數，此為本研究之限制，不過隨著中國與國際會計準 則的接軌，近年來已開始將研發費用資本化，往後可更深入瞭解中國企業的 研發費用支出情形。
四、本研究主要從公司治理中的股權結構因素探討其對創新效率所造成的影響，
而公司治理尚包括許多值得探討的議題，例如最終控制者和控制權與現金流 量權的偏離等，都可作為此類研究的延伸範圍。
五、本研究之樣本與專利權主要集中於製造業，未來可從製造業的角度切入並細 分製造業內不同的類別，使研究之結果更為明確。
六、其它控制變數的部分，除了成長機會、公司規模、公司槓桿以及公司成立年 數之外，可探討是否尚存有其它影響創新效率的關鍵公司特性因素。
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