過去諸多文獻顯示研究發展支出與企業經營績效、市場績效間存在正向關聯，Chan, Karceski, and Lakonishok (2003)也發現間接證據支持研究發展強度可以連結到經營績效之持續性。然而，Chan et al.(2003)只檢驗了高度從事研發活動的科技公司，而非所有樣本受研究發展影響的成長率持續性。因此，延伸過去證據，本研究進一步檢驗研發支出對經營績效成長及市場績效持續性之影響。
本研究以1998~2007年台灣上市公司為觀察對象，實證結果發現如下：
一、研發支出與經營績效成長之持續性
(一)有投入研究發展的公司，相較於未投入研究發展的公司，其研發投入對後兩期營收、毛利成長率之持續性有所助益。
(二)本研究實證結果難以證明研究發展強度愈高的公司，其未來之經營績效長愈持續；僅能說明研究發展的投入的確對經營績效成長持續性有所助益。
二、研發支出與市場績效之持續性
(一)有投入研究發展的公司，相較於未投入研究發展的公司，於未來有較佳 之市場績效持續性。
(二)本研究實證結果難以證明研究發展強度愈高的公司，其未來之市場績效 愈持續；僅能說明研究發展的投入的確對市場績效持續性有所助益。

There is compelling evidence from past literatures indicating that R&D expenditure is positively related to operating or market performance. Chan, Karceski, and Lakonishok(2003) find indirect evidence to suggest that R&D intensity is linked to persistence in operating performance. Chan et al.(2003) though do not examine directly the association between R&D and persistent growth, since they look only at technology firms which are highly engaged in R&D activities, and not the effect of R&D on the persistence of growth across all sample firms. Therefore, this study extends prior researches by further examining the impact of R&D expenditure on the persistence of operating performance growth and market performance.
This study uses Taiwanese listed firms on the TEJ database which spans from 1998 to 2007, the main findings are as follows：First of all, in the aspect of R&D expenditures and operating performance persistence, comparing to Non-R&D firms, R&D firms only have 2 period persistent operating growth after initial investments. Besides, the empirical results are difficult to prove the relation between R&D intensity and persistent operating growth; it only shows that R&D are beneficial to its operating growth. Secondly, comparing to Non-R&D firms, R&D firms have a better market performance persistence. However, the empirical results are also hard to confirm that the more input of R&D may result in the more persistent market performance; it only shows that R&D are helpful to its market performance persistence.

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