臺灣半導體業產值日漸攀升，亦取得全球市場之領先地位，本研究欲進一步探討半導體產業之成功關鍵，其中資訊科技(Information Technology, IT)投資不僅能助於企業營運之管理，更有利於管理企業內之知識，故本文以2013年至2021年臺灣上市上櫃之半導體產業為對象，以專利數資料衡量創新績效，研究資訊科技投資是否與創新績效有關聯，並以機構投資人為調節變數作為公司治理之代表，實證結果部份支持IT投資與創新績效呈正相關，且機構投資人能正向調節此關係。此結果可作為未來半導體業之投資、營運參考。

The output value of Taiwan’s semiconductor industry has grown steadily and has achieved a leading position in the global market. This research aims to explore the key factors contributing to the success of the semiconductor industry. In particular, it examines the relationship between Information Technology (IT) investment and innovation performance, as well as the moderating effect of institutional investors as a representative of corporate governance. The study focuses on the listed semiconductor companies in Taiwan from 2013 to 2021 and measures innovation performance using patent data. The empirical findings partially support a positive relationship between IT investment and innovation performance, with institutional investors exerting a positive moderating effect on this relationship. These results can serve as valuable references for future investments and operations in the semiconductor industry.

石育平、柯皓仁(2010)，半導體晶圓代工產業工程師資訊行爲之研究，教育資訊與圖書館學，48卷第1期，87-118。
李青洋(2011)，專利聯盟對企業研發績效影響之研究，國立政治大學智慧財產研究所未出版碩士論文。
邱秀婕(2012)，董事會規模之經濟性決定因素，國立雲林科技大學會計學系未出版碩士論文。
林金賢(2005)，新產品開發績效影響之研究--以半導體產業為例，國立中山大學企業管理學系未出版碩士論文。
陳余芳(2009)，台灣與美國企業組織領導者推動組織學習之比較研究，國立中正大學成人及繼續教育學系未出版碩士論文。
洪令昱(2014)，探討總專利數、發明人數以及專利佔有率對企業績效之影響-以美國IC設計產業為例 國立臺北大學企業管理學系未出版碩士論文。
Ackoff, R. L. (1989). From Data to Wisdom. Journal of applied systems analysis, 16(1), 3-9.
Aggarwal, R., Schloetzer, J. D., & Williamson, R. (2019). Do corporate governance mandates impact long-term firm value and governance culture? Journal of Corporate Finance, 59, 202-217.
Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and Institutional Ownership. American economic review, 103(1), 277-304.
Ahoorani, N., & Banihashemi, S. A. (2011). Information Technology Infrastructures and Knowledge Management: Towards Organizational Excellence. Computer and information science, 4(5), 20.
Audretsch, D. B. (1995). Firm Profitability, Growth, and Innovation. Review of Industrial Organization, 10(5), 579-588.
Bardhan, I., Whitaker, J., & Mithas, S. (2006). Information Technology, Production Process Outsourcing, and Manufacturing Plant Performance. Journal of Management Information Systems, 23(2), 13-40.
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of management, 17(1), 99-120.
Bosua, R., & Scheepers, R. (2002). Towards Web Support for Tacit Knowledge Exchanges. Proceedings of the Information Systems Research Seminar In Scandinavia (IRIS25). Bautahøj, Denmark,
Bouncken, R. B., Ratzmann, M., & Kraus, S. (2021). Anti-aging: How Innovation is Shaped by Firm Age and Mutual Knowledge Creation in an Alliance. Journal of Business Research, 137, 422-429.
Burja, C. (2011). Factors Influencing The Companies‘ Profitability. Annales Universitatis Apulensis: Series Oeconomica, 13(2), 215.
Chen, S., Bu, M., Wu, S., & Liang, X. (2015). How Does Tmt Attention to Innovation of Chinese Firms Influence Firm Innovation Activities? A Study on the Moderating Role of Corporate Governance. Journal of Business Research, 68(5), 1127-1135.
Chien, C.-F., Dauzère-Pérès, S., Huh, W. T., Jang, Y. J., & Morrison, J. R. (2020). Artificial intelligence in manufacturing and logistics systems: algorithms, applications, and case studies. In (Vol. 58, pp. 2730-2731): Taylor & Francis.
Coad, A., Segarra, A., & Teruel, M. (2016). Innovation and Firm Growth: Does Firm Age Play a Role? Research Policy, 45(2), 387-400.
Dehning, B., Richardson, V. J., & Stratopoulos, T. (2005). Information Technology Investments and Firm Value. Information & Management, 42(7), 989-1008.
Dutta, S., & Weiss, A. M. (1997). The Relationship between a Firm's Level of Technological Innovativeness and its Pattern of Partnership Agreements. Management science, 43(3), 343-356.
Etro, F. (2004). Innovation by Leaders. The Economic Journal, 114(495), 281-303.
Faleye, O., Hoitash, R., & Hoitash, U. (2011). The Costs of Intense Board Monitoring. Journal of financial economics, 101(1), 160-181.
Ganye, D., & Salam, A. (2022). Employee Creativity and Information Technology in the Context of COVID-19 Pandemic: Effect of Large-Scale Unexpected Event on Organizational Innovation.
Gomez–Mejia, L. R., Campbell, J. T., Martin, G., Hoskisson, R. E., Makri, M., & Sirmon, D. G. (2014). Socioemotional Wealth as A Mixed Gamble: Revisiting Family Firm R&D Investments with the Behavioral Agency Model. Entrepreneurship Theory and Practice, 38(6), 1351-1374.
Gurmu, S., & Pérez-Sebastián, F. (2008). Patents, R&D and lag effects: Evidence from flexible methods for count panel data on manufacturing firms. Empirical Economics, 35, 507-526.
Hall, B. H., Griliches, Z., & Hausman, J. A. (1984). Patents and R&D: Is there a lag? (0898-2937).
Hansen, G. S., & Hill, C. W. (1991). Are Institutional Investors Myopic? A Time‐series Study of Four Technology‐driven Industries. Strategic management journal, 12(1), 1-16.
Henderson, R., & Cockburn, I. (1994). Measuring Competence? Exploring Firm Effects in Pharmaceutical Research. Strategic management journal, 15(S1), 63-84.
Hsieh, Y.-C., Lin, N.-P., & Chiu, H.-C. (2002). Virtual factory and relationship marketing—a case study of a Taiwan semiconductor manufacturing company. International Journal of Information Management, 22(2), 109-126.
Hundley, G., Jacobson, C. K., & Park, S. H. (1996). Effects of Profitability and Liquidity on R&D Intensity: Japanese and US companies Compared. Academy of Management Journal, 39(6), 1659-1674.
Jensen, R., & Showalter, D. (2004). Strategic Debt and Patent Races. International Journal of Industrial Organization, 22(7), 887-915.
Kim, K., Mithas, S., & Kimbrough, M. (2017). Information Technology Investments and Firm Risk Across Industries: Evidence from the Bond Market. MIS Q., 41(4), 1347-1367.
Kleis, L., Chwelos, P., Ramirez, R. V., & Cockburn, I. (2012). Information Technology and Intangible Output: the Impact of IT Investment on Innovation Productivity. Information Systems Research, 23(1), 42-59.
Kochhar, R., & David, P. (1996). Institutional Investors and Firm Innovation: A Test of Competing Hypotheses. Strategic management journal, 17(1), 73-84.
Kremp, E., & Mairesse, J. (2004). Knowledge Management, innovation, and Productivity: a Firm Level Exploration Based on French Manufacturing CIS3 Data. In: National bureau of economic research Cambridge, Mass., USA.
Lin, C., Lin, P., Song, F. M., & Li, C. (2011). Managerial Incentives, CEO Characteristics and Corporate Innovation in China’s Private Sector. Journal of comparative economics, 39(2), 176-190.
Loveman, G. (1989). Changes in the Organization of Production and the Skill Composition of Employment Massachusetts Institute of Technology.
Navarrete, C. J., & Pick, J. B. (2002). Information Technology Expenditure and Industry Performance: the Case of The Mexican Banking Industry. Journal of Global Information Technology Management, 5(2), 7-28.
Neofytou, E. (2017). Managerial Ownership & Innovation Tilburg University.
Nonaka, I., & Takeuchi, H. (1995). The Knowledge Creating. New York, 304.
Novorodovska, T. (2015). Using Intellectual Property as a Competitive Advantage of Modern Enterprise. Metallurgical and Mining Industry: polytechnical journals(12), 96-102.
Orozco, L. A., Sanabria, J. A., Sosa, J. C., Aristizabal, J., & López, L. (2022). How do IT investments interact with other resources to improve innovation? Journal of Business Research, 144, 358-365.
Porter, M. E. (1997). Competitive Strategy. Measuring business excellence.
Pound, J. (1988). Proxy Contests and the Efficiency of Shareholder Oversight. Journal of financial economics, 20, 237-265.
Quintane, E., Casselman, R. M., Reiche, B. S., & Nylund, P. A. (2011). Innovation as a Knowledge‐Based Outcome. Journal of knowledge management.
Rasiah, R., Shahrivar, R. B., & Yap, X.-S. (2016). Institutional Support, Innovation Capabilities and Exports: Evidence From the Semiconductor Industry in Taiwan. Technological Forecasting and Social Change, 109, 69-75.
Ravichandran, T., Han, S., & Hasan, I. (2009). Effects of Institutional Pressures on Information Technology Investments: An Empirical Investigation. IEEE Transactions on Engineering Management, 56(4), 677-691.
Rong, Z., Wu, X., & Boeing, P. (2017). The Effect of Institutional Ownership on Firm Innovation: Evidence From Chinese Listed Firms. Research Policy, 46(9), 1533-1551.
Ruigrok, W., Peck, S. I., & Keller, H. (2006). Board Characteristics and Involvement in Strategic Decision Making: Evidence from Swiss Companies. Journal of management Studies, 43(5), 1201-1226.
Sanchez, R., & Heene, A. (1997). Strategic Learning and Knowledge Management. Wiley Chichester.
Saraireh, S. (2013). The Role of Investment in Information Technology on the Performance of Industrial Companies Listed on Amman Financial Market. International Journal of Business and Social Science, 4(12).
Scherer, F. M. (1998). Schumpeter and Plausible Capitalism. J. Reprints Antitrust L. & Econ., 28, 759.
Schneider, G., Keil, S., & Lindner, F. (2021). Benefits of Digitalization for Business Processes in Semiconductor Manufacturing. 2021 22nd IEEE International Conference on Industrial Technology (ICIT),
Shane, H., & Klock, M. (1997). The relation between patent citations and Tobin's Q in the semiconductor industry. Review of Quantitative Finance and Accounting, 9(2), 131-146.
Shapiro, D., Tang, Y., Wang, M., & Zhang, W. (2013). The Effects of Corporate Governance on the Innovation Performance of Chinese SMEs. European Economic Review, 50, 155-183.
Suay, J. R. (1993). Institutional Investors and Myopic Corporate Investment. The University of Utah.
Trajtenberg, M. (1990). A penny for your quotes: patent citations and the value of innovations. The Rand journal of economics, 172-187.
Tseng, S.-M. (2008). The Effects of Information Technology on Knowledge Management Systems. Expert Systems with Applications, 35(1), 150-160.
Weill, P. (1992). The Relationship Between Investment in Information Technology and Firm Performance: A Study of the Valve Manufacturing Sector. Information Systems Research, 3(4), 307-333.
Wu, X. (2005). Corporate governance and corruption: A cross‐country analysis. Governance, 18(2), 151-170.
Xin, K., Sun, Y., Zhang, R., & Liu, X. (2019). Debt Financing and Technological Innovation: Evidence From China. Journal of Business Economics and Management, 20(5), 841-859.
Yan, Y., Davison, R. M., & Mo, C. (2013). Employee Creativity formation: the Roles of Knowledge Seeking, Knowledge Contributing and Flow Experience in Web 2.0 Virtual Communities. Computers in Human Behavior, 29(5), 1923-1932.
Yang, D. Y.-R., & Chen, Y.-C. (2013). The ODM Model and Co-evolution in the Global Notebook PC Industry: Evidence from Taiwan. Advances in Applied Sociology, 3(01), 69-78.
Yashar, S., & Hamideh, k. (2016). Does Information Overload Influences Creativity in Organizations? A Study in Iranian Context.