隨著知識經濟時代的來臨，企業若想提升其競爭力，無形資源無疑地扮演重要的角色。實際觀察整體產業之狀況，可發現不同企業個體的價值與績效存在著差異性，甚至相同產業中，不同公司之績效也有明顯不同。因此，本篇論文的研究重點在探討公司績效的差異是否由無形資源投入之程度所造成，又或者是公司運用無形資源的能力不同而產生的。此外，公司在蓄積無形資源，投入研發成本時，需瞭解研發活動對企業存在一定程度的風險，也就是對未來效益經濟之不確定性。本研究即探討無形資源之擁有與企業競爭優勢之關連性，以Tobin's q衡量無形資源，而競爭優勢則是以企業差額利潤 (Firm-specific profit, FSP)衡量。本研究亦對會計準則中，企業研發支出與資本支出會計處理之差異進行實證研究，檢證研發支出對未來獲利能力不確定性之影響，是否較資本支出為大。實證結果顯示，無形資源與企業競爭優勢呈顯著正向關係；若將樣本分成競爭優勢企業與競爭劣勢企業，則競爭優勢企業擁有之無形資源與其競爭優勢呈顯著正向關係，而競爭劣勢企業擁有之無形資源與其競爭優勢呈顯著負向關係。而企業的研發支出對未來獲利能力不確定性之影響，確實較資本支出為大，實證支持會計準則將研發支出作為當期費用之適當性。

In the time of knowledge-based economy, intangible resources undoubtedly play an important role, if a firm wants to improve its competitiveness. One can find that profit differences exist across firms and industries when practically observing the entire industry. Therefore, the key point of this study is to empirically test whether the differences of the firm’s performance is due to the degree of intangible resource. Besides, while firms building up their intangible resources by investing in the research and development activities, they need to understand that such activities does possess certain degree of risk towards the organization, i.e. the uncertainty of future economic benefits. This study tests the relationship between intangible resources and competitive advantage, intangible resources is measured by Tobin’s q, whereas competitive advantage is measured by firm-specific profits. Moreover, based on the differences in accounting treatments for R&D and capital expenditure, this study also investigates that, in comparison with capital expenditures, whether the expenditures on research and developments are more influential towards the uncertainty of relevant future economic benefits. The empirical findings show that intangible resources is significantly and positively correlated with competitive advantage. If splitting full samples into advantaged firms and disadvantaged firms, the empirical findings show that intangible resource is significantly and positively correlated with competitive advantage in the sample of advantaged firms and vice versa. Lastly, to see whether R&D investments generate more uncertain future benefits compared to capital expenditures, and it is empirically supported empirically that accounting for R&D expenditure may adopt expense method due to the higher uncertainty of future benefit.

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