本文是應用固定效果模型和廠商未來銷售收入迴歸分析，我們用廠商短期銷售收入與廠商中長期銷售收入以及股票持有報酬三種模式去分析能源產業之廠商營運與R&D之關係討論，而我們將討論R&D與營業表現銷售額的關係和原油價格的關係。
我們發現R&D對廠商未來銷售收入有顯著正向的效果，在原油價格上漲時投入R&D支出對廠商短期的未來銷售收入有顯著的正向效果，在原油價格上漲時投入R&D支出對廠商中長期的未來銷售收入無顯著的效果，在原油價格上漲時投入R&D支出對股票報酬則為顯著的負向效果。

We use future sales of firm's short-term and future sales of firm's long-term and buy-hold stock return to analyze relation between firm's R&D and operational performance in the US Energy Industry. we explore how R&D-related sales performance and price of oil ,We find that the positive association between R&D and firm's future sales,and that the significantly positive association between R&D and future sales of firm's short-term increases with price of oil, and the significantly positive association between R&D and future sales of firm's long-term increases with price of oil, and significantly positive association between R&D and buy-hold stock return decreases with price of oil.

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