本文旨在探討商標等無形資產，對廠商的經營績效會產生何種影響。利用1,149家台灣的製造業上市公司在2002年至2018年的資料為研究樣本，使用結合橫斷面與時間序列的Panel data模型，透過實證分析來進行研究，並探討商標的影響效果是否在民生工業與非民生工業廠商間存在差異。
本論文使用 Tobin^' s Q、淨利率和營業收入作為廠商績效的衡量指標。實證結果顯示：(1). 商標對廠商的 Tobin^' s Q 有顯著正相關，但不顯著影響淨利率及營業收入，意味著做商標相關的投資，雖然短期獲利能力並沒有顯著的提升，但具有更高的市場價值與未來發展性。(2). 商標是民生工業廠商特別重視的無形資產，平均每年民生工業廠商會比非民生工業廠商多出5.91個商標數投資。同時，商標對民生工業廠商的短期績效也具有顯著正相關性。

The purpose of study was to investigate whether and how intangible assets affect firms’ financial performance, particularly the role of trademarks. We used 1,149 listed manufacturing companies in manufacturing industry in Taiwan from 2002 to 2018, and adopted panel data model to implement estimations. Furthermore, this thesis examines the potential difference in the impact of trademarks on firm performance between the livelihood industry and non- livelihood industry.

We used Tobin's Q, net profit margin, and revenue as indicators of firm performance. The empirical results show that: (1) Trademarks do not significantly improve short-term profitability, but it has higher market value and future development for the companies. (2) Trademarks are especially important for firm performance in livelihood industries. On average, there are 5.91 more trademarks per year for firms of livelihood industries than non-livelihood industry manufacturers. At the same time, the trademark has a significant positive correlation with the short-term profitability for livelihood industrial manufacturers.

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