本研究不同於其他文獻，將以財務危機公司之縱衡資料進行實證分析，探討 研發費用之運用，在財務危機公司中之績效表現，樣本之取樣兼顧橫斷面與時間 序列，以動態模型為主要架構，運用Hansen(1999)考慮到縱衡資料(Panel data)的 縱橫門檻自我迴歸(Panel Threshold-AR)非線性模型，進行研發費用與公司經營績 效之門檻效果分析。以實務角度，並綜合部分文獻，吾人臆測公司研發費用的投 入可能存在一個門檻值，適當研發費用的投入，將有效改善公司經營體質，進而 強化公司之經營績效；然而當研發費用投入過高，可能反而使公司之經營獲利未 能及時展現，而危機益形顯現，公司體質削減，因而降低公司經營績效，更促使 財務危機公司面臨破產倒閉。因此，以非線性影響關係角度出發，試著尋找最適 研發費用值(區間)，藉以尋求挽救財務危機公司之經營策略，實為本研究之重心 所在。 This paper differs from previous literature in few folds, first, we employ nonlinear panel threshold model developed by Hansen (1999) to investigate the effect of corporate R&D on the financial performance of firms. Secondly, the firms considered in this paper are those in a condition of financial distress within sample period. Thirdly, the data sets used combing both time series and cross section data, thus we construct a dynamic framework for our investigation. We hypothesize that there exists one or more threshold values of R&D ratio, which divide the sample set into two or more regimes. For the firms in financial distress, we guess that the more the dollar amount of R&D input, the higher the financial performance will be when the R&D ratio is well below the threshold value. On the contrary, however, when R&D ratio is above the discovered threshold value, the financial crisis for the firms will become more significant. In this case, the outcome will be a bad performance and may result in bankruptcy. To summarize, the aim of this paper is to employ newly developed technique of nonlinear panel threshold model to find the optimal range of the R&D ratio for firms in financial distress, which we believe can indeed rescue the operation problem and improve the financial performance of those firms.