本文利用台灣1990-1997年間股票上市的製造業廠商為研究對象，建立panel data 來分析廠商的創新活動與生產力的關連。對於創新活動的衡量，除了傳統的研發存量之外，我們亦採用產出面指標的專利數來建立，藉以探討創新活動與生產力及生產力成長的關聯。實證結果顯示，無論是研發或專利均對台灣製造業廠商的生產力有正面顯著的影響，而專利存量對廠商附加價值的產出彈性約為研發存量彈性的5倍。此外，研發與專利對於生產力成長亦有顯著的影響，隱含研發投資對於台灣製造業廠商產出的提高仍具有超額的貢獻。 We investigate the relationship between knowledge and productivity levels and growth using firm-level panel data in Taiwan. In addition to R&D stock, we also employ patent counts to construct the output-side indicators of knowledge to explore the relationship between knowledge and productivity. The empirical results show that both R&D and patents have significant impact on the productivity level in Taiwan. The elasticity of patent stock is about five times larger than that estimated by R&D stock as a proxy of knowledge. We also find a very significant contribution of R&D and patents to productivity growth. This implies that R&D investment has been very productive in increasing output for Taiwanese manufacturing firms in the 1990s.