隨著全球化趨勢的盛行，企業必頇不斷拓展其國際化的營運，以取得更高的報酬。因 應此趨勢，台灣的企業也不斷進行出口貿易的活動。但企業進行國際化，是否會有較卓越 的績效，研究對此並無一致的定論。本研究探討台灣企業是否會因為國際化，而有較卓越 之績效表現。根據微笑曲線理論，產業附加價值最高的部分應該為上游的研究發展及下游 的品牌行銷，中游的生產製造是附加價值最低的。本研究同時探討台灣企業是否同時投入 較高之研發能力與行銷能力，能強化國際化策略對於績效之影響。 本研究利用橫斷面時間序列分析，調查了77 家台灣半導體業者在2000-2008 年間，公 司專屬性資產與國際化對於績效之影響。研究結果發現，國際化與公司績效是呈現水平S 型曲線的關係。公司專屬性資產之研發能力與行銷能力會同時正向調節國際化程度與公司 績效間的關係。未來企業在進行國際化活動時，應先強化其本身的研發能力及行銷能力， 方能達到更卓越之績效表現。

With the tendency of globalization, firms persuade higher profit have to explore their operation scope by globalization. Consequently, those domestic firms keep on engaging international trade business. However, there is no certain conclusion for whether the internationalized firms have better performance or not. This study investigates whether the Taiwanese firms have better performance by internationalization. According to smile curve theory, the R&D in the upstream and branding in the downstream share the most value-added in the value chain, and the less value for manufacturing. The study also explore whether the Taiwanese firms invested higher R&D capabilities and marketing capabilities, can enhance the impact of the international strategy on performance. This study investigates the effect of firms-specific assets and internationalization level on performance by employing TSCS (Time-Series Cross-Section) analysis to examine 77 Taiwanese semiconductor firms in 2000 to 2008. Our study finds out that there is an S-curve relationship between the internationalization and firm performance. The capability of R&D and marketing positively moderate the relationship between the level of internationalization and firm performance. Therefore, firms should enhance their own R&D and marketing capability while adopting internationalization. By doing so, firms can achieve better performance.