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A resistance variable element in which deterioration in resistance variability is suppressed even when it is heat treated in a reducing atmosphere, and a nonvolatile memory comprising such a resistance variable element. A resistance variable element (1) comprises a material layer of an oxide semiconductor having a perovskite structure represented by the chemical formula : RMCoO3 (where, R represents a rare earth element and M represents an alkaline earth element), and first and second electrodes electrically connected with the material layer. A nonvolatile memory (2) comprises the resistance variable element and a transistor electrically connected to the resistance variable element.