研發行為與績效之關聯性探討─以台灣資訊電子業為例

Abstract

由於我國以資訊電子業為重心，資訊電子業處在全球化和高度競爭的產業環境，為了保持競爭力不墜，勢必急需提昇企業本身的創新能力，而研發投資即是其中一種方法，也是企業相當重視的一種企業活動。但是由於企業公司規模不同、資源不同和產業特性不同，所以各企業所採取的研發行為也有所區別，本研究以研發相關變數─內部研發密集度和其標準差，來分類十年上市資訊電子業的研發行為類型，並藉由ANOVA分析和迴歸分析來看其不同研發行為對其內部經營績效和外部市場績效的影響。採用帳面績效的資產報酬率(ROA)和市場績效的Tobin’s Q當作績效衡量指標，研發行為的的虛擬變數為主要自變數，公司融資結構、成長機會、公司規模和景氣因子當做控制變數。除了以上變數，我們也加入研發行為和控制變數之交互項進行探討。營業毛利率、營業利益率和稅後淨利率當做其他獲利能力，再次驗證不同研發行為對其內部經營績效的影響。營業成本率為企業的成本指標，驗證不同研發行為對於降低成本有不同的程度。 研究範圍以台灣1997~2006年，十年資料的上市電子資訊公司，共267家公司去做實證分析，實證結果如下：首先，藉由AVOVA分析發現不同研發行為確實有著不同的績效和公司特質，其次，進行迴歸分析發現高研發密集度的兩類型公司─持續創新型和隨機創新型公司對於資產報酬率(ROA)和Tobin’s Q 有顯著的正相關，且隨機創新型公司對於資產報酬率和Tobin’s Q的邊際效益均大於持續創新型公司，顯示能彈性調整研發投入比例在台灣能得到較高的經營績效和投資人的關愛，再者，研發投入比例較高的類型公司的確能使企業營業成本下降，最後，我們發現高研發密集度的研發投資行為下的融資結構，對於內部經營績效和外部市場績效皆有顯著負向關係，且都大於其他低研發密集度的研發行為，表示公司若採取高研發比例且高負債水準，將造成經營績效不良和市場投資人疑慮。

The Information Technology industry, which is the main industry in Taiwan, is in surrounded by globalization and competition. In order to sustain their core competence, firms must enhance self-innovation. Heavy R&D investment is a solution and an important activity in firms as well. But firms of different sizes and industrial characteristics, adopt different R&D behavior. In this thesis, I classify listed Information Technology firms during 1997~2006 according to R&D-related variables which represent internal average R&D intensity and its standard deviation, and use ANOVA and panel OLS to examine the influence of R&D behavior on the performance of Taiwan’s Information Technology firms. For performance, ROA is used as a measure of internal operating performance and Tobin’s Q is used to measure market evaluation. Financial structure, opportunity of growth, firm size, and boomy factor are used as control variables. Besides these variables, I used the interaction coming from the R&D dummy variable and control variables to analyze the model. Gross profit margin, operating profit rate, and net profit rate are used as profitability indicators to examine the influences again. Cost of goods sold rate is used as a cost indictor to examine the influences of R&D behavior on decreasing costs. This study is performed on 267 listed firms of Taiwan Information Technology by using unbalanced panel data during 1997~2006. The main findings of this study are as follows, first, different R&D behaviors are indeed related to different performance and characteristics of firms by ANOVA. Second, two types with high R&D intensity are positively related to ROA and Tobin’s Q.The random innovation behavior has more marginal benefits than persistent innovation behavior. It seems that firms with flexible R&D intensity own higher operating performance and are favored by investors. Third, the firms with high R&D intensity indeed Cost of good sold. Finally, this study proves that the debt of the firms with high R&D intensity is negatively related to ROA and Tobin’s Q. Besides, more influence than the other firms with low R&D intensity. It seems that firms with high R&D intensity and high debt rate will result in bad operating performance and low evaluation.