創新致勝：全球創新企業實證研究

Abstract

根據Business Week所發布波士頓顧問集團(BCG)所調查的「全球50大創新企業」排名，蘋果公司連續三年（2005~2007）蟬連寶座。除了蘋果公司之外，觀察榜上有名之Google、豐田與奇異等公司，在營運上的表現也相對突出。根據過去研究結果，創新對於企業績效是否有正面的助力，仍是需要討論的問題。鑑此，本研究以2007年全球創新企業排名為基礎，並佐以S&P 500企業為樣本群，將樣本區分成創新企業與對照企業，以ROA、ROE、ROS、營收成長率及MVBV為績效衡量指標，研究結果發現：創新企業在各項指標上的表現均優於對照企業，尤其在資產報酬率(ROA)、股東權益報酬率(ROE)及市值帳面價值比（MVBV）等三項指標，有明顯的差距。另外，利用創新排名與績效排名相關分析，結果發現：市值帳面價值比與排名密切相關，顯見排名調查也反應了市場投資者對於這些企業的判斷；而該指標也與創新智慧資本有明顯的關係。最後，本研究利用個案研究，以蘋果公司、Intel、Walmart與Costco等創新作為歸納出創新成功原因主要為：創新企業藉由產品創新、流程創新、新的商業模式或是支持創新的企業文化，滿足顧客需求、提升消費者的滿意度進而提高企業的財務績效。

According to the annual ranking of the World’s 50 Most Innovative Companies released by Business Week-Boston Consulting Group, Apple Inc. led for three consecutive years from Years 2005 through 2007. Whether there was a strong positive correlation between a firm’s innovation capability and its business performance .is still highly debatable. Hence, the companies listed in the World’s 50 Most Innovative Companies in Year 2007 forming the experiment group, along with other companies listed in S&P 500 making up the control group, were compared performance via ROA, ROE, ROS, revenue growth and MVBV measures. The results showed that the Most Innovative Companies outperformed companies in the control group from all performance measures, with statistical significant differences in ROA, ROE and MVBV. Furthermore, the value of MVBV for a firm in the most innovative group was highly correlated with its rankings. At last, four case studies were conducted by concluding that innovations on products and processes, business models, and corporate culture did enable companies such as Apple, Intel, Wal-Mart, and Costco to enhance customer satisfaction and, therefore, improved corporate performance.