台灣IC設計產業智慧資本對經營績效影響之研究

Abstract

本論文之研究目的在於探究 IC 設計公司之智慧資本對其經營績效之影響。以我國上市上櫃 IC 設計產業為對象，以統計迴歸方法檢視公司之智慧資本對企業經營績效不同面向之績效指標：資產報酬率與托賓q值等，是否具有顯著之影響關係。此外，本研究也觀察智慧資本，如研發費用率、員工每人管理費用、推銷費用率、員工每人營業額、公司規模、公司業齡等不同之代理變數，對於經營績效的影響程度。本研究建立不同的模型藉以觀察：金融海嘯期間智慧資本對 IC 設計公司經營績效之影響、研發費用對數位與類比 IC 設計公司間經營績效影響是否有差異、研發費用的遞延效果，等不同研究條件下，各代理變數之相關程度與顯著性。 實證結果顯示，對台灣 IC 設計公司之企業經內外部營績效如資產報酬率與托賓q 而言，具有顯著影響力之重要智慧資本價值指標包含：研發費用率、員工每人管理費用、推銷費用率、員工每人營業額、公司規模、公司業齡等指標。本研究也觀察到，台灣 IC 設計公司投入之研發支出約一至兩年後就可以看營收或績效貢獻有顯著的正相關。探討在不景氣時智慧資本對企業經營績效之影響程度，實證結果發現在金融海嘯時期，不論是研發費用、管理費用或是推銷費用的增加，對內外部績效的影響都是負面的。

The purpose of this study is to explore the relationship between intellectual capital and firm performance of Taiwan IC design companies.

Empirical results suggest that intellectual capital agencies such as: R&D expense, management cost per employee, marketing expense, revenue per employee, company size, company age, etc. have significant influence on Taiwan IC design companies' firm performance. This study also observed that it is about one to two years later to see a significant contribution to revenues or firm performance after Taiwan IC design companies’ R&D expenditure.

In addition, in the study of firm performance during the global financial crisis from 2008 to 2009, the empirical results show that the increase of intellectual capital, such research and development expenses, management fees or marketing expenses, have significantly negative impact on both internal performance (ROA) and external performance (Tobin's q).

Hopefully the results of this empirical study can help IC design companies to understand their competitive advantages, and as a reference of business improvement and competitiveness enhancement.