台灣IC設計產業長期股權投資與研發支出對經營績效影響之研究

Abstract

IC設計產業屬於知識密集產業，以研發技術人才為主，相較於資本密集較高的晶圓代工及封裝測試業，IC設計產業資本支出相對較小，研發創新能力成為IC設計業者競爭力強弱的關鍵因素。然而面對產品快速汰舊換新、生命週期短的消費性電子產業，台灣IC設計產業在技術質量及創新能力的競爭更加嚴峻，加上晶片設計日趨複雜，需要投入的研發成本與日遽增，除了內部的研究發展，IC設計業者亦透過外購及轉投資的方式以厚積研發實力。 本研究以2005年至2012年台灣上市櫃IC設計公司為研究樣本，針對IC設計產業加強研發創新能力的主要三大面向：長期股權投資、無形資產及研發費用，以複迴歸分析法探討其對經營績效之影響。 實證結果顯示：(1）IC設計產業在長期股權投資方面，約遞延一至兩年對獲利有顯著的正向影響，(2) 外購研發軟體及專門技術等無形資產，在投入當期即對經營績效發揮正向效果，對研發力道有明顯的助益，（3）研發費用的投入約遞延一至兩年對獲利有所貢獻，且影響效果遠比長期股權投資及無形資產顯著。

IC design industry is a knowledge-intensive and R&D personnel-based industry. Compared to a high capital-intensive foundry, packaging and testing industry, IC design industry has relatively small capital expenditures. Therefore, research and innovation capacity become the key factors of the competitiveness. However, due to the rapid replacement, short life cycle of the consumer electronics industry, Taiwan's IC design industry faces more severe challenge in technical quality and innovation capability. Coupled with the increasing complexity of chip design, the need to invest in R&D and innovation is increasing. In addition to internal research and development, IC design industry enhances the R&D strength through outsourcing and investments.

Taking Taiwan’s listed IC design houses as our samples, the sample period starts from 2005 to 2012. To confirm the effects of long-term investments, intangible assets and R&D expenses on operating performance, we use multiple regression analysis to analyze the relationship. The empirical results show that: (1) The long-term equity investments have one to two years deferred, positive and major influence on operating performance, (2) The cost of R&D software and technical expertise play a positive effect on operating performance in the current investing period, (3) R&D expenses have contribution to operating performance after one to two years deferred, and the influence is more than the effect of long-term equity investments and intangible assets.