應用SEM結構方程式探討資本支出、研發支出及無形資產對台灣IC設計公司營運績效的影響

Abstract

本研究主要探討在公司治理下，資本支出、研發支出以及無形資產對企業營運績效關係，以台灣IC設計上市櫃公司為對象，利用SEM結構方程式模型進行分析研究，根據假設驗證結果發現，公司治理對資本支出和無形資產等兩項支出存在顯著正向影響，而對研發支出僅於大公司發現顯著正向影響。其中，大公司的公司治理對於資本支出和研發支出的影響由其顯著，而小公司的公司治理對於無形資產支出的影響最大。資本支出、研發支出和無形資產對企業營運績效影響部分，無論公司規模大小，資本支出和研發支出皆對企業營運績效存在顯著正向影響，而其中又以資本支出對公司影響最大；無形資產部分則僅小公司存在對企業營運績效顯著正向影響，且該影響力於小公司中亦大於研發支出。此外，雖然大公司的無形資產對企業營運績效影響並不顯著，但卻藉由研發支出對企業營運績效存在間接影響效果，且為正向關係。

The study focused on the effect of capital expenditures, R & D expenditures and intangible assets on enterprise performance by Structural Equation Modeling. The database is from 76 public IC design companies in Taiwan during 2000-2011.

The results found corporate governance has significant positive influence on capital expenditures and intangible assets, but only has significant positive influence on R & D expenditures within large scale company. Regardless of company scale, capital expenditures and R & D expenditures have significant positive influence on business performance, especially Capital expenditures; Intangible assets has biggest and significant positive influence on business performance in small scale company. Otherwise, the intangible assets doesn’t have directly significant effort to business performance, but it will indirectly influence business performance by R&D expenditure.

Keywords: corporate governance, capital expenditures, research and development expenses, intangible assets, operating performance