| 姓名 |
林于茜(Yu-Chien Lin)
查詢紙本館藏 |
畢業系所 |
產業經濟研究所在職專班 |
| 論文名稱 |
研發對公司經營績效之影響：以台灣製造業上市櫃公司為例
|
| 相關論文 | |
| 檔案 |
 [Endnote RIS 格式]
[Bibtex 格式]
 [相關文章]  [文章引用]  [完整記錄]  [館藏目錄]  [檢視] [下載]- 本電子論文使用權限為同意立即開放。
- 已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
- 請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。
|
| 摘要(中) |
在技術日新月異、消費者需求彈性變大、產品生命週期縮短的現代社會，商業環境與產業結構瞬息萬變，企業為了與時俱進並維持產品競爭力，將有誘因投入研究與開發活動（Research & Development , R&D），期能激發產品創新動能以及追求永續經營。其中，自資訊及通訊技術發展的數位革命來臨，研發對高科技產業尤其重要，除可透過改善產品製程降低成本外，亦能藉由強化核心技術進行產品創新，若成功將研發投入轉化為實質產出，可望提高股價或企業價值，同時反映於經營績效上。
為瞭解研發投入對企業經營績效的影響，本研究以2002年至2019年台灣製造業上市上櫃公司的Panel data為研究對象，考量企業規模及產業性質差異，以研發密集度（研發支出占營業收入的比率）作為研發投入的指標，經營績效則用資產報酬率（ROA）、股東權益報酬率（ROE）、Tobin’s Q及營業毛利率衡量。鑒於相異的樣本來源、模型建構等將導向不同的實證結論，故關於研發投入能否有效率的達成創新或提高企業價值，發揮預期的經濟效益，相關文獻迄今尚未獲致共識，爰此，本研究除分析台灣製造業上市上櫃公司整體情形外，另再區分製造業內不同子行業別進行個別討論，或許得以較全面性的觀點瞭解各行各業研發活動對經營績效的影響。
研究首先以最小平方法（OLS）對整體製造業研發與績效的關聯性進行研究，實證結果發現，研發密集度與ROA及ROE顯著負相關、與Tobin’ s Q及營業毛利率顯著正相關。再進一步探討製造業內不同子行業別情形，發現研發密集度對製造業經營績效的影響會因行業別而異。最後使用固定效果模型，控制個別公司無法觀察到且不隨時間變化的特性下，發現廠商研發密集度與ROA、ROE、Tobin’s Q有顯著負相關、與營業毛利率顯著正相關。若再就台灣上市上櫃電子業以固定效果模型進行分析，亦得出一致的實證結果。
上述結果衍生出以下結論：
研發投入不見得能對如化學工業與生技醫療、電子工業等技術密集型產業有正面影響，以台灣的產業現況觀之，台灣高科技電子業大多偏向代工性質，身處生產鏈中的一環，且產品汰換快速，若企業過於重視研發投入，反而對經營績效沒有直接助益，甚至造成資源排擠效果。所以建議企業不宜為了確保產品優勢，盲目進行研究與開發活動，造成資源無法有效率的配置。
關鍵字：研發密集度、經營績效、製造業 |
| 摘要(英) |
In a modern society with ever-changing technologies, greater elasticity of consumer demand, products with shortened life cycles, the business environment and industrial structure shift rapidly. In order to keep up with the times and maintain products competitiveness, companies will have incentives to invest in research and development activities (Research & Development, R&D), which are expected to stimulate product innovation momentum and reach sustainable operation. Especially, due to the digital revolution in the development of information and communication technology, R&D is particularly important to the high-tech industry. It can not only reduce costs by improving product manufacturing processes, but also achieve products innovation by strengthening core technologies. If successfully transforms R&D investment into substant products, it can be expected to increase stock price or corporate value, and will also be reflected into business performance.
In order to understand the impact of R&D investment on business performance, this study uses manufacturing companies in Taiwan listed on the OTC from 2002 to 2019 as the research object. Considering the differences in enterprise scale and industry Specifics, R&D Intensity (ratio of R&D expenditure and revenue) is used as an indicator of R&D investment, and business performance is measured by return on assets (ROA), return on equity (ROE), Tobin′s Q and gross profit margin. In view of the fact that different sample sources, model constructions, etc. will lead to different empirical conclusions, the relevant literature has not yet reached a consensus on whether R&D investment can efficiently achieve innovation or increase corporate value, and creat expected economic benefits. In addition to analyzing the overall situation of listed companies in Taiwan′s manufacturing industry, this study also distinguishes different sub-sectors in the manufacturing industry into individual discussions, which may provide a more comprehensive view of the impact of R&D activities on business performance in different sector.
First, this study uses the least square method (OLS) to study the correlation between R&D of overall manufacturing industry and its performance. The empirical results found that R&D intensity is significantly negatively correlated with ROA and ROE, and significantly positively correlated with Tobin’s Q and gross profit margin. Further, this study explores the different sub-industry situations in the manufacturing industry, and found that the impact of R&D intensity on the business performance of the manufacturing industry varies from sectorto sector. Finally, using a fixed-effect model to control the unobservable characteristics of individual companies that don’t change over time, it was found that the R&D intensity of manufacturers is significantly negatively correlated with ROA, ROE, and Tobin’s Q, and significantly positively correlated with gross profit margin. If we analyze the electronics industry listed on the Taiwan stock market or the OTC market with a fixed-effect model, consistent empirical results can be obtained.
The above results derive the following conclusions: R&D investment does not necessarily have a positive impact on technology-intensive industries such as the chemical industry, biotechnology, medical care, and electronics. To observe the current situation of Taiwan’s industry, the high-tech electronics industry tends to be foundry which is only a part of the production chain and replaced rapidly. If the company attaches too much to R&D investment, it may not help improve business performance, and even cause crowding-out effects on production resources. Therefore, it is recommended that companies should not blindly conduct research and development activities for maintaining product advantages, resulting in inefficient allocation of resources.
Keywords: R&D intensity, business performance, manufacturing |
| 關鍵字(中) |
★ 研發密集度
★ 經營績效
★ 製造業 |
關鍵字(英) |
★ R&D intensity
★ business performance
★ manufacturing |
| 論文目次 |
目錄
摘要 I
Abstract III
致謝辭 V
目錄 VII
圖目錄 IX
表目錄 X
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 10
1.3 研究架構 11
第二章 文獻回顧 12
2.1 研發對公司營運績效的影響 12
2.2 研發績效在不同產業間之差異 16
第三章 資料來源、研究方法與實證模型 18
3.1 資料來源與樣本選取 18
3.2 變數說明與定義 21
3.2.1 企業經營績效衡量 21
3.2.2 解釋變數 22
3.3 實證模型 25
3.4 研究假說 27
第四章 實證分析與結果 28
4.1 變數敘述統計量 28
4.2 變數相關性分析 30
4.3 研發活動對公司經營績效的影響 31
4.3.1 普通最小平方法(OLS)估計結果 33
4.3.2 研發活動對不同產業公司績效的重要性及影響力 38
4.4 追蹤資料模型 44
第五章 結論與建議 47
5.1 研究結果 47
5.2 研究限制與建議 50
參考文獻 52
一、 中文文獻 52
二、 英文文獻 54 |
| 參考文獻 |
一、 中文文獻
李哲銘 (2016)，「研發支出、內部董事持股比率與公司績效間關係之研究」，碩士論文，國立臺北大學經濟學系。
邱垂昌、王育民、魏嘉伶與張簡婷 (2011)，「創新、人力資本投入與企業經營效率－以我國IC設計業為例」，中山管理評論，第19卷第2期，343-385頁。
金成隆、林修葳與邱煒恒 (2005)，「研究發展支出與資本支出的價值攸關性: 以企業生命週期論析」，中山管理評論，第13卷第2期，617-643頁。
姜義軒 (2001)，「台灣電子產業與非電子產業Tobin′′sq之差異及其成因之研究」，碩士論文，國立交通大學經營管理研究所。
徐君毅 (2001)，「研發與廣告支出與企業價值變動之因果關係研究」，碩士論文，東海大學企業管理學系碩士班。
張淑清與呂欣樺 (2015)，「研發支出與管理團隊特性對公司績效之影響」，會計學報，第6卷第1期，1-34頁。
陳宜姍 (2015)，「台灣企業之研發支出與經營績效的研究」，碩士論文，中國文化大學會計學系。
陳明聰 (2010)，「台灣上市櫃製造業研發支出與公司績效之關係—以股權結構為干擾變數」，碩士論文，國立臺北大學企業管理學系。
彭作奎、黃博暉與謝佑立 (2010)，「研究發展對生技產業經營績效影響之實證研究」，生物產業科技管理叢刊，第2卷第1期，1-43頁。
黃仕斌與楊志龍 (2018)，「研發投入, 研發績效對公司經營績效之影響: 以台灣高科技產業為例」，科技管理學刊，第23卷第1期，33-63頁。
黃旭男與許旭昇 (2014)，「建構考量延遲效果之研發效率評估模式: 以台灣積體電路業為例」，科技管理學刊，第19卷第1期，23-49頁。
楊志海與陳忠榮 (2002)，「研究發展, 專利與生產力-台灣製造業的實證研究」，經濟論文叢刊，第30卷第1期，27-48頁。
楊志龍 (2018)，「研發、專利對公司經營績效之影響： 以台灣高科技產業為例」，博士論文，國立交通大學科技管理研究所。
楊開祥 (2002)，「研究發展投資抵減與企業績效關聯性之探討-以我國上市資訊電子業為例」，碩士論文，國立臺灣大學會計學研究所。
葉集賢 (2009)，「研發支出及資本支出對企業經營績效之影響--以臺灣半導體產業為例」，碩士論文，國立成功大學企業管理學系專班。
劉慧賢 (2018)，「研發費用支出和企業經營績效之動態關聯探討-以電子業為例」，碩士論文，國立交通大學管理學院經營管理學程。
歐進士 (1997)，「我國企業研究發展與經營績效關聯之實證研究」，中山管理評論，第6卷第2期，357-386頁。
二、 英文文獻
Bontis, N., S. Wu, M. C. Chen, S. J. Cheng and Y. Hwang (2005). “An empirical investigation of the relationship between intellectual capital and firms’ market value and financial performance.” Journal of intellectual capital. 6 (2): 159-176
Chambers, D., R. Jennings and R. B. Thompson (2002). “Excess returns to R&D-intensive firms.” Review of Accounting Studies 7(2): 133-158.
Chen, W. R. and K. D. Miller (2007). “Situational and institutional determinants of firms′ R&D search intensity.” Strategic Management Journal 28(4): 369-381.
Chen, Y. and O. W. Ibhagui (2019). “R&D-firm performance nexus: New evidence from NASDAQ listed firms.” The North American Journal of Economics Finance 50: 101009.
Cui, H. and Y. Mak (2002). “The relationship between managerial ownership and firm performance in high R&D firms.” Journal of corporate finance 8(4): 313-336.
Czarnitzki, D. and K. J. K. Kraft (2006). “R&D and firm performance in a transition economy.” Kyklos 59(4): 481-496.
Ehie, I. C. and K. Olibe (2010). “The effect of R&D investment on firm value: An examination of US manufacturing and service industries.” International Journal of Production Economics 128(1): 127-135.
Görg, H. and M.-E. Spaliara (2014). “Exporters in the financial crisis.” National Institute Economic Review 228(1): R49-R57.
Greenaway, D., A. Guariglia and R. Kneller (2007). “Financial factors and exporting decisions.” Journal of international economics 73(2): 377-395.
Hall, L. A. and S. Bagchi-Sen (2007). “An analysis of firm-level innovation strategies in the US biotechnology industry.” Technovation 27(1-2): 4-14.
Ho, Y. K., H. T. Keh and J. M. Ong (2005). “The effects of R&D and advertising on firm value: An examination of manufacturing and nonmanufacturing firms.” IEEE Transactions on Engineering Management 52(1): 3-14.
Hsu, F.-J., M.-Y. Chen, Y.-C. Chen, W.-C. Wang and Banking (2013). “An empirical study on the relationship between R&D and financial performance.” Journal of Applied Finance 3(5): 107.
Müller, E. and V. Zimmermann (2009). “The importance of equity finance for R&D activity.” Small Business Economics 33(3): 303-318.
Pindado, J., V. De Queiroz and C. De La Torre (2010). “How do firm characteristics influence the relationship between R&D and firm value?” Financial management 39(2): 757-782.
Ravšelj, D. and A. Aristovnik (2020). “The Impact of R&D Expenditures on Corporate Performance: Evidence from Slovenian and World R&D Companies.” Sustainability 12(5): 1943.
Schimke, A. and T. Brenner (2011). “Temporal structure of firm growth and the impact of R&D.” KIT Working Paper Series in Economics 32: 1-36.
Shin, N., K. L. Kraemer and J. Dedrick (2017). “R&D and firm performance in the semiconductor industry.” Industry Innovation 24(3): 280-297.
Vithessonthi, C. and O. C. Racela (2016). “Short-and long-run effects of internationalization and R&D intensity on firm performance.” Journal of Multinational Financial Management 34: 28-45.
Voigt, P. and P. Moncada-Paternò-Castello (2009). “The global economic and financial downturn: What does it imply for firms′ R&D strategies?” IPTS Working Papers on Corporate R&D and Innovation 12: 2-32.
Wang, H.-W. and M.-C. Wu (2012). “Business type, industry value chain, and R&D performance: Evidence from high-tech firms in an emerging market.” Technological Forecasting Social Change 79(2): 326-340.
Xianfeng, H. and D. Mingfang (2017). “Technological Innovation Input′s Heterogeneous Threshold Effect on Corporate Value of Enterprise.” Science Technology Progress 2017: 22.
Xu, J. and Z. Jin (2016). “Research on the impact of R&D investment on firm performance in China′s internet of things industry.” Journal of Advanced Management Science. 4(2):112-116.
Xu, J., F. Liu and Y.-h. Chen (2019). “R&D, Advertising and Firms’ Financial Performance in South Korea: Does Firm Size Matter?” Sustainability 11(14): 3764.
Yeh, M.-L., H.-P. Chu, P. J. Sher and Y.-C. Chiu (2010). “R&D intensity, firm performance and the identification of the threshold: fresh evidence from the panel threshold regression model.” Applied Economics Letters 42(3): 389-401. |
| 指導教授 |
鄒孟文(Meng-Wen Tsou)
|
審核日期 |
2021-7-21 |
| 推文 |
 facebook  plurk  twitter  funp  google  live  udn  HD  myshare  reddit  netvibes  friend  youpush  delicious  baidu
|
| 網路書籤 |
 Google bookmarks  del.icio.us  hemidemi myshare
|
