本研究以 2009 年至 2019 年的半導體業上市櫃公司為樣本，探究企業的財務寬鬆資源如何影響企業不同種類的創新活動，以及這一過程是否會受到公司治理中機構所有權和董事獨立性的影響。基於過去文獻來選取財務寬鬆資源和創新活動的代理指標，將創新產出作為創新活動的代理，區分為探索式創新和利用式創新，將流動比率和負債權益比選作財務寬鬆資源中可用寬鬆和潛在寬鬆的代理。另外在迴歸模型中額外加入財務寬鬆資源的二次項來捕捉可能存在的非線性關係。實證結果顯示了半導體產業公司對於不同種類創新的重視程度存在差異，表明產業?創新的實務現況。除此之外，實證結果表明，代表企業流動變現能力的可用寬鬆越多，產業內企業的創新會減少；代表企業舉債能力的潛在寬鬆越多，產業內企業的創新會增加。公司治理中機構法人持股和獨立董事數量都無法顯著影響財務寬鬆資源和企業創新活動之間的關係。;This study examines how financial slack affects different innovative activities within a company from the integrated circuit (IC) industry in Taiwan. Besides, this study explores whether institutional ownerships and independent directors can exert influence on the relationship between financial slack and innovation. As for the data, Firm-year observations are applied and the time period spans from the year 2009 to 2019. The whole sample includes all the companies from the IC industry that listed on the Taiwan stock exchange (TSE) and Taipei exchange (OTC). When it comes to the variables, the proxies of financial slack and innovation activities are chosen based on the prior literature. In this study, innovation outputs proxy for innovative activities and the types of patents are used to distinguish radical innovation from incremental innovation. Also, current ratio and debt-to-equity ratio proxy for available slack and potential slack respectively in order to learn the effect brought by the different aspects of financial slack. Moreover, we add quadratic terms of available slack and potential slack to test the curvilinear U-shaped or inverted U-shaped relationship between the financial slack and innovation. Our empirical results shows that companies from the IC industry in Taiwan pay much more attention to radical innovation than incremental innovation, which help draw a picture of innovative activities within this industry. In addition, other results demonstrate a negative relationship between available slack and innovative activities. And potential slack positively affects innovative activities. Finally, we haven′t found any significant impacts caused by institutional ownerships or independent directors which could change financial slack and innovative activities.
