公司多角化、研發支出與公司績效

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姓名

張慈玲(Tzu-Lin Chang) 查詢紙本館藏

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會計研究所

論文名稱

公司多角化、研發支出與公司績效
(Corporate Diversification, R&D Expenditure and Enterprise Performance)

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摘要(中)

過去文獻多支持研發支出及多角化策略對於公司經營績效具有顯著影響，而研發支出密集產業常往公司多角化發展。本研究探討不同多角化策略對研發支出與公司經營績效的影響。
　　本研究資料取自台灣經濟新報資料庫(TEJ)及上市櫃公司發行的年報，並以迴歸分析方法進行實證分析。
　　結果發現研發支出及多角化策略確實對於公司經營績效具有顯著影響。加入多角化與研發支出的交互作用後進行探討，結果僅發現產業多角化與研發支出的交互作用有負向顯著關係，說明進行產業多角化時溝通協調等成本皆會對公司經營績效產生負面影響，削減了研發支出與公司經營績效的正向關係；進行全球多角化時，主要是地區的擴張而非產品的研發，因此與研發支出的交互作用較不具有顯著關係。同時實行兩種多角化的公司，產業多角化可使公司在採用全球多角化策略時，更成熟的處理進行多角化策略時面對的複雜問題，而產品多角化所研發的新產品可由全球多角化開拓更大的交易市場，因此在同時實行兩種多角化的公司中，全球多角化與研發支出的交互作用有正向顯著關係。

摘要(英)

There is a lot of literature supporting that the R&D expenditure and diversification strategy significantly influence the enterprise performance,and R&D intensive industries usually evolve to corporate diversification. This study investigates the influence of different diversification strategies on R&D expenditure and enterprise performance.
　　In this study, data are acquired from the Taiwan Economic Journal (TEJ) and the annual reports of listed companies, where regression analysis is utilized for empirical analyses.
　　The results show that the R&D expenditure and diversification strategies certainly have a significant impact on enterprise performance. By further exploring the interaction between the R&D expenditure and diversification strategies, only the interaction between the industrial diversification and R&D expenditure results in a negative significant relationship, which demonstrates that the costs of communication and coordination in industrial diversification will cause negative effects on enterprise performance and hence reduce the positive relationship between the R&D expenditure and enterprise performance. The interaction between the R&D expenditure and global diversification is less significant since the global diversification mainly involves in area expansion but not the development of products. For the companies those
perform the two diversifications simultaneously, industrial diversification enables thecompany to maturely tackle the complex issues in adopting the global diversification strategy, while the development of new products due to the product diversification can exploit larger marketplace by global diversification. Therefore, for the companies which simultaneously perform the two diversifications, the interaction between global diversification and the R&D expenditure has a positive significant relationship.

關鍵字(中)

★ 研發支出
★ 產業多角化
★ 經營績效
★ 全球多角化

關鍵字(英)

★ R&
★ D Expenditure
★ industrial diversification
★ global diversification
★ enterprise performance

論文目次

中文摘要………………………………………………………………………..i
英文摘要……………………………………………………………………….ii
目錄…………………………………………………………………………....iii
圖目錄…………………………………………………………………………..v
表目錄………………………………………………………………………….vi
一、前言………………………………………………………………………..1
　　1-1　　研究背景與動機…………………………………………….....1
　　1-2　　研究目的…………………………………………………….....2
　　1-3　　研究流程…………………………………………………….....3
　　1-4　　研究架構…………………………………………………….....5
二、文獻探討…………………………………………………………………..7
　　2-1　　公司經營績效相關研究………………………………….....7
2-1-1　公司經營績效之衡量……………………….……...............7
2-1-2　公司經營績效之相關文獻………………….....................8
　　2-2　　研發支出效果……………………………………………....12
2-2-1　研發支出之定義……………………………………….…....12
2-2-2　研發支出之相關文獻…………………………..……….....15
　　2-3　　多角化程度相關研究…………………………………....18
2-3-1　多角化程度之定義………………………………………....18
2-3-2　多角化程度之相關文獻…………………………………....21
三、研究方法…………………………………………………………………..7
　　3-1　　觀念架構……………………………………………………....25
　　3-2　　研究期間、樣本選取與資料來源………………………....26
3-2-1　研究期間…………………….………………………….…....26
3-2-2　樣本選取標準……….…………………………..……….....26
3-2-3　資料來源……………..…………………………..……….....26
　　3-3　　變數定義……………………………………………………....27
3-3-1　應變數…………………………..…………………………....27
3-3-2　自變數………….……….…………………………………....28
3-3-3　控制變數………….……….………………………………....29
　　3-4　　實證模型……………………………………………………....31
3-5　　研究方法……………………………………………………....34
3-5-1　敘述性統計………..…………..…………………………....34
3-5-2　Pearson和Spearman相關分析………….………………....34
3-5-3　多元迴歸分析………...………………….………………....34
3-5-4　異質變異性檢定………………………….………………....35
3-5-5　共線性檢定…………...………………….………………....35
四、實證結果與分析……..………………………………….………………36
4-1　　敘述性統計分析..…………………………………………….36
4-2　　實證分析結果..……………………………………………….39
五、結論與建議…………...………………………………….………………45
5-1　　研究結論與貢獻..…………………………………………….45
5-2　　研究限制與建議…………………………………………….47
參考文獻……..……………………………………………….………………48

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指導教授

王曉雯(Hsiao-Wen Wang)

審核日期

2012-7-4

推文