研發投資對企業成長的影響 ─分量迴歸之分析

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题名:	研發投資對企業成長的影響 ─分量迴歸之分析
作者:	宋璨真;Sung, Tsan-Chen
贡献者:	產業經濟研究所
关键词:	研發;銷售成長;分量迴歸;COVID-19;R&D;sales growth;quantile regression;COVID-19
日期:	2025-06-24
上传时间:	2025-10-17 12:11:36 (UTC+8)
出版者:	國立中央大學
摘要:	本研究使用台灣經濟新報（Taiwan Economic Journal） 2010 年至 2023 年臺灣製造業上市上櫃廠商資料，使用普通最小平方法、公司固定效果以及分量迴歸模型，探討研發投資對企業成長的影響，並進一步以公司規模、產業科技程度以及COVID-19疫情期間劃分子樣本，以檢視於不同類別企業與外生衝擊的異質性效果。實證結果顯示，研發密集度與企業銷售成長之間具有穩定顯著的正向關係，顯示研發投入為企業成長的重要推動因素。由異質性分析發現，該影響在高成長企業、大型公司以及高科技產業中最為顯著，表示此類企業更能有效將研發活動轉化為成長動能。此外，在 COVID-19 疫情期間，研發密集度對企業成長的正向效果主要集中於中高成長分位數的企業，顯示在外部衝擊下，具備一定成長基礎的企業能透過持續研發維持競爭優勢與成長表現。 ;This study utilizes firm-level panel data of publicly listed manufacturing companies in Taiwan from 2010 to 2023, obtained from the Taiwan Economic Journal (TEJ) database. Employing pooled ordinary least squares (OLS), firm fixed effects models, and quantile regression, the research investigates the impact of R&D investment on firm growth. To explore heterogeneity, subsample analyses are conducted based on firm size, technological intensity of the industry, and the period of the COVID-19 pandemic. Empirical results indicate a consistently significant and positive relationship between R&D intensity and sales growth, suggesting that R&D investment serves as a key driver of firm growth. The heterogeneity analysis further reveals that this effect is most pronounced among high-growth firms, large-scale enterprises, and firms operating in high-tech industries. These firms appear to be more capable of transforming R&D efforts into tangible growth momentum. In addition, during the COVID-19 pandemic, the positive impact of R&D intensity on firm growth is concentrated among firms in the upper-middle quantiles of the growth distribution, indicating that firms with a solid growth foundation are better positioned to sustain competitive advantages through continued R&D investment amid external shocks.
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