- 學位論文
探討高流動性資產、景氣循環、市場環境與企業研發支出之關聯性
Effect of Highly Liquid Current Assets, Economic and Market Environment on Corporate R&D Expenditure
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摘要
美國管理大師彼得·杜拉克曾言:「企業僅有兩種行為會賺錢─研發與行銷，其他的行為終將成為成本。」根據Booz & Company’s Global Innovation 1000之統計結果，全球支出最多研發支出之前1000大企業其研發支出總額已從2005年的400億美元成長至2014年的647億美元。9年期之複合成長率達到5.5%，可見企業愈趨重視研發支出。 本篇論文結合會計資訊與市場競爭之概念，探討影響企業投入研發支出的決定因子。相較於歷史文獻以單一產業為研究對象，本篇納入1970年至2013年多種產業為研究標的；以高流動性資產、景氣循環與市場環境為決定因子，探討其與企業研究與發展支出之關聯性。本篇之實證結果如下： 1.持有愈多高流動性資產之公司，傾向投入愈多研究與發展支出。 2.持有愈多高流動性資產之公司其於景氣蕭條時期所投入之研究與發展支出，相較於其他景氣時期所投入之研究與發展支出更多。 3.企業間之競爭程度與企業投入之研究與發展支出呈現顯著正相關。 4.產業需求成長率與企業投入之研究與發展支出呈現顯著負相關。 本篇論文之實證結果亦通過穩健性測試，顯示研究之可靠性。最後，希望透過本篇論文之實證研究，延伸學術上對公司研究與發展費用決定因子的認知，同時於實務上提供企業管理階層制定決策時之參考。
並列摘要
Over the past few decades, R&D related issues have been few discussed due to the uniqueness and the wide operational diversity of different industries. Different from prior literature, this article comprises a variety of industries to study the determinants of research and development expenditure by using a panel of more than 30,000 firm-years of publicly listed North America firms from 1970 to 2013. The purpose of this study is to examine how highly liquid current assets, economic and market environment affect the amount of research and development expenditure. The primary findings of this article are as follows: (1) Firms holding more highly liquid current assets tend to invest more in research and development expenditure. (2) The relationship between highly liquid current assets and research and development expenditure is stronger during the periods of recession. (3) Firms tend to invest more research and development expenditure as the competition among individual firms increases. (4) The growth of market demand by industry is negatively associated with R&D expenditure. The results remain robust in the sensitivity test. The findings of this article advance our understanding of determinants of research and development expenditure, and provide practical implications to managers during decision-making.
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