廠商採取研發行動與研發強度的影響要素：中國大陸的實證

本研究旨在針對影響研發投資決策的要素，在中國大陸情境下進行系統性的探討。本研究將過去的前因變數分為資源稟賦、股權結構、事業策略與風險承擔類要素四類，並檢驗這些要素對於兩種研發投資決策指標─廠商採取研發行動及研發強度的差異效果。此外，我們也納入兩個中國大陸專屬的影響要素─國家資本及台港澳資本之股權佔比，並分析其對於兩類研發投資決策的影響。我們利用中國大陸視聽設備製造業2004-2006年的追蹤資料，其中包含754家廠商共2262筆觀察值，進行異質性擴散模型檢驗及追蹤資料迴歸分析。研究結果發現，四類要素對於研發強度的影響大多(6/10)符合預期，顯示過去研究結果在中國情境中的類推性。然而，四類要素對於採取研發行動的影響大多(8/10)不顯著，顯示我們對於影響採取研發行動的要素仍缺乏瞭解。此外，研究結果顯示國家資本占比雖然會降低廠商的研發強度，卻會提高其採取研發行動的可能性，而台港澳資本佔比與其他外資一樣能提升研發強度。綜上所述，本研究結果對於政策制訂者及廠商選擇聯盟夥伴具有高度實務意涵。

關鍵字

採取研發行動；研發強度；追蹤資料迴歸分析；異質性擴散模型

並列摘要

To investigate the antecedents of R&D investment decision systematically in China, this study classified previous antecedents into four categories: firm resources, ownership structure, business strategy, and risk taking, and examine their differential impacts on two indicators of R&D investment decision, R&D action and R&D intensity. In addition, we included two China specific factors, state ownership and Taiwan, Hong Kong, and Macau ownership and test their impacts on R&D investment decision. Using a panel data containing 754 firms and 2262 observations in audio and video electronic products manufacturing industry in China between 2004 and 2006, we conducted a panel data regression analysis and tested a heterogeneous diffusion model. The results shown that most of these factors (6/10) supported research hypotheses and that past research results can be generalized to China context. In contrast, most of these factors had insignificant (8/10) influences on R&D action, which implies that we are still lack of sufficient understanding of the antecedents of adoption of R&D action. In addition, we found that state ownership decreases R&D intensity, while it increases the possibility of adoption of R&D action and that Taiwan, Hong Kong, and Macau ownership increases R&D intensity as much as foreign ownership does. In sum, this study provides significant implication for policy makers and partner-seeking firms.