本文的研究目的在於測試以經濟附加價值或以企業的會計盈餘為經營績效指標,何者較能反映研發投入的管理績效表現,並就實證結果引導出研發投入的管理意涵。為達研究目的,本文利用Almon(1965)的方法求出研發資本化攤提的比率,並將企業績效指標視為有形資產及無形資產投資之函數,參考Lev and Sougiannis (1996)與李慧曦與顏千喬(2006)的設定而建立實證模型。本文採用台灣經濟新報(TEJ)及公開觀測站的資料,以財報資訊及研發費用完整的上市電子公司共189家為研究樣本,並以2003年的橫段面資料作為實證分析的基準。實證結果顯示,將研發視為資本,而非費用,更能突顯研發投入管理對企業經營,特別是以經濟附加價值為經營績效指標的重要性。
The purpose of this study is to investigate economic value added (EVA) or accounting earnings which is better for representing the appropriate performance measure of R&D investment management. Following the specification of Lev and Sougiannis (1996) and Lee and Yang (2006), we established two empirical models in which performance measures are dependent variables and are functions of tangible assets and intangible assets investments. In addition, the R&D investment is capitalized by using the capitalization ratio proposed by Almon (1965). Based on year 2003 cross-sectional data, the empirical tests utilize 189 samples which have completed financial and R&D data. The results show that it is better to treat R&D as capital instead of expenses, which implies the importance of R&D investment management to business management especially for using EVA as the performance measure.