財務資源配置,技術能耐發展與興業成長

Financial Resource, Technological Competence Development, and Entrepreneurial Growth

駱世民(SHIH-MIN LO)

指導教授 ： 李吉仁

國立臺灣大學/管理學院/國際企業學研究所/博士(2008年)

https://doi.org/10.6342/NTU.2008.01873

摘要

隨著技術變遷越來越頻繁，市場區隔越來越模糊，傳統上把廠商視為產品或事業組合已不再合宜，取而代之的是－以廠商所擁有的資源與能力、知識或常規，藉此建立與保持競爭優勢的新觀點，或泛指能耐基礎理論的策略新思維。因此，對新創廠商而言，想要探索新機會、開發一系列的新產品及確保從創新中獲取利潤，對其技術能耐、互補資源與學習作一妥善安排，絕對是不可或缺。其中，技術能耐的發展，就成為探討廠商行為與績效的關鍵因素。然而，現有策略管理或創新經濟學，針對技術能耐發展這方面的理論研究並不多，實證研究也相當欠缺。為了對新創廠商在其興業成長過程中的技術能耐發展，能有更細緻的闡述與推論，本論文提出一個新的理論構念－技術組合結構，與兩個可操作化的獨特面向－技術深化、與技術廣化，以描述技術能耐發展，探討廠商競爭優勢的根源，並期望藉此釐清資源基礎相關理論，以及企業多角化等相關議題在實證研究上的模稜兩可之處。所謂技術深化，指的是廠商技術能耐相對於其他競爭者，在所涉及技術領域裡所成就的深度，通常任何一個產品的完成，所涉及的是一組技術而非僅一種技術。而技術廣化，則是指廠商技術能耐所涉及的技術領域多寡與分散度，可分為朝技術上下游進入的垂直式廣化、技術替代互補的水平式廣化、或者是完全不相關的技術廣化。在本論文第一部分的研究推論與實證發現，在其他條件不變的情況下，新創廠商在技術能耐發展所仰賴的研發投入，受可靈活運用的財務資源多寡與彈性，特別是初次公開發行，有顯著正向的影響；透過多種計量模型與替換衡量變數的不同估計，結果依然非常一致。並且，此影響遠較傳統熊彼德假說所認為，廠商規模大小或市場集中度對研發投入的影響來得大很多。另一方面，在本論文第二部份的研究推論與實證發現，在其他條件不變的情況下，當新創廠商前一期的技術深化程度越高、本期的研發強度越高、或本期距離初次公開發行年度越晚，本期的技術廣化程度就會越大。這意謂著當新創廠商的既有技術能耐具有一定深度或優勢之後，後續的研發投入與財務資源會鼓勵並有利於技術多角化。特別是，廠商的技術組合結構在初次公開發行之後，呈現一種「分散式集中」的型態，技術深化程度趨於飽和，而技術廣化程度則持續地逐漸升高。

關鍵字

技術深化 ； 技術廣化 ； 初次公開發行 ； 研發 ； 能耐

並列摘要

With market boundaries changing increasingly quickly and technological changes emerging frequently, the strategy of an entrepreneurial firm in building and sustaining its competitive advantage is no longer adequately viewed from a portfolio of business but better considered as a dynamic configuration of resources, capabilities, competences, knowledge, or routines. An appropriate arrangement of technological competences, complementary resources, and learning is required for the entrepreneurial firm in pursuit of new opportunities, supporting a sequence of products or multiple products simultaneously, and appropriating return from innovations. Reviewing existing theory to consider how a firm’s competences evolve and interact with complementary resources and learning, I propose a new construct of technology portfolio structure (TPS) with two distinct dimensions in terms of technology deepening (TD) and technology widening (TW) for explicating the entrepreneurial firm’s technological competence development in a subtle way. These two measures – TD and TW demonstrate the achievement and involvement of an entrepreneurial firm in a variety of technological fields in order to untangle the sources of sustained competitive advantages and help clarify the empirical assessment of the RBV-related theory and corporate diversification. Robust evidence using panel data from a variety of econometric models in Research #1 shows the significant, positive contribution of financial resource on R&D, leaving traditional Schumpeterian hypothesis of firm size on innovation far less influential. Empirical finding from Research #2 confirms my conjecture of the positive impact on the entrepreneurial firm’s TW by its lagged TD, R&D Intensity, and Initial Public Offering (IPO). A “dispersed concentration” of the entrepreneurial firm’s TPS – stable TD and high TW posterior to its IPO is also observed.

並列關鍵字

Deepening ； Widening ； IPO ； R&D ； Competence

參考文獻

Schumpeter, J. (1942/1976) Capitalism, Socialism and Democracy. New York: Harper & Row.

Acs, Z. J., and Audretsch, D. B. (1987) ‘Innovation, market structure, and firm size’, The Review of Economics and Statistics 69(4): 567-574.

Acs, Z. J., and Audretsch, D. B. (1991) ‘Innovation and size at the firm level’, Southern Economic Journal 57(3): 739-744.

Afuah, A. (2000) ‘How much do your co-opetitors’ capabilities matter in the face of technological change?’, Strategic Management Journal 21: 387-404.

Afuah, A. (2001) ‘Dynamic boundaries of the firm: Are firms better off being vertically integrated in the face of a technological change?’, Academy of Management Journal 44(6): 1211-1228.