本研究參照Scholefield(1994)的R&D策略分類論點,修正企業槓桿與技術槓桿觀念與變數操作,並依照企業槓桿程度(DBL)與研發技術槓桿程度(DRDL),推論出企業可選擇的四種研發策略的研發策略矩陣,以進行實證分析。 本研究樣本取自民國93年國內上市電子公司,共167家企業為樣本,利用Multinomial Logit迴歸模型,實證探討企業研發策略的選擇與其可能的影響因子。研究結果顯示,落遲一期經濟附加價值率(EVASt-1)、期資產報酬率(ROAt)、落遲一期資產報酬率(ROAt-1)、董監事持股率(BODSHRt)、經理人持股率(CEOSHRt)及研發投入等因子會影響企業研發策略之選擇。
This study modifies and extends Scholefield’s(1994) R&D strategies concept and adopts the ideas of degree of business leverage (DBL) and degree of R&D leverage (DRDL), to infer that four different groups of R&D strategies. In empirical study, this research selects 167 listed electronic companies in Taiwan’s Stock Exchange Market in 2005 by Multinomial Logit Regression Analysis to investigate the relationship between R&D strategies choice possible factors influenced R&D strategies. The empirical findings include:Lag one period’s Economic Value Added (EVASt-1)、Return of Assets (ROAt)、Lag one period’s Return of Assets (EVASt-1)、Shareholding ratio of board of directors (BODSHRt)、Shareholding ratio of CEO (CEOSHRt) and R&D investment will influence R&D strategies choice.