過去研究發現研發的投入,大部分都與績效及風險有關,因為企業的競爭力可倚賴獨特的產品與服務,但其不確定性仍可能會增加企業的風險。而在採用差異化策略的企業中,將專注於提高其研發支出以取得產業中優勢,至於低成本領導策略則會運用生產效率致使降低成本。因此,在不同的策略下,企業該如何權衡其風險與研發投入的多寡,使得企業能在瞬息萬變的市場中,提高績效並永續經營。本研究以2004年至2014年上市(櫃)公司的財務資料為研究標的,除了從企業策略的角度,探討研發的影響因素,更進一步研究是否企業在不同程度的企業風險下,企業策略對研發支出的結果產生影響。本研究結果顯示,企業風險與研發成正相關,顯示企業投入研發支出以面對未來經濟環境的挑戰。由於差異化策略公司較注重於投入研發以創造公司與其他競爭者的優勢,因此進一步探討不同策略公司的企業風險對研發支出的影響。結果顯示高風險群下之差異化策略與研發為正相關,低成本領導策略與研發則為負相關,低風險群的影響方向則相反;至於在全風險樣本下,只有差異化策略的公司在風險愈高時會投入研發支出,而低成本領導策略公司的風險並不會影響其投入研發的多寡。
Prior studies found that most R&D expenditures were due to performance or risk. The competitiveness of enterprises can rely on their unique products or services, even though it might raise business risk. Furthermore, when a firm adopts a differentiation strategy to attain its competitive advantage based on R&D expenditures, its performance is likely to be sustained over time. On the other hand, firms that adopt strategies based on cost leadership may attain its advantage by operational efficiency. This study examines R&D expenditures effect between business risk and business strategy by Taiwanese listed firms from 2004 to 2014. Moreover, this study tried to examine whether firm’s business strategies are a key factor that firms will increase R&D expenditures in the companies of high risk. The results show that business risk is positive relationship on R&D expenditures, a firm adopt a differentiation strategy is positively correlated with R&D expenditure. Our study highlights the tradeoffs that different business strategy confront with varied economies environment.