金融風暴前後研發與資本支出對台灣半導體產業營運績效之影響

The Effects of R&D Expenditure and Capital Expenditure on The Performance of Taiwan Semiconductor Industry – Before and After Financial Storm

陳鼎璋(Ting-Jang Chen)

指導教授 ： 江長周

中原大學/商學院/國際經營與貿易研究所/碩士(2013年)

https://doi.org/10.6840/cycu201301014

摘要

臺灣是一電子業王國，在全球電子業中佔有舉足輕重的角色。而在電子業中，半導體產業更是這條產品鏈裡關鍵的部份。在2008年爆發金融危機，從美國不斷蔓延至全球各國。台灣半導體產品悉數仰賴出口，身為全球半導體俱樂部會員之一，自然無法置身事外。
所以本研究即以台灣半導體產業上市公司38家為研究對象，探討自2005年至2012年在金融風暴前(2005-2008)，及金融風暴後 (2006-2012)，對台灣半導體產業經營績效之影響。本研究之經營績效則採用資產報酬率、股東權益報酬率及營業毛利率為因變數，研發支出與資本支出為自變數，利用縱橫資料分析模型，選擇最適落後期三期來分析研發支出與資本支出對資產報酬率、股東權益報酬率及營業毛利率之影響。
本研究實證歸納如下：
一、資本支出方面
1.整體產業不論在金融風暴前(2005-2008)或金融風暴之後(2009-2012)，
對資產報酬率、股東權益報酬率、營業毛利率，是有負向顯著影響
2.對資本額大於四十億之公司，資本支出對金融風暴後股東權益報酬率無
顯著影響。對資本額小於四十億之公司，不論任何期間，皆有顯著影響。
二、研發支出方面
1.整體產業在金融風暴之後(2009-2012)，對資產報酬率、股東權益報酬
率、營業毛利率，有顯著影響。
2.對資本額大於四十億之公司，金融風暴之後(2009-2012)，對資產報酬率、股東權益報酬率、營業毛利率，是有顯著影響。對資本額小於四十億之公司，金融風暴後對營業毛利率有正向效果影響。

關鍵字

金融風暴 ； 資本支出 ； 研發支出

並列摘要

Taiwan electronic industry plays an important role in the world. The semiconductor industry is the critical part of the product chain of electronic industry. The financial storm broke out in the United States and gradually spread to countries around the world in 2008.
Because all of the Taiwan semiconductor products exports to countries around the world, as one of the global semiconductor club members, Taiwan could not stay out.
This study uses 38 semiconductor companies listed on the TSE (Taiwan Stock Exchange) as samples from 2005 to 2012 and to analyze the financial storm effect on these firms in the periods of before the financial storm (2005-2008), and after the financial storm (2006-2012). ROA, ROE, and profit margin (PM) are used as the performance indices and as the dependent variables while R&D expenditure and capital expenditure are used as the independent variables.
We apply panel data model to do the empirical study. The results are as follows.
PART 1, capital expenditure
(1).Capital expenditure has significant negative influence on ROA, ROE and PM.
(2).For those companies whose capital are more than 4 billion NT dollars, capital expenditure has no significant influence on ROE in the period of 2009-2012 while it has significant influence on ROA, ROE and PM in all periods for the companies capital less than 4 billion NT dollars.

PART 2, R & D expenditure
(1). R&D expenditure has significant influence on ROA, ROE and PM during 2009-2012.
(2). For those companies whose capital are more than 4 billion NT dollars, R&D expenditure has significant influence on ROA, ROE and PM during 2009-2012 while it has significantly positive influence on PM in the period of 2009-2012 for those companies whose capital are less than 4 billion NT dollars.

並列關鍵字

Financial Storm ； Capital Expenditures ； R&D

參考文獻

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