公司年齡、研發支出對企業績效的影響

本文主要是檢測針對臺灣上市上櫃之公司的成立時間和研發支出與企業績效之關係深入探討，透過台灣經濟新報之各年統計資料，以三個企業績效的檢測因素，投資報酬率、營業利潤率、每股盈餘作為被解釋變數，然後以研發費用、公司年齡、現金流量、公司規模、負債比、資本支出和Tobin’s Q為解釋變數，透過橫斷面和時間序列迴歸分析，檢測此研究是否會成立。本研究的實證結果發現，公司年齡與研發費用對企業績效有顯著負向影響，現金流量、公司規模、資本支出率、Tobin’s Q與投資報酬率皆呈正顯著相關。此外，研發費用與營業利潤率呈負顯著相關，其餘公司年齡、現金流量、負債比、Tobin’s Q與營業利潤率呈負相關不顯著。最後，本研究發現公司年齡、對每股盈餘只有負顯著影響，公司規模與每股盈餘呈正顯著相關，其餘研發費用、現金流量和資本支出率都是不顯著的。因此，可得知公司年齡和研發支出皆對企業績效存在顯著的影響。

關鍵字

公司年齡；研發費用；企業績效

並列摘要

This study explored the relationship between the founding time points of listed and over-the-counter companies in Taiwan and their research and development (R&D) costs and business performance. According to annual statistical data provided by Taiwan Economic Journal Co., Ltd, three factors used to assess business performance (i.e., return on investment, operating profit margin, and earnings per share) served as dependent variables; R&D costs, company age, cash flow, company size, debt ratio, capital expenditure, and Tobin’s Q were regarded as independent variables. This research was verified through cross-sectional and time series regression analysis. According to the empirical results, company age and R&D costs significantly negatively influenced business performance; cash flow, company size, capital expenditure, and Tobin’s Q were significantly positively correlated with return on investment. In addition, R&D costs were significantly negatively correlated with operating profit margin. However, the negative correlations between company age, cash flow, debt ratio, and Tobin’s Q and operating profit margin were not significant. Finally, this study showed that company age negatively influenced earnings per share; company size was significantly positively correlated with earnings per share but did not significantly correlated with R&D costs, cash flow, and capital expenditure. Thus, company age and R&D costs significantly influenced business performance.