研發強度、商品化導向與創新速度對財務績效影響之研究－以台灣上市上櫃光電產業公司為例

A study of RD intensity, commercialization orientation and innovation speed effect on financial performance – An valuation of optoelectronic industry of listed and OTC firms

賴莉齡(Li-Ling Lai)

指導教授 ： 詹毓玲

國立臺北大學/商學院/企業管理學系/碩士(2008年)

摘要

本研究以台灣上市上櫃光電產業公司為例，共收錄自2002至2006五年
間53家公司共265筆樣本資料。其中因變數採用毛利率、營業利益率、資產
報酬率、股東權益報酬率以及Tobin’s Q值等財務績效比率，自變數採用研發
強度、商品化導向以及創新速度等，而控制變數則採用景氣循環以及公司規
模來探討下列研究。
　　利用SUR迴歸模型分別探討研發強度對財務績效是否有正向影響、商品
化導向對財務績效是否有正向影響、創新速度對財務績效是否有正向影響以
及研發強度、商品化導向與創新速度間之交互作用對財務績效是否有正向影
響等四個目的；為進一步探究變數間是否存在非線性關係而加入平方項進行
實證；又為了探討變數間是否存在干擾效果而加入互動項來進行深入研究，
並得到以下結論：
一、 研發強度對財務績效具有負向影響，適度研發對企業財務績效有正向
顯著影響，但過高或過低之研發可能會造成資源的無效率，並不利於企業財
務績效之表現。
二、 商品化導向對企業財務績效有正向顯著影響，其在企業研發後之創新
過程中扮演關鍵角色，且其較研發強度與創新速度對企業財務績效之影響更
為直接明確。
三、 創新速度對財務績效之影響雖均為正向但效果並不顯著，且其在企業
長期策略中扮演吃重角色，若要維持企業競爭力唯有成功的將創新技術商品
化後，才能創造企業營收、提昇企業價值，但若創新動能無法持續，反而會
阻礙企業發展之未來性。
四、 商品化導向除本身對財務績效之影響非常顯著外，其與研發強度間之交
互作用對財務績效亦有正向影響惟效果但並不顯著；而商品化導向與創新速
度間之交互作用，對企業財務績效均有正向關係惟效果亦不顯著。

關鍵字

研發強度,商品化導向,創新速度,財務績效,近似無相關迴歸方法

並列摘要

This study evaluates of Optoelectronic industry of listed and OTC firms. We collected 53 company with 265 data within 5 years from Y2002 to Y2006. Independent variable was presented by financial performance ratio included Gross profit rate (GPR), Operating income rate (OIR), Returned on Assets (ROA), Returned on Equity (ROE) and Tobin’s Q. Dependent variable was presented by RD intensity, Commercialization orientation and Innovation speed. Selected business cycle and company size to be the control variable for the following study.
The purpose of the study under SUR regression model are generalized below:
1. To analyze RD intensity has positive effects on financial performance.
2. To analyze Commercialization orientation has positive effects on financial performance.
3. To analyze Innovation speed has positive effect on financial performance.
4. To analyze the interaction between RD intensity, commercialization orientation and Innovation speed have positive effect on financial performance.
We put square item into SUR regression model to analyze the non-liner relationship between two variables. To analyze the moderating effects between two independent variables, we put the interactive item into SUR regression model and summarized the result as below:
1. RD intensity has negative effects on financial performance. There is positive effects on financial performance when enterprise has proper R&D, but it is bad effect on financial performance if RD is too high or low and will effect un-efficient of resources.
2. Commercialization orientation has positive effects on financial performance. Commercialization orientation played a key role in the innovation process after R&D, and has obviously direct effects on financial performance than RD intensity and innovation speed.
3. Innovation speed has positive effects on financial performance but not observable. It is an important role in long term strategy but successful commercialization after innovation is the only one way for business revenue and corporate market value creation.
4. Both commercialization orientation and the interaction with RD intensity have observable effect on financial performance. Although the interaction between commercialization orientation and innovation speed has positive effects on financial performance but not observable.
Through statistical evidence, commercialization orientation has outstanding and positive effects on financial performance. RD, commercialization and innovation are long-term and continuing activities in the company. Therefore, managers have to realize that successful commercialization and innovation are the key factors of margin improvement for short-term and cooperate value promotion for long-term.

並列關鍵字

:RD intensity, Commercialization orientation, Innovation speed, Financial performance, SUR (Seemingly Unrelated Regression

參考文獻

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