企業研發強度之效益與相關因素之探討

Study of the Effectiveness of R&D Intensity and the Correlation Factors

王智聰(Chih-Tsung Wang)

指導教授 ： 林慧葉

國立虎尾科技大學/管理學院/經營管理研究所在職專班/碩士(2014年)

摘要

創新是企業提昇競爭優勢，維持生存不可或缺之利器。回顧我國產業歷史，因廉價勞工及地理位置之便，使我國代工產業於全球經濟體系中佔有一席之地。然而全球化競爭與產業結構快速變遷，使得我國代工產業發展遭受嚴重影響，惟有透過研發活動之投入來創造企業新的價值，提升企業的競爭力以達永續經營之目標。
本研究欲探討公司之研發支出是否會影響企業價值。以2006年至2012年的上市櫃公司為研究樣本，應用多元迴歸分析來探討研發強度與公司價值之關聯性。實證結果顯示，研發強度對公司價值呈現顯著正相關，換言之，當研發強度愈高時，將會使公司整體價值往上提昇。
2010年投資抵減規定由產業創新條例取代促進產業升級條例，大幅限縮投資抵減優惠條例，因此本研究另就探討產業創新條例實施後，對企業投入研發活動是否因此產生不利影響。實證結果顯示若僅就2009年與2010年之短期資料分析顯示研發投入呈不顯著的減少，但若將研究資料期間拉長(2006年至2012年)則呈現截然不同的景象，顯示國內產業並沒有因為產業創新條例生效而減少研究發展活動，相對而言亦表示租稅誘因並非影響產業研究發展經費投入之決定因素。本文續以T檢定之方法，針對產業創新條例實施後對於各產業別之影響差異作探討。實證顯示產業創新條例施行雖對各別產業研發投入產生差異性之影響，但對各產業研發強度影響並不顯著。
本研究結果期可以提供給主管機關制定租稅政策及企業管理當局與投資人制定決策之參考，亦能補足以往相關文獻之不足。

關鍵字

Q Ratio ； 公司價值 ； 研發強度 ； 產業創新條例 ； 投資抵減

並列摘要

Innovation promotes the competitive advantages of an enterprise, and it is also an indispensable edge on survival. To look back upon the history of our industry, due to the low cost of industrious labor and the convenience of its location, our country won a foothold in the foundry industry within the global economic system. However, the globalized competition and the rapid structural changes in industry have severely affected the development of our country’s foundry industry. Only to create a new value for the enterprise through investing in R&D activities, the enterprise’s competitiveness can be enhanced for achieving the goal of business continuity.
This study aimed to investigate whether a company’s expenses on R&D would influence the enterprise value. Taking the listed companies from 2006 to 2012 as study samples, it applied the multiple regression analysis to research the relevance of R&D intensity to the company value. The empirical result revealed a significant positive correlation of the R&D intensity to the corporate value. In other words, when the R&D intensity is higher, so is the overall value of the company.
Statute for Upgrading Industries was replaced by the Industrial Innovation Act in The Investment Tax Credit Provisions in 2010; consequently, investment tax credit was dramatically narrowed. The empirical result showed a slightly reduction in R & D investment when analyzing the short-term data between 2009 and 2010; however, if the period of the research data was extended (from 2006 to 2012), the outcome presented a totally different phenomenon. It demonstrated the domestic industry did not reduce R&D activities because of the Industrial Innovation Act to take effect; relatively, it also displayed that tax incentives were not the decisive factors to influence the decision of industrial R&D investment. This paper continued to apply T-test to research the different influence in various types of business after the implementation of the Industrial Innovation Act. The empirical result showed that the implement of Industrial Innovation Act posed different impacts on the R&D investment, but it did not influence on R&D intensity significantly.
The result of this study can provide as a reference to the Authorities to formulate tax policies and to the corporate management authorities and the investors to make decisions; besides, it can also complement the related documents of the past.

並列關鍵字

Q Ratio ； Enterprise Value ； R&D Intensity ； Industrial Innovation Act ； Investment Tax Credits

參考文獻

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