在現代科技快速變遷的時代,研發投入的重要性不斷躍昇,相關研究議題也不斷增加,過去有許多文獻已經探討研發投入對獲利、營收、市場價值等方面都有正向的影響,但是鮮少將時間因素納入考量,本研究之目的即欲探究研發費用支出和公司營運績效的動態關聯性。我們以研發為導向的台灣電子產業為主要對象,使用台灣經濟新報(TEJ)的資料探討近5年來(2012-2016年)台灣地區電子產業之上市上櫃公司之研發費用支出與經營績效成長趨勢的關聯,且進一步檢視產業別對該動態關聯之調節效果。研究結果顯示,整體而言,研發費用支出的變化和ROE和ROA的變化呈現顯著的負關聯,此外,研發費用支出與經營績效成長趨勢的關聯會受到產業別調節影響,我們彙總各產業研發費用支出與ROE、ROA之動態關聯並討論管理意涵。
In an era of rapid change in modern science and technology, the importance of R&D investment has been rising, and relevant research topics have also been increasing. The positive effects of R&D expenditure on profitability, revenue, and market value have been widely discussed in the literature. However, the time factor was rarely taken into account. The purpose of this study is to address the dynamic relationship between R&D expenditure and firm performance. Data were collected from the Taiwan Economic Times (TEJ) database for the electronic industry in Taiwan for the recent five years (2012-2016). The results have indicated that the relationship between the change in R&D expenditure and the change in ROE/ROA is significantly negative. Moreover, the dynamic relationship between R&D expenditure and ROE/ROA is moderated by the industry type. We have summarized research findings and discussed some implications.