研發密度、網絡關係與市場價值：策略聯盟規模及夥伴創新傾向一致性之影響

R&D Intensity, Interfirm Network, and Market Value: The Moderating Effects of Network Size and Consistency in Innovation Orientation

蔡亞庭(Ya-Ting Tsai)

指導教授 ： 黃瓊誼

國立交通大學/管理學院/管理科學系所/碩士(2018年)

摘要

本研究旨在探討公司在研發密度與公司市場價值間的關係，以及策略聯盟規模及夥伴創新傾向一致性的調節效果。本研究認為增加研發支出為一個對外部市場的負向訊號效果，將降低外部利害關係人對公司的市場價值評價。本研究另外探討兩個調節變數的訊號效果，本研究認為策略聯盟的規模可彰顯公司可取得的外部資源之種類與數量，可作為訊號，調節外部利害關係人對公司高研發密度的風險顧慮，以影響其對公司的市場價值評價，此外，本研究以策略聯盟創新傾向差異作為衡量指標，公司與策略聯盟夥伴創新傾向一致性將負向調節研發密度與市場價值的關係。為了檢驗上述假設，本研究以美國製造業1994年至2016年的上市公司為研究樣本，資料來源為Compustat、Securities Data Corporation（SDC）、Datastream及United States Patent and Trademark Office（USPTO）等資料庫。研究結果顯示，公司研發密度與市場價值呈負相關，但公司策略聯盟的規模並無顯著正向調節研發密度與市場價值的關係，而公司與策略聯盟夥伴創新傾向一致性顯著負向調節研發密度與市場價值的關係，從研究的實證結果發現，若公司研發投入的比例高，則公司應參與策略差異性較大的策略聯盟，藉此平衡創新的風險。

關鍵字

訊號效果 ； 研發密度 ； 策略聯盟規模 ； 創新傾向一致性 ； Tobin’s Q

並列摘要

This study investigates the relationship between R&D intensity and firm market value and argues that the increase in research and development intensity is a negative signal to the external market, which will reduce a firm’s market value. In addition, this research considers the moderating effects of network size and consistency in innovation orientation between alliance partners. This research believes that the size of strategic alliance network can be seen as a positive signal which can effectively reduce the risk concerns of external stakeholders on the firm with high R&D intensity and influence their evaluation of the firm's market value. The consistency in innovation orientation between alliance partners will negatively moderate the relationship between R&D intensity and firm market value. This research uses the U.S. public firms in the manufacturing industry from 1994 to 2016 as research sample. Data sources include Compustat, SDC, Datastream, and USPTO databases. The results show that a firm’s R&D intensity is negatively correlated with its market value. The moderating effect of consistency in innovation orientation is significant as well. However, the moderating effect of network size is not significant. The results suggest if a firm has high R&D intensity, the difference between the firm’s own and its partners’ innovation strategies can be used as a signal to reduce external stakeholders’ concerns about its risks.

並列關鍵字

signaling effect ； R&D intensity ； network size ； consistency in innovation orientation ； Tobin’s Q

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