本文主要研究高科技產業的研發投入,對(1)企業市場價值與企業經營績效關聯性,(2)企業市場價值與企業經營績效所具有的遞延效應之影響。本文並進一步探討企業聲譽對研發投入與企業市場價值及經營績效是否具有調節效果。 本文以2001年至2010間台灣上市上櫃之高科技產業為研究對象。實證結果顯示,整體而言,研發投入將使企業之市場價值產生正面效果,而對企業之經營績效產生負面影響,且都具有遞延一期之正向反應。然而,在進一步探討企業聲譽之調節效果時,企業聲譽對研發投入與市場價值間雖產生負向的影響,但卻能加強其遞延效應之關聯性。此外,企業聲譽對研發投入與經營績效之關聯與遞延效果間,則不具有調節效果。
This study examines how R&D spending affects market value and managerial performance of high-tech firms. This study further investigates whether firm reputation has a moderating effect on the relationship between R&D spending and market value and managerial performance. Sample of this study is based on listed companies in high-tech industries in Taiwan and the data period covers from 2001 to 2010. The empirical results indicate that R&D spending has a positive effect on market value of the firm but a negative effect on managerial performance. In addition, R&D spending has a one year positive lag effect on market value and managerial performance. However, regarding the moderating effects of firm reputation, it decreases the positive relationship between R&D spending and current value of the firm but enhances the one year positive lag effect. Besides, firm reputation has no significant moderating effect on the relationship between R&D spending and managerial performance.