The Nonlinear Relationship between R&D Investment and Firm Performance: Evidence from Taiwan Electronics Industry

研發投資與企業績效之非線性關係－以台灣電子業爲例

黃政仁(Cheng-Jen Huang) ； 陳淑雲(Shu-Yun Chen)

《東海管理評論》 11卷1期 (2010/07) Pp. 35-73

https://doi.org/10.29724/TMR.201007.0002

摘要

研發投資一直是電子產業競爭力的基礎，根據過去線性模式的文獻，研發投資對企業績效具有正向影響，然而，研發投資是否越多越好呢？對於企業而言，經理人更在意的是研發投資的極限為何？在什麼時點研發投資的成本會超過研發投資的效益？因此，本研究以台灣上市（櫃）之電子產業為對象，透過縱橫資料(panel data)進行分析，探討研發投資與企業績效之曲線關係。實證結果顯示，研發投資與企業績效存在先遞增後遞減的倒U型曲線關係。此外，在創新績效部分，實證結果發現公司研發密集度的最適水準約為15.12%~16.81%，而在市場價值部分，公司之最適研發密集度水準為11.53%，因此，若投入過多的研發，反而導致創新產出與經營績效下降。最後，我國電子業之研發密集度約為3%~4%，比較最適研發密集度水準，本研究認為我國電子業在研發投資方面仍有很大的成長空間。

關鍵字

研發投資 ； 創新績效 ； 經營績效 ； 非線性關係

並列摘要

R&D investment has long been the firm foundation of the electronics industry's competitiveness. According to some prior literature on the linear model, R&D investment has a positive effect on innovation performance and company performance. However, there is still some question concerning whether more R&D investment is always better. As to enterprise, managers are more concerned about the limits of R&D investment. When do the costs of R&D investment exceed the benefits? This study uses Taiwan's electronics industry as a research sample and examines the curvilinear relationship between R&D investment and firm performance.In contrast to the inclusive findings of previous research, this study uses a panel data approach and shows that R&D investment has an inverted U-shape relationship with firm performance. The deferred effect lasts five years. Moreover, regarding innovation performance, the optimal R&D intensity ranges from 15.12% to 16.81%. Regarding market value, the optimal R&D intensity is about 11.53% for sample firms. Therefore, excessive investment in R&D will lead to decline in a company's performance. Finally, the R&D intensity of Taiwanese electronics industry is about 3% to 4%. This study concludes that the Taiwanese electronics industry still has great potential for additional R&D investment compared to the optimal R&D intensity level.

並列關鍵字

R&D investment ； innovation performance ； operating performance ； nonlinear relationship

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