景氣循環、研究發展對財務績效影響之研究—以我國上市上櫃資訊電子業為例

The Influence of Business Cycle, Research and Development on Financial Performance Information-Electronic Industry as an Example

黃麗芬(Li-Fen Huang)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300728

摘要

由於我國資訊電子廠商所生產之產品大多以外銷為主，將面臨與全球廠商相互競爭的情況，此時，企業要如何繼續維持競爭力而不被淘汰，乃一個值得探討的議題。根據Dertouzos(2001)之看法，認為研發投資乃高科技產業維持競爭優勢的關鍵，因而擬探討研發是否可提高廠商的競爭力並增加利潤水準。另外，根據學者(如Kane，1997；Brockhoff and Pearson，1998)之研究，皆發現研發投資決策會受到景氣波動之影響，因此本研究乃引入景氣循環變數以探討其是否對我國資訊電子廠商的研發投資決策有影響。
本研究係以我國上市櫃資訊電子公司為實證分析對象，研究期間自民國88年第二季至91年第四季，運用變異數分析與多元迴歸分析方法，探討景氣循環與研究發展間之關係、景氣循環與財務績效間之關係以及景氣循環與研究發展對財務績效之影響。
實證結果發現：
一、就整體樣本而言，工業生產指數變動率與研發強度間呈顯著負相關，亦即擴張期的研發強度會小於收縮期之研發強度。然就個別產業而言，則工業生產指數變動率雖亦與研發強度呈反向關係，惟上游及下游產業具顯著性。此外，前期毛利率與研發支出強度間呈顯著正相關，顯示前期的毛利率愈高，則企業投入於研發之比率就愈高。
二、就整體樣本而言，工業生產指數變動率與財務績效間皆呈顯著正相關，顯示企業的獲利能力會隨景氣的波動而變動。然再細分不同產業時，則各業所受到的影響程度及時間可能不同。
三、不同研發群組樣本之財務績效皆有顯著差異。若進一步作分析，可發現高研發組的績效顯著優於中、低研發群組，顯示研發投入愈多，其競爭力及績效亦愈好。
四、不同產業其財務績效有顯著差異。若進一步比較，可發現軟體業之財務績效顯著大於上、中、下游產業。
五、在不同產業下，研發支出強度與營業毛利率呈顯著正相關，而研發支出強度與營業利益率及資產報酬率間卻呈顯著當期負相關。另外，本研究發現下游產業存在景氣循環與研發的負向交互效果。

關鍵字

景氣循環 ； 研發強度

並列摘要

Due to the facts that the products of the information technology and electronic firms of Taiwan mainly for export purposes, these industries are facing against the keen competition with the international leading electronic firms. In order to maintain the competitive advantage of Taiwanese firms, all the relevant firms emphasized, the investment of R&D. According to Dertouzos(2001), the research and development was the key factor for high technology industry to maintain the competitive edge, this study attempts to investigate whether the heavy investment of research and development improves the competitive power and increases the profits of the information technology and electronic firms. Moreover, both Kane(1997) & Brockhoff and Pearson(1998) found that the decisions on research and development would be influenced by the fluctuations of business cycle, this work incorporates business cycle variable in order to investigate whether business cycle has any impacts on the research and development decisions of the information-technology and electronic industries in Taiwan.
This study chooses the publicly listed companies of the information-technology and electronic industries from the second quarter of 1999 to the fourth quarter of 2002 to forma whole sample. This work also employs variance analysis and regression analysis to investigate the relation between the business cycle and the research & development, to explore the relation between the business cycle and the financial performance, and to find the impacts of the business cycle and research & development on the financial performance of the information-technology and electronic firms.
The empirical results are summarized as follows：
1. This study found that the variation ratio of industrial production index was significantly negatively correlated with the intensity of research & development for the whole sample, (i.e., the intensity of research & development during the expansionary period was smaller than that of research & development during the contractionary period.) This work further examined the research and development of individual industry and found that although the industrial production index was still negatively associated with the intensity of research & development, yet the coefficient is significant only for the upstream and the downstream industry, moreover, the lagged gross profit has a significantly positive correlation with the intensity of research & development, which indicated the higher the lagged gross profit , the higher the intensity of research & development is.
2. This investigation found that the industrial production index had a significantly positive correlation with the financial performance of the whole sampling firms. This result indicated that the profitability of firms may change as business cycle fluctuates. However, this study further subdivided all the firms into different industries and found that the extent and time period of the impacts were different for individual industries.
3. This work found that different R&D groups had significant difference regarding financial performance. Furthermore, the financial performance of high R&D group was significantly superior to medium small R&D groups, which indicated that the greater the R&D investment, the better the competitive power and performance.
4. This study showed that different industries have significant different results regarding financial performance. Furthermore, the financial performance in the software industry was significant better than the other industries.
5. The intensity of research & development was significantly positively correlated with gross profits, while the intensity of R&D was negatively associated with the operating income and the rate of return on assets during the same period. Additionally, this work also found that there was a negatively interaction effect between business cycle and research & development for the downstream industries.

並列關鍵字

business cycle ； research and development intensity

參考文獻

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