研究發展、財務指標與經營績效之關連性研究-以台灣上市上櫃IC設計產業為例

Exploring the Relationship of Operating Performance between the Research and Development on Financial Indicator– A study of Publicly Listed IC Design Industry Companies in Taiwan

許政宏(Cheng-Hung Hsu)

指導教授 ： 江長周

中原大學/商學院/國際貿易研究所/碩士(2007年)

https://doi.org/10.6840/cycu200700796

摘要

台灣 IC 設計產業在過去幾年是一蓬勃發展之明星產業，其帶動並提升台灣 IC 產業之價值鍊，為國家經濟做出高附加價值之貢獻。既然台灣 IC 設計業有如此傲人成績，本研究希望透過財務報表及公開市場資訊取得量化指標，對 IC 設計公司過去經營績效做一衡量評估。由於國內 IC 設計公司須與全球廠商相互競爭，公司在激烈競爭環境下，研發投資乃是維持競爭力及為求永續經營的方法，這是否意謂著 IC 設計公司投入研發程度高低與該公司之經營績效具有明顯關係？因此，本論文企圖更進一步了解該產業之研發費用是否與該產業之績效間具有明顯之關係。 本文要旨在於運用財務比率分析方法，藉由多元迴歸及Panel Data分析，來建構2001年至2005年間於台灣初次上市、上櫃之 IC 設計公司的經營績效評估模式，並探討國內 IC 產業主要經營績效與研發費用之關聯性。 本研究得到下列結論： 1.與台灣 IC 設計業者股東權益報酬率（return of equity, ROE）有顯著相關之財務比率為研究發展費用率、負債比率、存貨週轉率、應付款項付現天數、總資產週轉率、純益率、每股盈餘、現金流量比率及現金再投資比率。 2.台灣 IC 設計業者財務指標中，股東權益報酬率與研發費用二者間存有明顯的正相關。

關鍵字

財務指標 ； 經營績效 ； IC 設計

並列摘要

Taiwan IC design industries have been a star of flourishing development in past years; it drives and improves the value chain of Taiwan IC industries.As the fact, it makes high contribution for our national economy.Since Taiwan IC design industries have reached such as higher achievement, this study hopes the financial statement and disclosing the market information can make the quantifiable indicator, managed the performance with a measurement to asses IC design companies in the past.
As the competitors are not only home market, it is also from all over countries.The research and development becomes a good investment when they face other competitions, how to take good care a long term business means that how much efforts that IC design company would explore with their research development. It shows their business performance obviously.Therefore,it attempts to forward further to understand the relationships between financial performance and research development expenses. The concept of this research is using the regression and Panel Data methods of financial rate to construct IC financial performance from 2001 to 2005, and the treats of the relationship is between management and research development expenses of domestic IC industries.
This research obtains the following conclusion:
1. With the rate of return of equity in Taiwan IC design industries, has reveals finance of ratio the outstanding correlation research and development expense ,Liabilities Ratio, Days-Inventory Turn., Average Number Days Payables Outstanding, Total Assets Turnover , Profit Margin, Earnings Per Share, Cash Flow Ratio, Cash Flow Reinvestment Ratio.
2. In the Taiwan IC design industries financial indicators, the return of equity and the research and development expense with their positive relationship.

並列關鍵字

IC design ； return of equity( ROE) ； financial indicator

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