隨著科技進步新技術與新產品為公司提升價值與收益的主要來源,而研發支出為影響公司創新能力的重要因素,但台灣企業中屬家族控制者為居多,因此家族因素在台灣經濟發展與技術創新上扮演重要的角色。本研究以台灣資訊電子產業為對象,探討家族控制與組織寬裕對於研發支出的影響。首先,探討家族控制對於研發支出影響為何;其次探討組織寬裕在家族控制之下會如何影響研發支出。本研究實證結果顯示,公司在家族控制下,家族成員因具備鞏固職位以及維護自身財富的誘因,對企業研發支出具有負面的影響。此外,實證結果發現可用寬裕與潛在寬裕在家族控制下,兩種資源越多公司研發支出反而更少,但可回復寬裕對可減緩家族控制與研發支出的負面影響。最後,本研究額外測試發現,公司在控制權與現金流量偏離對於研發支出有正向影響,而公司可用與可回復寬裕會加強兩者的關係,但家族控制在控制權與現金流量權偏離下,仍會負向影響研發支出。
Following by the advance of technology and innovation, new product and new technique have become important source of increasing company value and they help company to maintain competitive advantage. Many family-control businesses are listed company in Taiwan so they have much influence for economic development and industrial innovation of Taiwan. This study uses electronic company listed in Taiwan stock exchange during 2005-2014 to conduct this research. This study investigates relationship between family control and R&D expenditures. Then this study tends to find out whether organizational slack will moderate the relationship between family-control businesses and R&D expenditures. The empirical result shows family-control businesses have a negatively effect on R&D expenditures. Moreover, this results demonstrate available slack and potential slack of family-control businesses will negatively moderate the relationship between family-control businesses and R&D expenditures, but recoverable slack of family-control businesses will have a positive effect on R&D expenditures. In addition, additional analysis show the divergence of control and ownership will negatively moderate the relationship between family-control businesses and R&D expenditures and will positively moderate the relationship between available slack and recoverable slack and R&D expenditures.
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