本研究以我國上市公司為對象,首先考慮企業在不同生命週期對研發支出之影響。再者,探討正或負績效表現落差對研發支出之影響。最後,進一步分析,當企業處於成長、成熟或衰退期,面臨正或負績效表現落差時,是否影響企業研發支出之多寡。引用Anthony and Ramesh (1992)的方法,選擇銷貨成長率、股利支付率、資本支出率、成立年數以及綜合指標作為劃分企業生命週期之判斷因子,並根據Cyert and March (1992)企業行為理論的觀點,管理者會依據實際績效高於或低於預期水準,作為後續決策之考量。 實證結果發現在考慮不同生命週期下,成長期及成熟期的研發支出顯著大於衰退期;亦即,研發支出會隨著生命週期而有不同。此外,實證結果發現,企業面臨負績效表現落差時,會增加研發支出;然而,企業面臨正績效表現落差時,亦會增加研發支出。因此,負績效表現落差的確存在著問題導向搜尋行為,故會增加研發支出;但正績效表現落差與假說預期方向相反,亦即正績效落差可能存在著寬裕導向搜尋行為,故會增加研發支出。最後,進一步實證發現,當企業在成長期,面臨正績效表現落差時,決策者會增加研發支出,以及企業在成熟期,面臨負績效表現落差時,決策者會增加研發支出。因此,本研究結果提供管理者決策依據,企業可以考慮目前所處的生命週期階段,當面臨績效落差時該如何作研發支出決策,即處於成長期時,企業績效呈現正績效落差時,此時決策者增加研發支出是最適時機。同樣的,假若是處於成熟期時,企業績效呈現負績效落差時,此時決策者增加研發支出亦是最適時機。
The purpose of this study is to examine the impact of business life cycle and attainment discrepancy on R&D expenditure. This study uses the sample of firms listed in Taiwan Stock Exchange. I divide the samples into various life cycle (i.e., growth, maturity, and decline) portfolios based on measures (i.e., sales growth rate, dividend payout ratio, capital expenditures, and establishment years) developed by Anthony and Ramesh (1992). In addition, this study also uses composite score as life cycle indicator. Moreover, based on the study of Cyert and March (1992), managers will make decision according to the rule that the actual performance is above or below the aspiration level. The empirical results show that R&D expenditure is different in the different life cycle stages. Compared to the decline stage, firms will increase R&D expenditure in the growth and maturity stages. Furthermore, the empirical results show that firms will increase R&D expenditure when the performance is below the aspiration level. However, firms will also increase R&D expenditure when the performance is above the aspiration level. Finally, the results show that firms will increase R&D expenditure in the growth (maturity) stages when the performance is above (below) the aspiration level.
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