公司多角化、研發支出與公司績效

Corporate Diversification, R&D Expenditure and Enterprise Performance

張慈玲(Tzu-Lin Chang)

指導教授 ： 王曉雯

國立中央大學/管理學院/會計學研究所/碩士(2012年)

摘要

過去文獻多支持研發支出及多角化策略對於公司經營績效具有顯著影響，而研發支出密集產業常往公司多角化發展。本研究探討不同多角化策略對研發支出與公司經營績效的影響。
　　本研究資料取自台灣經濟新報資料庫(TEJ)及上市櫃公司發行的年報，並以迴歸分析方法進行實證分析。
　　結果發現研發支出及多角化策略確實對於公司經營績效具有顯著影響。加入多角化與研發支出的交互作用後進行探討，結果僅發現產業多角化與研發支出的交互作用有負向顯著關係，說明進行產業多角化時溝通協調等成本皆會對公司經營績效產生負面影響，削減了研發支出與公司經營績效的正向關係；進行全球多角化時，主要是地區的擴張而非產品的研發，因此與研發支出的交互作用較不具有顯著關係。同時實行兩種多角化的公司，產業多角化可使公司在採用全球多角化策略時，更成熟的處理進行多角化策略時面對的複雜問題，而產品多角化所研發的新產品可由全球多角化開拓更大的交易市場，因此在同時實行兩種多角化的公司中，全球多角化與研發支出的交互作用有正向顯著關係。

關鍵字

研發支出 ； 產業多角化 ； 經營績效 ； 全球多角化

並列摘要

There is a lot of literature supporting that the R&D expenditure and diversification strategy significantly influence the enterprise performance,and R&D intensive industries usually evolve to corporate diversification. This study investigates the influence of different diversification strategies on R&D expenditure and enterprise performance.
　　In this study, data are acquired from the Taiwan Economic Journal (TEJ) and the annual reports of listed companies, where regression analysis is utilized for empirical analyses.
　　The results show that the R&D expenditure and diversification strategies certainly have a significant impact on enterprise performance. By further exploring the interaction between the R&D expenditure and diversification strategies, only the interaction between the industrial diversification and R&D expenditure results in a negative significant relationship, which demonstrates that the costs of communication and coordination in industrial diversification will cause negative effects on enterprise performance and hence reduce the positive relationship between the R&D expenditure and enterprise performance. The interaction between the R&D expenditure and global diversification is less significant since the global diversification mainly involves in area expansion but not the development of products. For the companies those
perform the two diversifications simultaneously, industrial diversification enables thecompany to maturely tackle the complex issues in adopting the global diversification strategy, while the development of new products due to the product diversification can exploit larger marketplace by global diversification. Therefore, for the companies which simultaneously perform the two diversifications, the interaction between global diversification and the R&D expenditure has a positive significant relationship.

並列關鍵字

R&D Expenditure ； industrial diversification ； global diversification ； enterprise performance

參考文獻

[2]池祥萱、林煜恩和陳韋如，周賓凰， ” Does CEO Media Coverage Affect Firm Performance? “，交大管理學報，29期1卷，139 -173頁，2009。

[8]洪榮華、陳香如和林慧珍，「公司治理機制對創新、多角化策略及公司績效之影響-研發密集產業之實證」，中山管理評論，15卷1期，37-60頁，2007。

[3]李文福、蔡秋田，「新產品研發技術效率及其影響因素之研究」，中山管理評論，12期3卷，573 -593頁，2004。

[18]劉正田、林修葳和金成隆，「創新價值鏈之路徑分析：企業研發投資成效之實證研究」，管理評論，24卷4期，29 -56頁，2005。

[13]梁嘉紋， ” R&D Horizon and CEO Compensation”，會計評論，53期，109 -138頁，2011。