本篇論文參考Ciftci and Cready(2011)之研究設計,以台灣作為研究主體。從企業規模之角度,針對台灣1999 年至2008 年上市櫃高科技公司,分成經濟規模效益以及股票市場規模效應兩大部分,探討在企業規模不同下,研發支出對於企業未來績效及股票報酬之影響,實證結果發現:1.規模越大,企業所投入之研發支出會具有經濟規模效益,未來產生之盈餘越大。2.隨著企業規模越大,由研發投入所帶來之盈餘波動性越低,其未來之股價報酬越低,具有股票市場規模效應。由以上述結果我們可得知,研發支出之投入具有價值且具有風險,公司可利用本身規模大優勢,例如:市場佔有率、名聲等等,使得在新產品上面較易成功,也較能分攤研發投入帶來之風險,反之,小規模之公司會因為這些風險提升,而讓市場所期望的報酬提升。
Base on the research design of Ciftci and Cready(2011),this study uses a sample of listed Taiwanese companies that have available data from years 1999-2008 to explore how R&D-related earnings performance, earnings variability and stock return depend upon firm size. The empirical results are mentioned as below: (1) The positive association between the level of future earning and R&D intensity increases with firm size. In addition, larger firm’s R&D investment has less of an impact on earnings variability than small firms. (2) We further show that R&D scale effects flow through into returns, as larger firms R&D investment is associated with lower future returns than that for smaller firms. R&D investment brings both value and risk. Specifically, because of economies of scale, larger R&D efforts are more productive and less uncertain. Larger firms seem to be better positioned than smaller firms to spread or diversify R&D investment risks, so the return premium for smaller firms relative to larger firms is compensation for greater risk for these firms and expected market returns increase.