研發支出對企業績效之影響：企業策略之調節效果

The Impact of R&D Expenditures on Firms Performance: The Moderating Effect of Business Strategy

張凱翔(Kai-Xiang Zhang)

指導教授 ： 張淑清

中原大學/商學院/會計研究所/碩士(2013年)

https://doi.org/10.6840/cycu201300817

摘要

本文以台灣上市電子公司為研究對象，首先驗證研發支出對於企業經營績效的正面遞延效果。接著分別從企業策略與企業經營型態的觀點出發，探討研發支出對企業經營績效的影響。最後，將企業策略與企業經營型態兩者做結合，檢驗在加入此兩者因素下，研發支出對企業經營績效的影響。

實證結果發現，研發支出對企業經營績效並未具有正面遞延效果。企業經營型態方面，實證結果顯示自有品牌經營型態企業的研發支出對經營績效遞延效果，並未比代工型態企業來的正向顯著。企業策略方面，相較於成本領導策略，差異化策略企業研發支出對於經營績效擁有較佳的正向遞延效果。最後，在考量經營型態與企業策略的分類下，樣本公司分成差異化自有品牌企業、成本領導化自有品牌企業、差異化代工企業以及成本領導化代工企業四組，由本研究實證的結果可以得知在四組分類中，差異化自有品牌企業的研發支出對於企業經營績效正向遞延效果最佳。

關鍵字

企業策略 ； 研發支出 ； 經營績效

並列摘要

This study uses the sample of firms listed in the electronic industry to verify the impact of R&D expenditures on firm performance. Furthermore, I explore the impact of R&D expenditures on firm performance separately from perspective of business strategies and business type. Finally, I examine the impact of R&D expenditures on firm performance from perspective of business strategies and business type simultaneously.

The results show that R&D expenditures are not significant positive and lagged effects on firm performance. From a business type perspective, the R&D expenditures with lagged effects on firm performance in OBM firms are not better than that in OEM firms. From a business strategies perspective, compare to firms adopting cost leadership strategy, firms which adopt differentiation strategy have more positive relationship and lagged effects between R&D expenditures and operating performance. Finally, I divide all samples into four groups (i.e., OBM firms adopting differentiation strategy, OBM firms adopting cost leadership strategy, OEM firms adopting differentiation strategy and OEM firms adopting cost leadership strategy). The results show that R&D expenditures are the most significant positive and lagged effects on firm performance when OBM firms adopt the differentiation strategy.

並列關鍵字

Firms performance ； R&D expenditures ； Business strategy

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