研發支出與管理團隊特性對公司績效之影響

The Impact of R&D Expenditures and Management Term Characteristics on Firm Performance

在面對劇烈的環境變遷，為了維持企業本身的屹立不搖，研發支出扮演著非常重要的角色，它關係到一個企業是否可以在同業間維持一定的競爭力，並且永續生存下去。而管理團隊則是決定是否投入研發活動最終的決策者。本研究以上市公司的管理團隊、研發支出與公司績效為樣本，分別探討研發支出與管理團隊對公司短期與長期績效之影響。結果顯示，研發支出對於短期績效呈現顯著負相關而對長期績效呈現顯著正相關。再者，當管理團隊規模愈大、平均就任年資愈長、教育程度異質性愈高，對公司短期績效具有正面的影響。然而，管理團隊成員在外兼職比例愈高，對公司短期績效則產生負面的影響。而對於公司的長期績效而言，當管理團隊規模愈大、平均就任年資愈長與平均教育程度愈高，對公司長期績效具有正面的影響。 最後，團隊的規模、團隊的就任年資及團隊的就任年資異質性與研發支出的交互作用及對公司短期績效產生負面的影響。而團隊的規模及團隊成員在外兼職比例與研發支出的交互作用對公司長期績效產生負面的影響。至於團隊的就任年資、團隊的就任年資異質性及團隊的持股比率與研發支出的交互作用則對公司長期績效產生正面的影響。

Research and development (R&D) expenditures play an important role for the company to maintain its competitiveness while facing the strong environmental change. The management team is the final decision-maker to decide the investment of R&D activities. The purpose of this study is to examine the impact of R&D expenditures and management term characteristics on firm performance. The study uses the sample of firms listed in Taiwan Stock Exchange. The empirical results show that R&D expenditures and short-term (long-term) performance is a significant negative (positive) relationship. Moreover, we also find that the management term size, the average tenure of the management term and the education heterogeneity of the management term have positive effects on short-term performance. However, the ratio that the members accept an outside directorship is negatively related to short-term performance. Besides, we also find that the management term size, the average tenure of the management term and the education of the management term have positive effects on long-term performance. Finally, the study discusses the interaction of empirical results show the interaction of R&D expenditures with the management term size, the average tenure of the management term and the tenure heterogeneity of the management term are significantly negative relationship on short-term performance. The interaction of R&D expenditures with the management term size and the acceptance of members on an outside directorship are significantly negative relationship on long-term performance. The interaction of R&D expenditures with the average tenure of the management term, the tenure heterogeneity of the management term and the percentage of shares owned by the management term are significantly positive relationship on long-term performance.