研發投入、研發績效對公司經營績效之影響：以台灣高科技產業為例

Impact of R&D effort and R&D effectiveness on Firm Performance: An Empirical Study of the High-Tech Industry in Taiwan

資源基礎理論擁護者認為研究發展為公司重要資源，會影響經營績效的表現。但是，迄今有關研究發展與經營績效間之關聯性研究尚未獲得一致的共識。本研究企圖以實徵資料探究台灣高科技產業研究發展是否會影響經營績效，並驗證研究結果是否支持資源基礎理論擁護者的主張。樣本包括台灣生技醫療等9個高科技次級產業，計357家上市公司，涵蓋2009～2016等8個年度，公司與財報相關資料主要取自台灣經濟新報資料庫。運用R語言，透過相關性分析、迴歸分析、迴歸診斷及穩健性檢驗等計量方法，以確認研究發展與經營績效的關聯性。研究發現有三，其一：台灣高科技產業研發投入與經營績效無顯著關聯性，意謂著，台灣高科技公司研發投入並不會影響其經營績效的表現。其二：台灣高科技產業研發績效與經營績效無顯著關聯性，意謂著，台灣高科技公司增加智財權（如專利）並不會影響其經營績效的表現。其三：研究結果並不支持資源基礎理論擁護者的觀點，台灣高科技產業研究發展與經營績效間並非正相關的關聯性。在研究方法上，有別於前人研究鮮少著墨於迴歸診斷，本研究運用R語言有系統的逐步完成迴歸診斷，得以補強前人研究之不足；另外，研究發現可以使得台灣高科技產業高階經理人更深入瞭解研究發展與經營績效的關聯性，進而建立正確的營運認知。

The advocates of the resource-based view (RBV) argue that R&D is a critical resource to impact firm performance, however, the relevant research has not reached a unanimous consensus so far. This study attempts to explore whether R&D will affect the firm performance of high-tech industries in Taiwan, furthermore, to verify if the study results will support the point of views of the advocates of RBV. The study's sample includes nine Taiwan's high-tech sub-industries, such as biotech & medical sub-industry. There are 357 listed companies, covered from 2009 to 2016. The required data of this study is mainly extracted from the Taiwan Economic Journal (TEJ) database. R program is used as an assistance tool to conduct correlation analysis, regression analysis, regression diagnostics and robustness test for the design of this study. Research findings include (1) the relationship between R&D investment and firm performance of Taiwan's high-tech industry is not significant; (2) the relationship between R&D effectiveness and firm performance of Taiwan's high-tech industry is not significant; (3) the research results do not support the proposition of the advocates of the RBV. This study provides a close-up in regression diagnostics and robustness test using R. It can provide as a reference template for the follow-up studies. The results of this study can provide the up-to-date relationship between R&D and firm performance about Taiwan's high-tech companies, and provide the solid cognition of R&D for those high-level managers of Taiwan's high-tech companies.