研究發展與企業績效之關聯性分析──以中國電子業為例

An Analysis on the Relationship between R&D and Corporate Performance: An Example of Electronics Industry in China

在知識經濟和競爭激烈的市場經濟環境下，知識和科技在企業中的重要性越來越顯著。研究發展活動作為技術創新的源泉，對於涉及研發項目的公司而言，是企業增強核心競爭力、提升企業價值與實現可持續發展的關鍵因素。本文以中國上市電子企業2014－16年之年資料對研究發展和企業績效的相關性進行了實證研究。通過實證分析發現，在中國電子產業中，研究發展與企業績效的關聯性，會因衡量績效之指標不同而呈現不同之實證結果。第一，中國上市公司電子業研究發展對企業價值無顯著影響。第二，研究發展對營業收入淨利率有顯著影響且存在遞延效果。第三，研究發展對總資產報酬率（ROA）有顯著影響，但不存在遞延效果。整體而言，中國電子業上市公司研發強度不足，內部經營管理機制仍有相當改善空間，應提升自主創新意識。 Knowledge and technology are becoming important for enterprises in the era of knowledge economy and the fierce competition of market economy. For firms which involve R&D, R&D activities are the source of technology innovation and the key factors of increasing core competitiveness, enhancing corporate value, and achieving sustainable development. This article is an empirical study on the relationship between R&D and corporate performance for electronics listed companies in China during 2014 to 2016. The main findings in this article are: first, R&D does not have a significant influence on corporate value; second, R&D has a significant influence on net profit margin on operation and this influence has time-lagged effect; third, R&D has a significant influence on Return of Asset but there is no time-lagged effect. To sum up, the R&D intensity of electronics listed companies in China is not strong enough so that the firms should improve their managerial mechanism and promote innovation.