供應商研發資本化對客戶-供應商間信用交易額度和關係存續之影響

The Effects of Supplier R&D Capitalization on the Trade Credit and the Duration of Customer-Supplier Relationships

研發能力隱含一公司經濟獲利的潛力，為客戶確保供應商品質的重要決定因素；供應商可藉由將研發支出資本化，向市場傳遞其研發能力的訊息。鑑此，本研究旨在分析供應商研發資本化對客戶與供應商關係的影響。具體來說，我們以信用交易額度和關係存續兩種觀點，探討客戶與供應商關係如何受到研發資本化之影響。本研究採用2001年至2012年的美國軟體業公司為樣本，研究發現供應商研發資本化的程度與交易額度之間存在負向關聯，且持續期間的分析結果證實研發資本化與客戶-供應商關係延續的關聯性。此結果表明，研發資本化可提升客戶所感知的供應商創新水準，因而增加了供應商的議價能力，從而驅使客戶更快地結清應付帳款，並且更願意繼續延續彼此間的業務關係。

R&D capability implies a firm's underlying economic performance, which is an important determinant for customers to ensure the suppliers’ quality. Suppliers can signal the market as to their R&D capabilities by capitalizing their R&D expenditures. In this study, we aim to examine the effect of supplier firms’ R&D capitalization on customer-supplier relationships from two perspectives: trade credit and relationship continuity. Using a sample of U.S. software firms from 2001 to 2012, we document a negative relationship between a supplier’s R&D capitalization and the provision of trade credit to customers. We also use a duration analysis to investigate the association between R&D capitalization and customer-supplier relationship continuity, and find that an increase in capitalized R&D is associated with longer relationships. These results suggest that suppliers who capitalize R&D expenditures are perceived by customers as having higher innovation capabilities and thereby given higher bargaining power, which induces customers to settle accounts payable more quickly and to be more willing to continue the business relationship.