Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/98046
標題: 研發成本對企業經營績效之關聯性-以新竹科學園區半導體產業為例
The Relevance OF R&D Expenditure on Enterprise Performance : Base on Hsinchu Science Park Semiconductor Industry
作者: 林宗緯
Tsung-Wei Lin
關鍵字: 研發成本支出
經營績效
新竹科學園區
半導體產業
R&D costs
operating performance
Hsinchu Science Park
semiconductor industry
引用: 一、 中文部分 葉集賢,2009,《研發支出及資本支出對企業經營績效之影響-以台灣半導體產業為例》,國立成功大學企業管理學系 碩士論文 科技部,2017,全國科技動態調查 行政院主計總處,國家統計資料庫,http://www.dgbas.gov.tw/ct.asp?xItem=15443&CtNode=4638&mp=1 行政院主計總處,2017,國情統計通報,https://www.dgbas.gov.tw/public/Data/74181419457RLXRN7Z.pdf 張恩浩,1991,《研究發展之影響因素及其與績效關係之研究》,國立台灣大學商學研究所 碩士論文 梁嘉紋,《研發效用年限與高階主管獎酬》,會計評論,第五十三期,P109~138 蘇欣玫、黃健銘,《企業研發活動對營運績效之不對稱效果分析—以台灣電子產業為例》,會計與公司治理,第七卷,第二期,2010,P75~95 林宛瑩;汪瑞芝、游順合,《研發支出、內部董事與經營績效》,會計審計論叢,第二卷,第一期,2012,P61~90 楊岳勳,2015,《醫藥生技企業之研發費用與股價關係之研究》,靜宜大學會計學系 碩士論文 莊博旭,2008,《研究發展支出的績效對會計資訊之相對價值攸關性之影響》,朝陽科技大學會計學研究所 碩士論文 科技部新竹科學工業園區管理局,https://www.sipa.gov.tw/ 二、英文部分 Aboody, D., & Lev, B.(2001). The value relevanceof intangibles: The case of software capitalization. Journal of Accounting Research, 36(Supplement), 161-191 Lin, B. W., Lee, Y., & Hung, S. C. (2006). R&D intensity and commercialization orientation effects on financial performance. Journal of Business Research, 59(6), 679-685 Grant˒R.M.(1991). The resource-based theory of competitive advantage:Implications for serategy formulation. California Management Review˒33(3)˒114-135 Morber, G. K. 'R&D expenditures and profit growth', Research Technology Management, 32(3), P20~23(1989) Tomaz, Ranijel,'How competitive advantage influences firm performance: The case of sloveniam firms', Economic and Business Review, 2005, Vol.7, No.2, P119~135 Oriani, R., & Sobrero, M. (2008). Uncertainty and the market valuation of R&D within a real option logic. Journal of Strategic Management, 29(4), 343-361 Bulent Guloglu,R. BarisTekin, 'A panel causality analysis of the relationship among research and development, innocation, and economic growth in high-income OECD countries', Eurasian Economic Review, Vol.2, No.1, 2012, P.32~47 Son A. Le, Jung Chul Park, and Mark Kroll,'Differential Effects of Pre- and Post-Acquisition R&DExpenditures on Post-Acquisition Performance,'Journal of Business Research, Vol. 67, No. 2, 2014, pp.92-99
摘要: 台灣的半導體產業可以說是傲視全球,其中新竹科學園區更是被稱為'東方矽谷',不論是在上、中、下游產業鏈中各有企業佔據全球供應鏈的一席之地,整體來說更是囊括全球的一半以上的產量。不過,面對中國大陸以政府為主導整合,並利用產、官、學一條龍的扶持方式,搭配削價策略來做為行銷手段,對許多台灣的半導體相關企業造成了巨大的威脅。本研究旨在於利用各企業公開的財務訊息,針對研發成本的支出來對企業經營績效進行分析探討,以供半導體相關企業對於研發成本的控管及效應做評估。 本研究以設置廠區於新竹科學園區內,並於臺灣證卷交易所及臺灣櫃檯買賣中心有公發之上市上櫃企業為研究對象,利用各企業公布之財務報表內相關的研發成本支出對企業經營績效標的項目進行分析,而企業經營績效衡量指標則取資產報酬率、股東權益報酬率、毛利率、營業利益率、純益率等五項標的,並將新竹科學園區區分的七大類別分屬為非製造類的電路設計,測試服務、周邊產業;製造類的光罩製作、晶片製造、封裝製造、晶圓製品,研究不同產業別的差異性,並以固定效果模型進行。而實證結果顯示: 1. 研發成本支出對於營業利益率有顯著相關、對於其他四項則無顯著相關 2. 員工生產力對於股東權益報酬率有顯著相關、對於其他四項則無顯著相關 3. 對於製造業與非製造業區分而言,在股東權益報酬率、毛利率項目中,會因不同的產業結構有顯著相關,對於其他三項則無顯著相關 研究發現,研發成本支出對於營業利益率有顯著的相關,原因可能是研發 成本的支出隸屬長期投資,且因其有延遲效果的,導致無法立即為企業帶來即時的收益,需將時間序列影響加入為重要考量指標。另外在製造/非製造類別來看,製造類別因在受於硬體、量產的限制,利潤表現上與非製造類別相比,略為遜色,因此在毛利率及股東報酬率表現上會略低。
Taiwan's semiconductor industry can be said to be disdain for the world. Among them, the Hsinchu Science Park is also known as 'Eastern Silicon Valley.' Whether in the upper, middle, or downstream industrial chains, companies have a place in the global supply chain, and overall it is Including more than half of global output. However, faced with the government-led integration of China's mainland and the use of a one-stop support from production, government, and education, together with a cut-price strategy as a marketing tool, it poses a great threat to many Taiwanese semiconductor-related companies. The purpose of this study is to use the public financial information of each company to analyze the business performance of R&D costs in order to assess the control and effectiveness of R&D costs by semiconductor-related companies. This study set up the plant site in the Hsinchu Science Park, and listed publicly listed listed companies in the Taiwan Securities Exchange and Taiwan Counter Trading Center as research objects, and used the related research and development costs incurred by the companies to publish the financial statements. The business performance indicators are analyzed, and the company's operating performance measurement indexes are the five targets of return on assets, return on stockholders' equity, gross profit margin, operating profit ratio, and net profit ratio, and the seven categories of the Hsinchu Science Park are divided into seven categories. For non-manufactured circuit design, testing services, peripheral industries; manufacturing mask manufacturing, wafer manufacturing, packaging manufacturing, wafer products, research on the differences in different industries, and a fixed effect model. The empirical results show: 1. R&D expenditures have significant correlation with operating profit rate, and no significant correlation with other four items 2. Employee productivity has a significant correlation with shareholders' equity and no significant correlation with other four items. 3. For the distinction between manufacturing and non-manufacturing sectors, there will be significant correlation between the shareholder's equity and gross profit margin projects due to different industrial structures, and no significant correlation with the other three. The study found that R&D expenditures have a significant correlation with operating profit rates, which may be due to R&D.The cost of expenditure belongs to long-term investment, and because of its delay effect, it cannot immediately bring instant benefits to the company. The time series influence needs to be added as an important consideration. In addition, in the manufacturing/non-manufacturing category, the manufacturing category is slightly inferior to the non-manufactured category because of the restrictions imposed by hardware and mass production. As a result, the performance of the manufacturing category will be slightly lower in terms of gross profit margin and return on shareholder performance.
URI: http://hdl.handle.net/11455/98046
文章公開時間: 10000-01-01
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