研發活動對公司財務指標的影響 – 以台灣電腦周邊產業中小型企業為例

Abstract

在資訊科技產業中，相對於製造，研究發展與行銷業務分處在「微笑曲線」的兩端，理當是業者追求的。然而，對製造方面的投資與產出，大家已經能由製造業的紛紛出走，推測利潤已愈趨微薄；而對於研究發展的投資，則不太容易立竿見影，相反地，倒有可能石沈大海；即便研究發展對公司的產品或服務帶來效益，也是在未來發生。研究發展投資的遞延狀況究竟如何？同理，行銷業務活動的投資，是不是也存在著遞延效應？ 而所謂效益，又是由哪些財務績效指標可窺知一二？ 本研究係以我國上市上櫃電腦周邊產業為實證分析對象，研究期間自民國89年第一季至民國97年第一季，挑選公司以股本新台幣一百億元以下、成立五年以上且持續獲利4年(12季)以上、而且部份是筆者較熟知的同業與競爭者。 實證結果發現： 一、研發強度或行銷強度或者兩者同時，對財務績效指標有正向相關。此與諸多文獻探討與假說相符合。 二、研究發展投資的遞延性明顯。此與諸多文獻探討與假說相符合。 三、研發強度與財務績效指標相關性較大的有12家、行銷強度與財務績效指標相關性較大的有7家。 四、當期研發強度在同期也對營業毛利率呈現正相關，此部份與部份文獻的結論略有出入；當期研發強度與同期營業淨利率及資產報酬率的關連性則不明顯。 五、行銷業務投資的遞延性亦明顯，時間較研發投資的遞延稍短。 六、當期行銷強度在同期也對營業毛利率呈現正相關；當期行銷強度與同期營業淨利率及資產報酬率的關連性則不明顯。

In IT industry, there is a theory of ‘smiling curve’ – proposed by the founder of Acer, Stan Shih, which talks about the value added versus R&D investment, manufacture and marketing/sales investment. If R&D investment as well as marketing/sales activities can create value, how can they impact on the financial performance? How to measure the effect of those investments? Which financial indexes should we select? This research is to analyze the listed IT companies in Taiwan from Computer Peripheral Industry. The period is from Jan 2000 to Jan 2008. Those selected companies are small or middle sizes with the capital less than NT $10 billion, have been established for more than 5 years and have been profitable for over consecutive 4 years. The competitors of my company and the one I am familiar with are selected at 1st. From the research, we have found: a. Either RDI (Research and Development Intensity) or MKI (Marketing Intensity), or both, have positively correlated with financial performance indexes. b. The effect of time lag from the investment on research & development is very clear. c. In our samples, 60% of the companies have stronger correlation between RDI and financial indicators and 35% of the companies have stronger correlation between MKI and financial indicators. d. The correlation of contemporary RDI and GPR shows positive; the correlations of contemporary RDI and OIR and contemporary RDI and ROA are unclear. e. The effect of time lag from the investment on marketing and sales is also clear. f. The correlation of contemporary MKI and GPR shows positive; the correlations of contemporary MKI and OIR and contemporary MKI and ROA are unclear.