公司策略與公司績效之關聯性研究-政府補助之調和效果

Abstract

本研究將探究公司策略與公司績效的關聯性，並以政府補助做為調和變數。本研究將公司策略分為研發導向及行銷導向，並檢視不同公司策略對公司績效的影響，同時以台灣業界科專補助為調和變數，研究在不同公司策略下，參加業界科專是否對公司績效有幫助。本研究以台灣上市上櫃的電機電子產業及生物科技產業為樣本，共316項科專計畫，並利用台灣新報所提供之資訊進行迴歸分析。根據研究結果顯示，研發導向公司策略與公司績效呈現負向關係，而政府補助對研發導向公司具有正向調和效果；而對行銷導向公司策略來說，其與公司績效呈現正向關係，且政府補助也具有正向調和效果。依據此迴歸結果，本研究認為研發導向公司因長期致力於研發，投入之成本短期內無法轉變成為利潤，因此對公司績效短期內有負向影響，但是若加入政府的研發計畫，可以透過政府補助減緩財務上的損失，因此對公司績效為正向的影響。而對行銷導向的公司策略來說，其具備了解市場的能力且與顧客關係緊密連結，因此可以幫助公司提升績效，而參與業界科專後可以讓行銷導向策略公司結合行銷以及研發能力，因應顧客需求讓研發成果更能快速推展到市場上，因此加入業界科專對於提升行銷導向公司的公司績效也是有幫助的。

This study investigates the effect of firm strategy on firm performance with a moderating effect of government subsidy. We examine different firm strategies, in terms of R&D orientation firm strategy and marketing orientation firm strategy, and their effects on firm performance. We also identify the moderating effect of Industrial Technology Development Program (ITDP) subsidy on the relationship above. Using 316 R&D project in electrics and electronics industry and biotechnology industry which are listed in the Taiwan Stock Exchange (TSE) and Over-the-Counter (OTC), we found that R&D orientation firm strategy are negatively related to firm performance, but positively moderated by government subsidy, while firms with marketing orientation firm strategy are positively associated with firm performance, and positively moderated by government subsidy as well. According to the empirical results in this study, we conclude that the government subsidy act as a financial support for the firms with R&D orientation firm strategy and could alleviate the financial deficit period of R&D activities. For marketing orientation firm strategy firms, government subsidy on R&D project could enhance the integration of marketing and R&D abilities, which could better satisfy customer and ultimately lead to higher firm performance.