企業策略與生命週期對短視研發支出之影響

Abstract

本研究旨在探討短視研發支出與該公司所執行的企業策略和它所屬的生命週期之關聯，藉以了解企業策略和生命週期是否可以作為一種影響短視研發支出的機制。本研究使用1996年至2010年間臺灣上市上櫃公司的資料，研究結果發現採用探勘者策略的公司較傾向會去刪減研發支出來進行盈餘管理，而這種短視行為在公司治理較差的公司中尤其明顯。另外，研究結果亦發現，當採用探勘者策略的公司處於成長期時，它比較不會去刪減研發支出來進行盈餘管理。這些結果說明企業的策略及所處的生命週期會潛在地影響公司管理階層進行盈餘管理的行為。

This study examines whether a firm’s business strategy and life cycle stage will affect its earnings management through R&D reduction. Using a sample of public companies in Taiwan during years 1996-2010, I find that firms adopting the prospector strategy are more likely to cut R&D investment. This myopic behavior is primarily present in firms with poor corporate governance. I also find that prospectors that are in the growth stage of the life cycle are less likely to reduce R&D. The results suggest that a firm’s strategy and life cycle serve as some mechanisms that potentially influence R&D myopia in different ways.