廢止促進產業升級條例對公司營運績效之影響

Abstract

本研究探討於2010年5月12日廢止的『促進產業升級條例』，對於公司營運績效(ROA)之影響。本研究的樣本來自台灣經濟新報資料庫中，2003年至2017年的所有(曾)上市櫃公司財務資料，並採用傾向分數匹配的方法將受惠公司及未受惠公司進行配對，最後產生18,403筆有效樣本點。接著，本研究採用差異中之差異法，來探討條例廢止後對於受惠公司後續營運績效之影響。在ROA方面，條例廢止後，公司之營運表現在三年內明顯變差，甚至將時間拉長至5年或7年表現仍無改善；在調整完研發費用後的ROA方面，與ROA的結果一致。綜合以上，以公司經營績效的角度來看，本研究認為促進產業升級條例的廢止可使企業學習培養獨立自主的能力。原因在於條例僅讓公司短期間享有投資費用的抵減，而使條例期間擁有較佳之營運表現；然而，在條例廢止後，公司並無法建立或提升自身的研發能力，進一步將研究成果轉化為績效表現。甚至習慣於享有抵減優惠，而使之後的營運效率變差。

This paper studies the impact on the firm's operation performance (ROA) after the termination of“Statute for Upgrading Industry” on May 12, 2010. The sample of this research came from Taiwan Economic Journal database and included all active and inactive firms’ financial data from 2003 to 2017. The propensity score matching (PSM) method was adopted to match the treated firms with the untreated firms, and finally 18,403 sample was generated. Next, this paper used Difference-in-Differences (DID) regression to examine the impact of the terminated statute on treated firms’ operating performance. In terms of ROA, after the statute was repealed, firms’ operating performance significantly deteriorated within three years. And even after 7 years, the performance had not improved. Moreover, the result of R&D expense-adjusted ROA consists with the result of ROA. Based on above, from the perspective of firm's operating performance, the termination of“Statute for Upgrading Industry” could make firms cultivate the ability to operate independently. The reason is that the statute only benefited firms to enjoy investment tax credits for a short period, which resulted in better operating performance only during the statute carried out. However, after the statute was ended, treated firms could not equip its own R&D capability and further turned R&D result into long-term performance. In addition, treated firms might get used to previous tax credits and made their future operations worse.