研發創新對經營績效之影響研究-以台灣半導體IC設計產業為例

Abstract

本研究主要探討研發創新對半導體IC設計產業公司經營績效的影響。研發創新之活動分為內部創新投入及外部創新投入兩部分，內部創新投入包含研發密集度、人力資本及專利權，外部創新投入為業界技術移轉或授權，經營績效以資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)及營業毛利率(Gross Margin)來衡量，另外以平均資本額為中介變數，區分為大、小規模兩類公司，分析公司規模是否會影響內部創新、外部創新對經營績效之影響。 本文採用「固定效果追蹤資料迴歸模型」分析，針對臺灣IC設計產業2008年至2017年共25家上市公司為樣本資料，探討研發創新與經營績效的關聯性，實證結果發現： 一、 內部創新投入之研發密集度對資產報酬率、股東權益報酬率及每股盈餘呈現正向顯著影響，但對營業毛利率則沒有顯著效果。 二、 內部創新投入之專利權對資產報酬率、股東權益報酬率、每股盈餘和營業毛利率皆有正向顯著影響。 三、 外部創新投入為業界技術移轉或授權僅對營業毛利率有正向顯著影響，但對資產報酬率、股東權益報酬率、每股盈餘則沒有顯著效果。 四、 公司規模顯著且負向中介影響研發密集度、人力資本對營業毛利率之效果，公司規模顯著且負向中介影響研發密集度對每股盈餘之效果，而公司規模顯著且正向中介影響專利權對營業毛利率之效果；亦即，大規模公司的研發密集度與人力資本對營業毛利率之影響效果及研發密集度對每股盈餘之影響效果均較小規模公司為差，但大規模公司的專利權對營業毛利率之影響效果則較小規模公司為佳。 綜合上述，台灣IC設計公司為維持其產業競爭優勢及核心價值能力，必須對研究發展持續投入，並重視專利權的取得，以期對企業經營績效帶來正向影響。如此，台灣IC設計公司將可持續保持全球第二名之產業競爭地位，並引領台灣半導體產業再創產業高峰

This study examined the impact of R&D innovation on the corporate performance of IC design houses; activities relating to R&D innovation were separated into two categories: internal innovation inputs and external innovation inputs. Internal innovation inputs included R&D intensity, human capital, and patents, while external innovation inputs included technology transfer or licensing. Corporate performance was measured through return on assets (ROA), return on equity (ROE), earnings per share (EPS), and gross margin. In addition, average company capital was used to divide study targets into large and small companies. As average capital was used as a mediating variable to determine whether company size impacted on the internal and external innovation inputs in terms of corporate performance. This study adopted the Panel Data Model to examine the relevance between R&D innovation and corporate performance of the IC design industry in Taiwan from 2008 to 2017. The study sampled 25 listed companies, and the results have showed that: 1. The R&D intensity of internal innovation input had a positive and significant effect on ROA, ROE and EPS, but the results indicated no significant effects on gross margin. 2. The patents of internal innovation input had a positive and significant effect on ROA, ROE, EPS, and gross margin. 3. The technology transfer or licensing of external innovation input had a positive and significant effect only on gross margin, but had no significant effects on ROA, ROE, and EPS. 4. Company size had a significant and negative mediating impact on the effects of R&D intensity and human capital on gross margin. Company size had a significant and negative mediating impact on the effects of R&D intensity on EPS, whereas a significant and positive mediating impact on the effects of patents on gross margin. In other words, R&D intensity and human capital had a lower impact on gross margin in the large companies compared with the small companies. R&D intensity had a lower impact on EPS in the large companies compared with the small companies. However, patents had a higher impact on gross margin in large companies compared with small companies. In conclusion, in order to sustain the advantages of competitiveness and core capabilities, IC design houses in Taiwan must continue to invest in R&D and focus on obtaining patents, as this will bring a positive value on corporate performance, which allows IC design houses in Taiwan to maintain their competitive positioning and dominate the second in the global industry, leading the semiconductor industry to greater summits.