產業領導者與多角化對研發費用與股價關聯性之影響

Abstract

在現今全球化競爭以及知識經濟的市場環境下，研發及創新能力是企業保持競爭優勢的關鍵因素，因此企業投入研發支出所產生的效果，一直以來都是熱門的研究議題。本研究從產業領導者以及公司多角化策略的角度，針對美國2000年至2014年之所有產業為研究對象，探討企業投入之研發費用對其市場價值之影響。其中，本文將產業領導者定義為，該產業中市占率排名前百分之二十五的公司，研究結果發現： 1. 市場對於產業領導者之研發費用，相較於產業跟隨者而言，會給予較低的評價。2. 多角化程度越高的公司，市場亦會給予較低的評價。 因此，投資人對市場跟隨者的外來成長機會給予較高的評價，且較偏好集中的研究發展資源分配。

Innovation ability is the key factor that drives business growth and determines firms’ competiveness position in the rapidly changing business environment today. Hence, the effects of R&D expenditures issues are widely discussed in prior studies. This article contribute to the literature by examining the impacts of industry leadership and firm di-versification on the R&D effects on market value, using observations from a variety of industries in North America over the period from 2000 to 2014. The industry leadership is defined as the top quartile market share firms in each industry. I find that (1) the market prices less for R&D expenditures of leaders, compared to those of followers; (2) the market prices less for the R&D investment of more diversified firms. These results imply that investors appreciates more for the growth opportunities for followers and for the concentrated R&D resource allocation strategies.