創新多樣性對於公司營運表現的影響

Abstract

本研究探討創新多樣性對於公司營運表現的影響，以資產報酬率 (Return on Asset, ROA) 及 Tobin’s Q 作為公司營運表現的衡量指標。本研究結果顯示公司創新多樣性越高，則 ROA越小，Tobin’s Q 越大，即創新多樣性為公司帶來較低的獲利與較高的公司價值。本研究推論這個結果是由於創新多樣性可能使公司能夠採用低風險策略，獲利也隨著採用低風險策略而較低；而創新多樣性能為公司的研發帶來分散風險的效果，風險降低，加權平均資金成本也降低，公司的重置資產價值降低，風險降低帶來的低資金成本使得整體公司價值提高。

This study explores the impact of innovation diversity on the corporate performance, where I use ROA and Tobin's Q as the measure of corporate performance. The results show that the higher the innovation diversity of the company, the smaller the ROA and the larger the Tobin's Q. That is, the innovation diversity is related to lower profits and higher value to the company. Therefore, I infer that innovation diversity may enable companies to adopt low-risk strategies, and profits are also lower with adopting low-risk strategies. The diversity strategy can also diversify risks for the company's R&D innovation, and thus reduce weighted average cost of capital and enhance Tobin's Q.