創新資本的價格效果：策略性定位與策略性競爭之調節效果

Abstract

過去許多研究顯示創新活動的投入與公司長期的績效、成長密不可分，然而卻也有眾多研究發現，在初級市場中，公司有較多的研發投入可能致使其上市價格受到低估，因此本研究分別從資源基礎理論及資訊不對稱理論兩個不同的觀點，嘗試瞭解：（1）創新資本（包含研發密度及專利總數）投入與公司初次公開發行價格之關係、（2）公司對自身之策略定位與上市價格之關係，及（3）對手的策略性競爭與公司上市價格之關係。本研究主要蒐集在1986-2006年間上市的美國製造業公司，並從SDC、Datastream及USPTO資料庫蒐集相關資料，最終總樣本數為117家。 研究顯示：創新資本與公司初次上市價格之間的關係並不明顯，但若加入公司策略性定位之變數，則研發密度與公司上市價格是否被低估之間的關係變得清楚，若公司傾向於為產業領導者，則所易於有較多的突破性創新，進而緩和價格低估的現象；另一方面，加入策略性競爭之因素，則會使專利總數與價格低估間的關係變得更加嚴重，即考量競爭對手的策略性回應後，公司即便擁有較多的專利，仍無法改變上市價格被低估的現象。

Innovation capital including R&D intensity and patent stocks has assumed a key source of competitive advantages and can create firm long-term growth. However, some researches indicate, innovation capital is associated with increased underpricing in initial public offerings (IPOs). This study based on two different perspectives- resource-based theory and information asymmetry theory to investigate (1) the relationship between innovation capital and the underpricing of IPOs. (2) the role which strategic positioning plays in the IPO market and (3) how strategic competition influences a firm’s IPO price. This study is based on a review of 117 U.S. manufacturing firms that issued IPOs from 1986 to 2006. The information was gathered from SDC、CRSP and USPTO databases. The result of this study shows that the relationship between innovation capital and underpricing in IPO is mixed. However, strategic positioning can mitigate the relation-ship between R&D intensity and underpricing. It means firms introducing more break-through innovations to be market leaders can avoid their IPO prices being underpriced although their R&D intensity is high. Besides, strategic competition makes the rela-tionship between patent stocks and underpricing worsen. Having many patents does not ensure firms’ earnings and the actual value of a firm’s in innovation is relative to other firms’ reaction in innovation.