公司競爭策略與獲利的關係

Abstract

本研究使用2010年至2022年在美國上市公司的財報數據，並且運用毛利率及營收在產業的占比這兩個變數將每年所有產業的公司區分成四種競爭策略，分別為：產品差異化、成本領導、雙重及模糊策略，而產品差異化與成本領導策略的公司價值來源分別為研發密度及營運效率。接著透過迴歸模型探討兩個研究問題，其一是公司競爭策略與公司價值的關係，其二是不同策略的公司其研發密度及營運效率與公司價值的關係是否相異。研究結果顯示，首先研發密度及營運效率對市場價值的影響皆顯著，顯示研發密度及營運效率都是影響公司價值的重要因素。其次，產品差異化及成本領導策略公司的研發密度及營運效率對市場價值的影響顯著為正。最後，成本領導策略公司的研發密度對公司價值的影響不顯著大於產品差異化策略公司的研發密度對公司價值的影響；產品差異化策略公司的營運效率對公司價值的影響顯著大於成本領導策略公司的營運效率對公司價值的影響。

The study uses financial data from 2010 to 2022 for U.S. listed companies and uses two variables, gross margin and revenue proportion in the industry, to classify companies in all industries into four competitive strategies for each year: product differentiation, cost leadership, dual and indistinct strategies, and the sources of profitability for product differentiation and cost leadership strategies are R&D intensity and operational efficiency, respectively. Then, two research questions are investigated through regression modeling, one is the relationship between competitive strategies and profitability, and the other is whether the relationship between R&D intensity and operational efficiency and profitability of companies with different strategies is different. The results of the study showed that firstly, R&D intensity and operational efficiency have a significant impact on market value, indicating that both R&D intensity and operational efficiency are important factors affecting a company’s profitability. Secondly, the impact of R&D intensity and operational efficiency on market value is significantly positive for product differentiation and cost leadership companies. Finally, the effect of R&D intensity on profitability for cost leadership strategy companies is not significantly greater than the effect of R&D intensity on profitability for product differentiation strategy companies; the effect of operational efficiency on profitability for product differentiation strategy companies is significantly greater than the effect of operational efficiency on profitability for cost leadership strategy companies.