論公司規模對產業創新的影響﹕以電影產業為例

Abstract

我們運用包含流動性限制的模型來分析公司規模如何影響其行為，並比較一個大公司和兩個小公司之間的產業總價值。結果顯示，如果執行一個計畫的成本不會太高，或者當它的潛力不會太低，當折現因子足夠大時，一個大公司預期會比兩個小公司表現得更好。根據研究的結果，我們提出了在產業中即使大公司有更好的潛力，經營者卻偏好較小的公司的兩種情境。對應到臺灣電影製作產業小公司林立的現況，本研究對小公司的整合如何增進產業整體提供了一些見解。此外，由模型的結果可推得，由於破產的風險較低，規模較大的公司更有誘因進行創新。

We apply the model with a liquidity constraint to analyze how the size of a firm could affect its behavior, and compare the total value of an industry between one big firm and two small firms. We show that when the cost of a project is not too high, or the potential of a project is not too low, one big firm is expected to perform better than two small firms under sufficiently large discount factor. Based on the results, we come up with two scenarios where smaller firms are preferable within an industry even though a bigger firm has the potential to perform better. This paper provides some insights on how the integration of small firms could improve the industry as a whole, which corresponds to the high percentage of small companies in Taiwan’s motion picture production industry. On top of that, our model suggests that a firm of bigger size has greater incentive to innovate with lower risk of bankruptcy.