根據實證結果發現，總體經濟變數對於連接器廠的經營績效並無明顯的影響。而在廠商別控制變數方面，廠商資本額越大，對連接器廠商經營有正面的影響；但在成立年資方面，則呈現的是負向影響；至於代表研發投入的研發密度與經營績效的關係，呈現的是負相關，但是廠商技術能力越高，則會促使經營績效表現越佳，這說明了雖然當期研發費用的支出對廠商當期的經營績效帶來的是負面的影響，但當廠商技術能力經過不斷努力提昇後，技術的累積確能對經營績效帶來正面的效益。 The purpose of this paper is to investigate the effect of R&D (Research and Development) expenditures on the operating performance in Taiwan electronic connector industry. The evaluative indices of performance applied in the paper are ROA, ROE and EPS.
In the paper, we undertake the analysis by using the accounting data from 2004 to 2007 of 19 electronic connector companies listed in Taiwan Stock Exchange. The explanatory variables in this study are two parts, macroeconomic explanatory variable and individual company explanatory variable. The macroeconomic explanatory variables include the annual average price of copper and the real GDP of OECD. The individual company explanatory variables include the capital size, the ability of technology, the age and the R&D intensity. As for the response variables, we use ROA, ROE and EPS as the evaluative indices of performance.
The results of empirical study show that the macroeconomic explanatory variables have no significant influence to the operating performance of Taiwan electronic connector producers; as for the individual company explanatory variables, the results show that the larger capital will bring the better operating performance to Taiwan electronic connector producers, but the ages of company will bring the adverse influence. As regarding the R&D intensity, it brings the negative effect to the operating performance; however, the ability of technology will brings the positive influence to operating performance. The result shows that though the R&D intensity brings the negative effect for increasing the expenditure, the higher ability of technology accumulated by R&D indeed causes the significant positive influence on the operating performance of Taiwan electronic connector companies.
