| Summary: | 碩士 === 國立聯合大學 === 管理碩士學位學程 === 99 === In knowledge-based era, companies begin to focus on R&D behavior. It means much to high-technology industry particularly. This study uses 71 electronic companies in the period of 1999-2006 in Taiwan Stock Market as samples. The paper explores whether the R&D behavior brings some risk and impacts on financial performance or not.
In this research, the variables of R&D behavior construct are R&D density, R&D intensity, and speed of innovation. The variables of risk construct are standard deviation of total sales, degree of operating leverage, degree of financial leverage, standard deviation of return on assets, and standard deviation of return on equity. The variables of financial performance construct are return on assets, return on equity, gross profit ratio, and operating income ratio. This research employs the Panel Data regression by using the EViews 6.0.
The results show that these two risk variables, the standard deviation of return on assets and the standard deviation of return on equity, are mediators in the process of impact of speed of innovation on all financial performance variables for whole electronic industry. In other words, when the R&D behavior variables is speed of innovation, that will bring fluctuations of both return on assets and return on equity and then make an impact on financial performance; but if when the R&D behavior variable is R&D density, all of risk varibles are not mediators for all financial performance variables. Therefore, the R&D density could not result in “non-R&D” risk impacting on financial performance. For listed electronic companies, the standard deviation of return on assets and the standard deviation of return on equity are mediators in the process of impact of speed of innovation on all financial performance variables. When the R&D variable is R&D density, all of risk varibles have no mediating effect on all financial performance variables. Therefore, listed electronic companies can use R&D density to improve financial performance. For over-the-counter electronic companies, the standard deviation of return on assets and the standard deviation of return on equity are partial mediators in the process of impact of R&D density on operating income ratio. And when the R&D behavior variable is speed of innovation, all of risk varibles are not mediators for all financial performance variables. Therefore, over-the-counter electronic companies can enhance speed of innovation to improve financial performance.
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