| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 100 === The purpose of this study is to investigate the relationship between R&D expense and operating performance in Taiwan information and electronics industry. Based on the S-C-P paradigm, asset scale, market share and CR4 are used as the proxy variables of market structure. This study uses R&D expense as a conduct variable and investigates the impacts of current R&D expense, the lagged on-period R&D expense, and the lagged two-period R&D expense on operating performance, respectively. In addition, return on asset (ROA), return of equity (ROE), and earnings per share (EPS) are used as the operating performance variable, respectively. This study uses a panel data model to execute the empirical analysis. Data period is from 2006 to 2010. As results, both current and lagged one-period R&D expenses have a significantly negative effect on operating performance, respectively. However, the lagged two-period R&D expense has a significantly positive effect on operating performance. Moreover, market share and asset scale have a significantly positive effect on operating performance, respectively. The empirical result implies the R&D expense as a conduct variable can increase operating performance while it takes time to achieve the effect.
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