資訊服務業研究發展費用對於經營效率之影響-以台灣上市（櫃）企業為例

Abstract

本研究以西元2014年至西元2021年期間的八年資料，以資訊服務業為研究對象，使用資料包絡分析（DEA）衡量經營效率，並使用Tobit迴歸模型探討研究發展費用率對資訊服務業經營績效的影響。研究結果顯示研究發展費用率對經營效率呈現負向顯著影響。而在進一步使用Tobit迴歸分析發現，在負債比率較高的企業中，研究發展費用對經營效率的負向影響更為顯著，這表示這類企業在財務方面更容易受到壓力，經營過程中若需要融資，成本也相對較高，進而增加財務風險，影響經營效率。然而，在應收帳款週轉率較低的企業中，研究發展費用對經營效率的影響則不顯著，這可能是因為這些企業為了彌補應收帳款週轉率低的影響，增加研究發展費用以加快產品開發速度。此外，企業的間接持股水平較高時，增加研究發展費用可能會導致經營效率下降。因此，在制定研發投入策略時，管理者應該謹慎考慮間接持股的影響，並平衡研究發展費用與經營效率之間的關係。This study focuses on the information service industry and analyzes eight years of data from 2014 to 2021. The study utilizes Data Envelopment Analysis (DEA) to measure operational efficiency and employs the Tobit regression model to examine the impact of research and development (R&D) expenditure ratio on the business performance of the information service industry. The research findings indicate a significant negative influence of the R&D expenditure ratio on operational efficiency. Further Tobit regression analysis reveals that the negative impact of R&D expenditure on operational efficiency is more pronounced in companies with higher debt ratios. This suggests that these companies face more financial pressure, higher costs of financing, increased financial risks, and consequently, a negative impact on operational efficiency. However, in companies with lower accounts receivable turnover ratios, the effect of R&D expenditure on operational efficiency is not significant. This may be due to these companies increasing their R&D expenditure to accelerate product development in order to compensate for the lower accounts receivable turnover ratio. Additionally, when companies have higher levels of indirect shareholding, an increase in R&D expenditure may lead to a decline in operational efficiency. Therefore, when formulating R&D investment strategies, managers should carefully consider the impact of indirect shareholding and strike a balance between R&D expenditure and operational efficiency.