集團多角化對研發外溢調節效果之研究

Abstract

本研究旨在探討集團企業多角化對企業研發外溢效果之調節影響。以我國2003年集團企業之上市櫃公司為樣本進行實證分析，結果發現集團研發資產對集團分子公司之績效具有顯著的正向影響，亦即集團研發投資對各分子公司具有外溢效果。另外，分段式線性多元迴歸分析之結果顯示，在集團低度相關多角化的區段中，集團研發的外溢效果隨著集團相關多角化程度的增加而降低；只有在集團高度相關多角化的區段中，集團相關多角化程度的增加才能增強集團研發的外溢效果。就集團非相關多角化而言，則發現在集團進入高度非相關多角化區段後，隨著非相關多角化的程度繼續增加，研發的外溢效果反而降低。此結果顯示，具相關性的企業較容易分享與應用現有的研發知識於熟悉的領域中，因此相關多角化較可能藉由充分運用研發知識的可擴充性而增強集團研發的外溢效果。總結而言，高度相關多角化及低度非相關多角化的策略較有助於提昇集團研發的外溢效果。

This paper examines the moderating role of group diversification on R&D spillover effects within the same interlocking group. Using a sample of interlocking group of firms listed on the Taiwan Stock Exchange (TSE) and Taiwan’s computerized over-the-counter market (known as GreTai Securities Market, GTSM), the parameter estimates reveal significant spillover effects of R&D across different firms within the same group, i.e., there is a significant impact of R&D carried out in other firms within the group on the performance of a firm. Moreover, the results of piecewise linear multiple regression analysis show that R&D’s spillover effects initially decline with related diversification and subsequently increase once related diversification exceeds a certain level. As to unrelated diversification, we find a significantly negative moderating effect of group diversification on the R&D spillover effect once group diversification exceeds a threshold level. Since related firms can more easily share and apply existed R&D knowledge in familiar fields than unrelated firms, related diversification is likely to generate higher spillovers for a group because of increased exploitation of the scalability of R&D knowledge. Overall, these results imply that higher related diversification and lower unrelated diversification seem to be more advisable in maximizing the spillover effects of R&D.