研發與成長：廠齡是否扮演重要角色？－以臺灣製造業為例

R&D AND FIRM GROWTH: DOES AGE PLAY A ROLE? EVIDENCE FROM TAIWANESE MANUFACTURING FIRMS

劉碧珍(Bih Jane Liu)；吳俊信(Jun-Xin Wu)

追蹤資料分量迴歸 ； 廠齡 ； 研發 ； 企業成長 ； Panel quantile regression ； Firm age ； R&D ； Firm growth

臺灣經濟預測與政策

52卷1期（2021 / 10 / 01）

39 - 81

繁體中文

一般文獻對於研發與企業成長的討論，多採取OLS迴歸分析法。本文採取追蹤資料分量迴歸法，除了研究研發與企業成長（即營收成長率、生產力成長率）之間的關係之外，也進一步研究廠齡對於研發與企業成長二者之間關係的影響。我們使用2005年至2017年臺灣製造業上市上櫃公司的資料，並以總要素生產力（total factor productivity，TFP）作為生產力的衡量指標，研究結果發現研發對於企業營收成長的效果為正，但對TFP成長的效果則為負；二者都隨著分量之上升而增加；年輕企業的研發成效比老年企業佳，並且二者之間的研發成效差異，也隨著分量的上升而漸漸擴大。這些結果顯示，研發與企業成長的關係將隨著不同分量而不同，且廠齡對於研發成效確實扮演一個重要的角色。即使以不同方式衡量廠齡、或僅納入有研發的樣本廠商，上述結果仍大致成立。

This study draws on the data of listed Taiwanese companies for the period of 2005 to 2017 to study the relationship between firm R&D and firm growth in sales and productivity. Whether this relationship differs between younger firms and older firms will also be studied. By applying panel quantile regression and using total factor productivity (TFP) as the measure of productivity, our empirical results show that R&D has positive effects on sales growth but negative effects on TFP growth, and both effects increase with quantiles. Moreover, the R&D effects are larger for younger firms than for older firms at all quantiles, and the difference increases between younger and older firms when the quantile rises. The results suggest that the R&D effects on firm growth will vary across different quantiles, and firm age does play a crucial role in the R&D effects. The above results are still valid for different measures of firm age and for the subsample of firms with positive R&D.

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