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題名:探討研發支出、HHI(專利集中程度)與ESG成效排名 對公司績效之影響-以美國半導體產業為例
作者:李虹欣
作者(外文):LI,HUNG-XIN
校院名稱:國立臺北大學
系所名稱:企業管理學系
指導教授:陳宥杉
林俊佑
學位類別:博士
出版日期:2021
主題關鍵詞:美國半導體產業新冠病毒研發支出專利集中程度ESG經營績效類神經網路R&D expenditureHHI of patentsESG performance;Market value;Artificial neural networkCOVID-19
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本研究以美國半導體產業46家司為研究對象,研究期間為2010年至2018年,結合美國專利商標局資料庫(United States Patent and Trademark Office, USPTO)、COMPUSTAT財務資料庫及KLD ESG資料庫的相關資訊,並以人工類神經網路(Artificial neural networks, ANN)的方法進行分析,探討研發支出、專利集中度以及ESG成效對公司經營績效之影響。研究結果發現,公司所投入的研發支出存有最適點,在最適點前,研發支出與公司績效呈現正向影響,而在最適點之後則呈現負向影響,投入過多的研發資源則容易形成研發無效或是資源浪費,危害公司的績效表現。故公司在擬定研發資源時,應審慎評估要投入的資源能發揮最大的效用;而專利研發的集中程度對公司績效呈現負向的影響,代表在半導體產業中,在技術研發上應朝向多角化發展以提升公司市場價值,以維護該公司的市場優勢;最後,因應近年新冠病毒(COVID-19)疫情爆發,各國及各產業對企業環境、社會和治理績效(Environment, Social and Governance, 簡稱ESG)的關注成為趨勢,研究指出ESG成效對公司經營績效有正向影響,代表公司具有的ESG成效分數越高,公司經營績效表現越高,因此企業應投入對ESG領域的關注,能使該企業帶來長期而持續的競爭優勢。
In this study, we use the financial data from COMPUSTAT, the patent data from the USTPO and ESG data from KLD ESG to explore the influence of R&D expenditure, patent concentration, ESG performance upon market value in the American semiconductor industry by using the artificial neural networks. The research objects were 46 American semiconductor companies, and the research period was 2010-2018. The result indicates that the R&D expenditures have positive effect before reaching the optimal point and have negative effect after reaching the optimal. Too much investment in R&D fields can easily lead to meaningless R&D or waste of resources, causing negative growth in the company’s performance. Therefore, when formulating R&D resources, the company should carefully evaluate the number of resources to be invested to achieve the greatest effect. The HHI index of patent has negative influence on market value. Therefore, if the semiconductor companies want to enhance their performance, they should focus on diversification of technology. Finally, in response to the outbreak of the COVID-19 in recent years, countries and industries have paid more attention to corporate environmental, social and governance performance (ESG). ESG performance has a positive impact on semiconductor industry. The higher the ESG score of the company, the higher the company’s market value. Therefore, this paper suggest the American semiconductor companies should keep investing in the ESG field to enable the company to bring long-term and sustainable competitive advantages.
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