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研究生： 唐瑋
Tang, Wei
論文名稱： 公司資源投資決策與公司績效表現的關係
The Link between Resource Investment Decisions and Firm Performance
指導教授： 王明隆
Wang, Ming-Long
學位類別： 碩士
Master
系所名稱： 管理學院 - 經營管理碩士學位學程(AMBA)
Advanced Master of Business Administration (AMBA)
論文出版年： 2014
畢業學年度： 102
語文別： 英文
論文頁數： 42
中文關鍵詞： R&D 、有形資源 、資產分配理論 、公司資源理論
外文關鍵詞： R&D, physical resources, Asset Orchestration, Resource-Based View
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    • 本篇論文主要在Barney(1991)所提出公司資源理論的架構下，配合資產分配理論(Asset Orchestration) (Helfat et al., 2007； Sirmon et al., 2011) 探討公司在高成長率或低成長率的產業，有形資源及R&D資源投資決策對公司競爭優勢的影響。本篇論文主要是採用2003年到2012年北美製造業的資料，利用原始樣本的限縮，降低環境因素對於實證結果的影響，將目標鎖定在資源決策對於公司績效表現的影響上，實證結果顯示，有形資源的投資及R&D資源的投資對公司績效皆有正面影響，然而R&D資源的投資在高成長率的產業相較低成長率的產業有較大的影響，且市場對於無形資源的投資具有遞延的效果。換言之，從市場的角度，在高成長產業中，公司應該要有更多R&D資源的投入，因其可為公司帶來相對應的績效，然而在低成長的產業，若無法因為環境的改變而有突破式的創新，那麼R&D資源的投入便無法為公司帶來平均以上額外的報酬。

    Based on the Resource-Based View (Barney, 1991) and Asset Orchestration (Helfat et al., 2007; Sirmon, Hitt, Ireland, & Gilbert, 2011), this paper puts emphasis on the link between a firm’s resource investment decisions and its competitive advantages. Specifically, we develop what influences a firm’s competitive advantages when firms in high- or low-growth industries invest in physical resources and R&D resources. This paper decreases environmental factors by limiting samples to the manufacturing industry in North America. The empirical results show that both investments in physical and R&D resources have positive effects on firm performance. Furthermore, in high-growth industries, investments in R&D resources could bring more benefits for companies than they could in low-growth industries. To put it differently, the market expects more R&D resource investments in high-growth industries and this could bring better performance. However, in low-growth industries, without breakthrough innovations in changeable environments, it is hard for R&D resource investments to bring above-average performance.

    Contents Chapter 1: Introduction 1 1.1 Research Motives 1 1.2 Research Objectives 2 1.3 Research Framework 3 Chapter 2: Literature Reviews and Hypotheses Development 4 2.1 Theories of Competitive Advantages 4 2.1.1 SCP Paradigm and Five Forces Model 4 2.1.2 Resource-Based View 5 2.1.3 Dynamic Capabilities 7 2.2 Performance and Resources 8 2.3 Managerial Capabilities in Investment Decisions 10 2.3.1 Resource Management 11 2.3.2 Asset Orchestration 12 2.4 Hypotheses Development 13 Chapter 3: Data and Methodology 17 3.1. Data 17 3.2. Methodology 18 3.3. Definition of Variables 18 3.3.1. Measurement of Firm Performance 18 3.3.2. Measurement of Investment Decisions 20 3.3.3. Control Variables 21 Chapter 4: Empirical Results 24 4.1. Results of Descriptive Statistics 24 4.2. Regression Results 30 Chapter 5: Conclusion 36 5.1. Research Conclusion 36 5.2. Research Constraints 38 References 39 Table of Contents Table 1 Sample Selection 17 Table 2 Means, Standard Deviations, Minimums, Maximums, and Sample Sizes 25 Table 3 Data Distribution by Industry 26 Table 4 Manufacturing SIC Codes and Industry Names 28 Table 5 Data Distribution by Year 29 Table 6 Regression Analysis for Resource Investments 33 Figure of Contents Figure 1 A Dynamic Resource Management Model of Value Creation 12 Figure 2 Comparing Resource Management and Asset Orchestration Frameworks 13 Figure 3 Distribution of Tobin’s Q 19 Figure 4 Distribution of the Logarithm of Tobin’s Q 20

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