تحقیق و توسعه، کارایی و قیمت بازار: مطالعه تجربی شرکت های با فناوری بالا

Although prior research has addressed the influence of production activity and research and development (R&D) on productivity, it is not clear whether production and R&D affect the market value of a firm. This study proposes and verifies an R&D value chain framework to explore the relationship among productivity, R&D, and firm market values, as measured by Tobin's q theory. By doing so, we attempt to link new theoretical insights and empirical evidence on the effects of R&D efforts and basic production activities to the market valuations of high-technology firms. The value chain data envelopment analysis approach was proposed to estimate parallel-serial processes of basic operations and R&D efforts. This approach can be used to simultaneously estimate the profitability efficiency and marketability efficiency of high-technology firms. This area has rarely been studied, but it is particularly important for high-technology R&D policies and for further industrial development. Using the R&D value chain perspectives of model innovations and extensions proposed in several previous studies, we examined the appropriate levels of intermediate outputs. Production efficiency and R&D were combined to estimate the appropriate levels of intermediate outputs for high-technology firms. Based on the intermediate output analyses, we developed an R&D efforts decision matrix to explore and identify operational and R&D efficiency for high-technology firms. Our sample firms are displayed on a four-quadrant action grid that provides visual information on current short-term operational efficiency and decision making on long-term R&D strategic positions. The empirical findings from the R&D value chain model can provide information for policymakers and managers and suggest the adoption of various policies that place more emphasis on profitability and marketability strategies.► We model the value chain DEA to determine intermediate products and outputs. ► We develop R&D efforts decision matrix to assist firm strategic position. ► The intermediate outputs level and relative efficiency were estimated. ► Results highlight the role of long-term R&D and short-term operational efficiency. ► The results have implications for high-tech firm managers and decision makers.

Because R&D activities are critical to the profitability and competitive advantages of innovation, R&D activities have long-recognized, complex processes of innovation and value creation. R&D plays a crucial role because the high-technology industry is characterized by major changes in markets and technology that are coupled with rapid advances in innovation. In particular, high-technology firms face an intensely competitive and dynamic market environment. High-technology markets are characterized by short product life cycles and high production rates of new products that incorporate newer generations of technology [1]. In such markets, R&D efforts are the most critical driving force behind successful innovation. R&D is critical for survival in these environments. A firm's superior R&D capability not only leverages its strong capabilities in process and product innovation to dominate high-technology markets, but also leads to competitive advantages for the firm [1]

This study analyzed the production activity, R&D efforts, and market value of firms from various categories and the linkages between profitability and marketability efficiency based on a survey of the top 65 high-technology firms in Taiwan. Conventional DEA approaches were used to measure the performance of the DMUs and to explore the black box without considering the intermediate inputs or outputs. Consequently, it is difficult to diagnose and measure the individual sources of inefficiency in DMUs and to provide DMU decision makers with specific information on improvement and strategic positioning. In this study, we demonstrated how scholars can use the value chain DEA approach to analyze high-technology firms. By doing so, scholars can determine intermediate products and outputs to find the sources of organizational inefficiency in many managerial contexts. Specifically, the value chain DEA approach allows individual managers of high-technology firms to focus their specific efficiency-enhancing strategies on individual production activities and R&D innovation processes.