| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 91 === Intangible assets play an increasingly crucial role in high- tech industries such as telecommunication and semiconductor. This study highlights the relationship of intangible assets to financial performance and addresses three questions: (1) Do R&D and marketing investments have positive effect on operating performance and is there any difference between upstream and downstream companies? (2) Do highly- intensive R&D or highly- intensive marketing investments have incremental positive effects on operating performance? (3) Is there any interaction between R&D and marketing investments?
The empirical evidence shows (1) In the telecommunication industry value chain, the R&D valuation parameter of upstream companies is higher than that of downstream companies. However, the marketing valuation parameter of upstream companies is lower than that of downstream companies. (2) Highly- intensive R&D or highly- intensive marketing investments not necessarily have incremental positive effects on operating performance, depending on the segment in the industry value chain. (3) Both higher R&D and lower marketing investments have a positive impact on financial performance.
In conclusion, this study leads to a suggestion that upstream companies within telecommunication industry in Taiwan should focus on R&D investments rather than marketing. Meanwhile, downstream companies within telecommunication industry in Taiwan should focus on marketing investments rather than R&D.
Keyword: research and development investment, marketing investment, value chain, telecommunication,
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