| Summary: | 碩士 === 國立交通大學 === 管理學院財務金融學程 === 101 === IC design industry is a knowledge-intensive and R&;D personnel-based industry. Compared to a high capital-intensive foundry, packaging and testing industry, IC design industry has relatively small capital expenditures. Therefore, research and innovation capacity become the key factors of the competitiveness. However, due to the rapid replacement, short life cycle of the consumer electronics industry, Taiwan's IC design industry faces more severe challenge in technical quality and innovation capability. Coupled with the increasing complexity of chip design, the need to invest in R&;D and innovation is increasing. In addition to internal research and development, IC design industry enhances the R&;D strength through outsourcing and investments.
Taking Taiwan’s listed IC design houses as our samples, the sample period starts from 2005 to 2012. To confirm the effects of long-term investments, intangible assets and R&;D expenses on operating performance, we use multiple regression analysis to analyze the relationship. The empirical results show that: (1) The long-term equity investments have one to two years deferred, positive and major influence on operating performance, (2) The cost of R&;D software and technical expertise play a positive effect on operating performance in the current investing period, (3) R&;D expenses have contribution to operating performance after one to two years deferred, and the influence is more than the effect of long-term equity investments and intangible assets.
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