本研究之資料來源為台灣經濟新報(Taiwan Economy Journal, TEJ) 中2005年到2010年台灣製造業上市和上櫃公司的廠商資料。以雙元probit模型分析影響廠商投入外銷市場或研發的決定因素，以及廠商內部或外部財務因素如何影響廠商的出口和研發決策。並且分別以pooled OLS模型和固定效果模型，探討在2008年的全球金融風暴，對廠商出口和研發活動是否帶來衝擊，並進一步探究，財務體質較佳的廠商，是否能減輕金融風暴對企業出口和研發活動的潛在負面影響。 實證結果發現，台灣製造業廠商的外銷和研發活動之間有正向的關係，研發投入會提高廠商從事出口的機率；出口金額越高，廠商進行研發的機率也較高。廠商投入研發的決策，和廠商的財務因素有關。廠商的內部財務因素會提高其投入研發的機率；然而，外部因素則會降低廠商進行研發的機率。對於台灣個別的製造業廠商而言，金融風暴對出口金額和研發支出都有明顯的負向影響。在金融風暴發生之際，持有較多現金的廠商，抵禦外生衝擊的能力越強，可以減緩金融風暴所帶來的負面影響；然而，金融風暴時期，財務槓桿則會強化金融風暴對出口值與研發支出所帶來的負面衝擊。;This study applies the manufacturer′s firm-level data of Taiwanese manufacturing listed and OTC companies from 2005 to 2010 in the Taiwan Economy Journal. By conducting a bivariate Probit model, this paper investigates the determinants that affect companies to invest in overseas markets or R&D, and how internal or external financial factors impact on the strategies of exporting and R&D. The other purpose of this paper is to examine the effect of the global financial crisis in 2008 on the exports and R&D activities of manufacturing firms and explores whether the firms that have better financial status could mitigate the negative impact on their exporting and R&D investments under the recession.
The empirical result shows that there is a complementary relationship between the activities of exporting and R&D. The R&D investment will increase the probability of engaging in export and vice versa. Moreover, there is a correlation between the firm’s decision to invest in R&D and its financial factors. The internal financial factors will increase the probability of investing R&D; however, the external financial factors will decrease it. In terms of the individual manufacturer, the financial crisis has a negative influence on total export and R&D input significantly. When facing financial turmoil, cash holdings made firms have a stronger ability to withstand external shocks, mitigating the negative influence. Nevertheless, financial leverage worsens the total export and R&D inputs.
