臺灣博碩士論文加值系統

自從1991年March將廠商的創新行為分為Exploration與Exploitation兩種之後，創新行為背後的策略意涵也成為近年來廣為討論的管理議題。儘管創新行為背後代表了公司重要的策略意涵，卻甚少文獻研究市場投資人對於這兩種創新行為的反應，以及其他財務指標對於公司創新行為的影響。基於此原因，本文針對廠商的Exploration行為進行研究，Exploration著眼於未來的機會，創造需求與未來的競爭優勢，本文預期市場將給予Exploration的創新正向的評價。另外，本文亦研究了公司的資本結構以及Financial Constraints如何影響市場對於廠商Exploration創新的評價。
本研究針對2007年Scoreboard中167間美國的廠商，從2001到2005年連續五年，橫跨七個不同的產業部門共835個觀察值，並利用廠商的R&D Intensity分為High/Medium/Low三個部門，當廠商有越高的R&D Intensity，代表在這個部門中，科技變動較大，也隱含著廠商有較佳的成長機會。
結果顯示市場對於廠商進行Exploration的創新給予正面的評價，此效果在High R&D Intensity的組別中更加顯著。這代表當廠商所面臨較高的科技變動時，市場上的投資人越支持廠商進行Exploration的創新。另外，結果顯示當廠商的負債比例越低時，市場的投資人將給與廠商Exploration的創新越正面的評價，市場將隨著廠商負債比率的下降而更支持廠商進行Exploration的創新;另一方面，在廠商面臨較高的科技變動時，當廠商的Financial Constraints程度越低，市場則越支持廠商進行Exploration的創新行為。
本研究以財務的角度探討創新行為，希望本文的發現可以為未來更深入的研究提供方向與建議。

Since March sparked the issue of exploration and exploitation in 1991, the strategic implications behind innovative behaviors have been an issue in managerial fields. However, there are few researchers take financial perspectives into consideration when studying innovative behaviors. Thus, financial perspectives were taken to study the exploration orientation of the firms. Exploration innovations were defined as innovations for future opportunities and create demand and future competitive advantages. This article proposed that investors in the stock market would give positive reactions to exploration orientation of the firms. Besides, capital structure and financial constraints were also studied as major moderators in this article.
In this article, 835 observations are from 167 U.S. firms out of 2007 Scoreboard, across 2001-2005 and 7 different industries segments. Also, samples were separated into 3 groups by R&D intensity. It implies a higher technological growing opportunities in high R&D intensity group, and lower technological growing opportunities in low R&D intensity group.
The result showed that market would give positive reactions to exploration orientation of firms, and it’s more significant in high R&D intensity group. That is, investors in the market were more likely to support exploration when firms faced high technological growing opportunities. Besides, investors would give more supports to firms’ exploration orientation when they have lower debt ratios. On the other hand, in high R&D intensity group, investors would give more supports to exploration of the firms when they have lower financial constraints.
Financial perspectives were taken in this article, and the finding could provide directions and suggestions for future studies.

Chapter 1 Introduction 1
1-1 Research Background and Motivations 1
1-2 Research Objectives 3
1-3 The Organization of This Study 4
Chapter 2 Literature Review and Hypothesis 6
2-1 Market Reaction 6
2-2 Exploration Orientations 7
2-3 Financial Moderators 9
2-3-1 Capital Structure 10
2-3-2 Financial Constraints 13
Chapter 3 Research Design and Methodology 15
3-1 Samples and Data Collection 15
3-2 The Conceptual Framework 16
3-3 Measures and Dependent Variables 17
3-4 Independent Variables and Financial Moderators 19
3-4-1 Relative exploration orientation 19
3-4-2 Financial Data and Moderators 19
Chapter 4 Statistic Result 22
4-1 Descriptive Statistics of variables 22
4-2 Hausman Test 23
4-3 The Fixed Effect Model 24
4-4 Hypothesis Test 26
4-5 Sensitivity Analysis 27
4-6 Result summary 31
Chapter 5 Discussion 32
5-1 Implication 32
5-1-1 Market reaction to exploration orientation of firms 32
5-1-2 Financial Moderator: Capital structure 33
5-1-3 Financial Moderator: Financial constraints 34
5-2 Future research 35
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