本研究以動態競爭理論為基礎，探討在研發驅動的產業環境中，競爭對手的研發強度是否會影響焦點企業的存貨管理行為。儘管過去已有研究指出企業研發活動對自身創新、績效及市場表現具有多重影響，但對競爭對手研發投入如何作為一種外部競爭信號，進一步影響企業營運資金決策，尤其是庫存管理策略的影響，仍屬文獻上的缺口。為填補此一空白，本研究以電腦服務業(SIC: 7370-7379)為對象，選取年營收前兩大的企業為焦點公司，並使用2010年至2023年間COMPUSTAT資料，檢驗競爭對手研發密度對焦點公司存貨對總資產比的影響。研究結果顯示，在控制公司規模、托賓Q、毛利率與現金流穩定性等變數後，競爭對手研發強度對焦點企業存貨水準具有邊際負向影響，意味企業可能因應技術更迭與市場競爭壓力而調整其庫存策略。此結果不僅延伸了動態競爭理論於營運資金管理領域的應用，亦為企業在高研發強度環境中優化庫存配置與應對市場變動提供實證依據與管理意涵。

This study adopts the dynamic competition perspective to examine whether a rival firm's R&D intensity influences the inventory management strategies of focal firms, particularly within R&D-driven industries. While prior research has extensively explored how a firm’s own R&D activities affect innovation, performance, and market outcomes, limited attention has been paid to how rivals’ R&D efforts function as competitive signals that shape firms’ working capital decisions, especially inventory allocation. Addressing this gap, this study focuses on the computer services industry (SIC: 7370–7379), selecting the top two firms by annual revenue as focal firms. Using panel data from COMPUSTAT spanning 2010 to 2023, the study investigates the impact of competitor R&D intensity on focal firms’ inventory-to-asset ratios. After controlling for firm size, Tobin’s Q, gross margin, and cash flow volatility, regression results reveal a marginally significant negative relationship between competitor R&D intensity and focal firm inventory levels. This suggests that focal firms may respond to accelerated technological change and increased competitive pressure by optimizing inventory strategies. The findings not only extend the application of dynamic competition theory into the domain of working capital management, but also provide empirical insights for firms aiming to adjust inventory policies in high-R&D, fast-evolving markets.

⽬ 錄
論⽂審定書………………………………………………………… i
誌謝………………………………………………………………… ii
摘要………………………………………………………………… iii
Abstract……………………………………………………………… iv
第 ⼀ 章、緒論……………………………………………………… 1
第 ⼆ 章、⽂獻探討………………………………………………… 5
第⼀節、動態競爭理論………………............………………… 5
第⼆節、研發強度…………………………………………... 7
第三節、影響存貨的因素………………………….......…… 8
第四節、假設發展.............................................…… 10
第 三 章、研究⽅法……………………………………………… 12
第⼀節、樣本與資料來源……………………….............. 12
第⼆節、研究設計.................................................. 13
第三節、研究⽅法................................................. 17
第 四 章、實證結果……………………………………………… 19
第⼀節、 變數之敘述統計................................... 1 9
第⼆節、 變數之相關係數................................... 2 0
第三節、 迴歸分析............................................... 23
第四節、 穩健性檢驗………………………………............. 25
第 五 章、研究討論………….………………………………….. 27
第⼀節、研究貢獻……………………………………............ 27
第 六 章、研究建議…………….......................………………… 30
第⼀節、研究結論……………………..........……………… 30
第⼆節、限制與研究建議……………….........….…………. 31
參考⽂獻………………………………………….………….……… 34

表 次
表 4-1 敘述統計表………………………………………………… 20
表 4-2 Pearson 相關係數……………………………………………. 22
表 4-3 競爭對⼿研發投⼊與焦點企業存貨之實證結果………….. 24
表 4-4 競爭對⼿研發投⼊與焦點企業存貨之穩健度測試……….. 26

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