本研究選取1980年至2015年美國上市公司為樣本，採用面板資料迴歸模型檢驗分析R&D研發投入與產出及資本支出對企業經營風險即未來收益波動性的影響及程度，並進行對比。
實證結果顯示，R&D投資和資本投資都與企業的經營風險呈顯著正相關，且R&D投資與經營風險的相關程度比資本投資與經營風險的相關程度大。由於研發過程存在效率問題，相比研發投入，專利的成功研發意涵研發產出的增加，會一定程度降低企業的經營風險。
同時，對比企業近期盈利表現和行業性質結果表明：盈利和虧損企業的研發投資和資本投資對經營風險的影響存在顯著差異。具有虧損的企業，其研發投資和資本投資對未來經營波動性的影響相對較小。不同行業之企業R&D投資和資本投資所產生的經營風險也具有明顯差異。高科技行業企業研發支出導致的經營風險更低。
本研究亦以收益組成角度衡量風險時發現，研發和資本投資雖然一定程度降低了企業產品市場的不確定性，但會使流程成本不確定性和技術創新不確定性增加。

目錄

第一章 緒論 1
第一節 研究動機 1
第二節 研究架構 3
第二章 文獻回顧 4
第一節 研發投入與資本支出 4
第二節 研發產出 5
第三節 經營風險產生來源不同表現 6
第三章 資料敘述 8
第一節 資料來源與說明 8
第二節 實證模型 9
第三節 變數說明 10
（1）經營風險衡量 10
（2）解釋變量與調節變量 12
（3）控制變量 13
第四節 敘述性統計分析 15
第四章 實證分析 18
第一節 實證結果 19
（1）研發投入和資本投入與企業經營風險 19
（2）研發產出與企業經營風險 19
（3）近期盈利表現情況是否虧損 21
（4）企業行業性質是否為高科技行業 24
（5）風險產生來源不同表現（收益組成分析） 27
第二節 穩健性測試分析 29
（1）更改研發支出缺失值處理方式 29
（2）更換因變量樣本計算時間窗口 30
第五章 結論 32
參考文獻 34

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