研发，价值链定位与全球电子产业的企业绩效[外文翻译].doc

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外文翻译
原文:
R&D, Value Chain Location and Firm Performance in the Global Electronics Industry
In today’s global electronics industry, innovation is carried out by various value chain participants, including brand-name manufacturers (sometimes called lead firms), contract manufacturers ponent suppliers, but there is little understanding of who benefits most from innovation in works. This research examines empirically the relationship of R&D spending and location in the value chain (lead vs. non-lead firms) to firm performance in the global electronics industry by using the Electronic Business 300 data set for 2000–2005. Our results show that firms spending more on R&D have higher gross profits, but do not have higher return on equity (ROE) and return on assets (ROA). There is a strong positive relationship between lead firms and performance as measured by gross profit, ROE and ROA, but the relationship between lead firms and gross profit es insignificant when the interaction term of R&D and lead firm is included in the analysis. Finally, lead firm status has a positive interaction effect on the relationship between R&D and gross profit. These findings suggest that the relationship of R&D to performance is mixed, but that lead firms can capture higher value (gross profit) from R&D than contract manufacturers ponent suppliers.
In today’s global economy, outsourcing has e a strategic necessity, especially in petitive and rapidly changing sectors such as electronics. Value chains in the electronics industry have steadily disintegrated across corporate and national boundaries for the past several decades. According to Baldwin and Clark (2006), the electronics industry has evolved to a modular structure in which firms keep a smaller set of activities in-house (a smaller footprint) by outsourcing the functions that do not constrain overall business performance. In the past, large electronics firms designed and developed their own products, often using their int