許多文獻指出研發密度是企業競爭力的關鍵，本研究應用BCG矩陣之成長－市占率模型，將樣本分類為四種企業型態：問題事業、明星事業、金牛事業與落水狗事業。以之測試研發密度是否影響這四種型態間的企業轉型與企業績效。實證結果發現，企業的研發密度可成功驅動企業自問題事業轉型為明星事業、與明星事業轉型成為金牛事業。此外，實證結果顯示研發密度對於金牛事業轉型為落水狗事業階段，具有U型的非線性關係；換言之，存在最適的研發密度。本研究也發現企業轉型的發生顯著影響其企業績效。

A large number of studies have shown that the R&D intensity determinates corporate competitiveness. This study uses BCG growth-share model to categorize the sample into four business types: question mark, star, cash cow, and dog. We then analyse whether the R&D intensity affects the occurrence of corporate transformation among four types and firm performance. Results show that the R&D intensity successfully drives question-firm transiting to star-firm, and star-firm transiting to cow-firm. In addition, the result reveals a U-shaped relationship between the R&D intensity and the occurrence of cow-firm transiting into dog-firm, which indicates that an optimal R&D intensity exists. This study also documents that the occurrence of corporate transformation is significantly related to firm performance.