對後續研究建議

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加入財務報導品質代理變數RQ 以後，假說四成立，顯示財務報導品質較佳 的公司，管理階層所作之會計估計與實際產生之現金流量間的差異性不大，財務 報導可以提供較準確之資訊與投資人，因此能夠有效降低資訊不對稱的情況，債 權人與股東將不會要求多餘的報酬彌補其所承擔之風險，因此管理階層能夠取得 較合理的外部資金成本，公司面臨較輕微的融資限制，有資金需求時不會侷限於 內部資金，可以緩和股利與資本支出競用資金的現象。然而本文無法得到充分的 證據支持假說五，RQ 於成長機會較大的組別中不存在任何關係。

第二節、 研究限制

本研究力求研究與方法上客觀與完整，但仍因若干限制，無法周詳，以下將 說明本研究之限制。

一、本研究樣本包含金融業以外的所有上市公司產業，並未再針對產業別進行 分析，也許在不同產業上結果會有所差異。

二、本研究所使用之樣本資料來源，係以台灣經濟新報之資訊為限，無法排除 資料錯誤或遺漏值對研究結果可能造成的影響。

第三節、 對後續研究建議

雖然國外文獻多推論研究發展支出的未來效益較資本支出難以估計，因此研 究發展支出應面臨較嚴重的融資限制問題，使得公司必須將有限的內部資金分配 予股利或研究發展計畫，使得股利和研究發展支出間存在明顯競用資金現象，但 臺灣研究發展支出金額比重高的產業多屬高科技產業，並受到政府強力的扶持，

擁有許多優惠條件及資源，因此本文建議後續的研究應針對著重研究發展計畫的 公司進行細部的探討，釐清管理階層對股利及投資計畫的決定因素，才能合理說 明臺灣公司股利與研究發展支出的關係。

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採用modified Dechow and Dichev 模型(McNichols, 2002)所得之殘差項，取 t-5 至 t-1 期殘差值之標準差並取負號，其值越大財務報導品質越佳

Sdinvestment jt-1 取公司j 投資金額 (Total Investmentjt, R&D Investmentjt,Capital Investmentjt)除以總 資產平均值t-5 至 t-1 期之標準差

Bankruptrisk jt-1 取公司j，t-1 期期末，Altman’s Z-score；Z-score＝ [1.2×（流動資產 – 流動負債）

+ 1.4×未分配盈餘 + 3.3× 稅前息前淨利 + 營業收入毛額] ÷ 期末總資產帳面金

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附錄二：高科技產業樣本產業及年度分布

表 26 樣本產業及年度分布（高科技產業）

產業 年度 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 生技醫療 14 15 15 17 18 19 19 19 21 22 23 24 24 半導體業 52 52 57 57 60 61 63 64 65 66 68 68 68 電腦及週邊設備業 49 51 52 52 54 54 55 55 56 58 58 58 58 光電業 46 48 52 56 56 63 67 68 72 72 73 73 73 通訊網路業 30 31 31 33 34 35 36 36 36 35 36 36 36 電子零組件業 69 71 75 77 78 78 78 79 80 81 81 81 81

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