The Impact of the Research Development Expenditure of High-Tech Industry to the Value of a Firm
黃雅媚、邱英祧;洪朝陽
E-mail: [email protected]
ABSTRACT
This study examines the effect of hi-tech companies’ R&D expense when pricing companies’ value. By quoting indirect literature and logical inference, we find out that it is worth a while to make clear the relationship between them. The analysis is based on hi-tech industry in Taiwan within 2000 to 2007. This study uses stock price and rate of return on assets (ROA) as agent parameters of a company’s value to measure the impact of the R&D investments on pricing a company’s value in the market’s and finance
’s points of view. Furthermore, this study adopts business cycle as moderating variable to explore whether business fluctuation had impact on R&D investments of a company. The empirical results show that no matter with market or with finance respects, the higher the R&D investments the higher a company’s value will be. Besides, the study evidences show that at the disturbance of business fluctuation a company will alter its R&D investments. That is, a company will spend more R&D investments at prosperity while cut back on when in recession.
Keywords : R& ; D ; business cycle ; corporate value
Table of Contents
中文摘要 ．．．．．．．．．．．．．．．．．．．．． iii 英文摘要 ．．．．．．．．．．．．．．．．．．．．．
iv 誌謝辭 ．．．．．．．．．．．．．．．．．．．．． v 內容目錄 ．．．．．．．．．．．．．．．．．．．．
． vi 表目錄 ．．．．．．．．．．．．．．．．．．．．． viii 圖目錄 ．．．．．．．．．．．．．．．．．．
．．． ix 第一章 緒論．．．．．．．．．．．．．．．．．．． 1 第一節 研究背景與動機．．．．．．．．
．．．． 1 第二節 研究目的．．．．．．．．．．．．．．． 3 第二章 文獻探討．．．．．．．．．．．．
．．．．． 4 第一節 高科技產業之定義．．．．．．．．．．． 4 第二節 研究發展相關文獻．．．．．
．．．．．． 5 第三節 公司價值相關實證．．．．．．．．．．． 18 第四節 研究發展支出與公司經營 績效實證研究．． 22 第三章 研究設計．．．．．．．．．．．．．．．．． 28 第一節 研究架構．．．．．
．．．．．．．．．． 28 第二節 研究假說．．．．．．．．．．．．．．． 29 第三節 實證模式建立及 變數定義．．．．．．．． 32 第四節 資料來源．．．．．．．．．．．．．．． 36 第五節 研究方法．
．．．．．．．．．．．．．． 38 第四章 實證結果與分析．．．．．．．．．．．．．． 39 第一節 樣本之 描述．．．．．．．．．．．．．． 39 第二節 實證結果．．．．．．．．．．．．．．． 42 第五章 結論與 建議．．．．．．．．．．．．．．．． 46 第一節 研究結論．．．．．．．．．．．．．．． 46 第二節 研究限制．．．．．．．．．．．．．．． 47 第三節 研究建議．．．．．．．．．．．．．．． 47 參考文獻 ．．．．．．．．．．．．．．．．．．．．． 49
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