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題名:創新能力、產業競爭及公司治理對公司價值的影響:以創新宣告為例
作者:何復生
作者(外文):Fu- Sheng Ho
校院名稱:輔仁大學
系所名稱:商學研究所博士班
指導教授:葉銀華
許培基
學位類別:博士
出版日期:2015
主題關鍵詞:創新宣告公司治理產業競爭創新能力Innovation AnnouncementCorporate GovernanceIndustry CompetitionInnovation Capability
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本文探討公司治理、產業競爭及創新能力3構面共同對於創新宣告公司長期、短期超額報酬的影響,使用台灣上市公司為樣本,在2000年至2009年樣本期間,有創新宣告共計662筆資料;我們發現,公司治理、產業競爭及創新能力,一般而言,與創新宣告之間呈正向關係;再者,投資人對市場競爭程度是正向反應,當競爭對手激烈反應時呈負向反應;對於創新能力而言,投資人相對研發投入變數,偏好實質創新成果。
本文更深入探討交乘效果,發現公司治理會加強創新能力與宣告報酬之間關係,意味著公司治理可補足市場上對宣告公司可否將研發投入轉換成未來獲利之信任不足。而且,本文也發現某程度上證據,支持內部及外部治理機制是有替代效果,內部公司治理機制的正向效果會因為市場競爭程度激烈而減損;最後,創新能力與產業競爭間交乘結果會正向影響創新宣告之超額報酬。
In this study we explore how corporate governance, industry competition, and innovation capability jointly affect the short-run and long-term abnormal returns of firm’s innovation announcement. Using the data of 662 innovation announcements made by the listed firms in Taiwan in the sampling period 2000-2009, we document that corporate governance, innovation capability, and industry competition are in general positively correlated with the innovation announcements. Moreover, investors respond positively to market competition while negatively to intensive industry rivalry. For innovation capability investors prefer realistic innovation outcomes to R&D inputs. We further explore the interactive effects and find that corporate governance reinforces the relation between innovation capability and announcement returns, implying that corporate governance makes up the trust deficiency that firm’s R&D expenditure might not be translated into profitability. However, we find supporting evidence of the substitution effect between internal and external governance mechanisms in the sense that the positive effect of internal corporate governance attenuates when external market competition is drastic. Finally, the interaction between innovation capability and industry competition positively affects the announcement returns.
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