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題名：研發活動與現金增資績效之研究
作者：徐如萍
作者(外文)：Ru-Ping Shi
校院名稱：國立高雄第一科技大學
系所名稱：管理研究所
指導教授：陳振遠
林楚雄
學位類別：博士
出版日期：2013
主題關鍵詞：裁決性研發支出；研發費用；現金增資；discretionary R&D；SEOs；R&D expenditure
原始連結：連回原系統網址new window
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進入二十一世紀後，企業面臨之經營環境與競爭日趨劇烈，公司為維持競爭優勢，須具備更快速的應變能力；而研發與創新能力則為企業能否不斷進步，掌握市場趨勢之關鍵。
但過去在實證上之研究多著墨在研發活動與公司價值或公司市價間之關聯性；本研究則考慮當企業進行現金增資時，裁決性研發支出與企業之舉債能力，是否對於該企業現金增資後的股價報酬具有實質影響。
研究結果發現，(一) 在現金增資前有正向裁決性研發支出之公司，在現金增資後的股價報酬可以超越大盤，但當該公司投入之研發費用過高且同時有正的裁決性研發支出時，卻有長期報酬落後大盤之現象。(二) 當企業之負債比高，且在現金增資前仍不吝投資於研發者，投資人會認為該公司在市場籌資後用於研發費用上的機會較高，可創造未來機會，在現金增資後有正的異常報酬。
As entering to this century, the competition in business environment is getting rigorous. To possess competitive advantage, organizations need to get ready for quick adapting to the new ecosystem that changes unexpectedly fast. It is a good alternative to invest in research and development expenditure since innovation plays essential and critical role in trend forecasting and profit securing.
Previous researches mainly investigated the effect of R&D expenditure on operation performance and market returns. This study sheds light on the returns of SEOs, company’s ability of raising extra fund from banking system, and discretionary R&D investment.
The empirical result suggests that companies with positive discretionary R&D expenditure before SEOs do not experience negative returns as other SEOs. However, those which have positive discretionary R&D expenditure and invest in R&D too high underperform the market after issuing new capital publicly. This study also reveals that companies which have higher leverage ratio and still have positive discretionary R&D expenditure before SEOs over-perform the market in the short run. It implies that investors believe those which have difficulties to raise fund from banks and still invest excess R&D tend to better utilize the new capital and have better growth opportunity.
參考文獻
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英文部分
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