臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：研發密集公司超額報酬為風險溢酬之額外證據
書刊名：管理與系統
作者：范宏書 引用關係／林彥廷 引用關係／馬仕學
作者(外文)：Fan, Hung-shu／Lin, Yan-ting／Ma, Shih-hsueh
出版日期：2014
卷期：21:3
頁次：頁453-482
主題關鍵詞：研究發展支出；超額報酬；風險溢酬；風險因子；R&D expenditure；Excess return；Risk premium；Risk factor
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:264
  • 點閱點閱:211
范宏書、林彥廷（民99）以實證方式測試研發密集公司之超額報酬究竟為風險溢酬或是市場錯誤評價之結果，其證據直接支持風險溢酬假說，意謂我國證券市場對於研發支出之評價具有效率性，而Fama（1991）主張市場效率性需要眾多證據支持，因此本研究旨在提出新的實證證據佐證范宏書、林彥廷（民99）之結論。Lev and Sougiannis（1999）主張若風險溢酬假說成立，預期較高風險的研發支出對於後續期間股票報酬率應有較高之解釋力；然而，企業所投入的研發支出哪些為高風險支出無法從現行財報得知，因此本研究引入企業生命週期、公司治理、產業別、盈餘變異程度等企業風險相關因子，來劃分研發支出的風險程度，並測試不同風險程度之研發支出與風險溢酬的關聯程度。本研究發現高風險樣本之研發資產變數對於後續期間報酬率之解釋力顯著高於低風險樣本，支持風險溢酬假說。有鑑於過去國內相關文獻之闕如，本研究之潛在貢獻在於豐富我國股票市場對研發支出反應效率性的證據。
Fan and Lin (2010) find that the excess returns of R&D intensive firms are more likely to result from the failure to control adequately for risk. That is, Taiwan stock market is efficient in reflecting R&D information on stock prices. However, we need more evidence to validate whether the stock market in Taiwan is efficient (Fama, 1991). This study aims to provide additional evidence to support the finding of Fan and Lin (2010). Lev and Sougiannis (1999) argue that if the excess returns of R&D intensive stocks are risk premium, then the R&D expenditures with higher risk should have higher association with subsequent stock returns. Inspired by Lev and Sougiannis (1999) in research design, but we differentiate our research to divide R&D intensive firms into two subgroups: high-risk firms and low-risk firms, by several different risk measures, such as corporate life-cycle, corporate governance, electronics industry, and standard deviation of return on assets. Then, we test the risk premium hypothesis that if the R&D related excess returns are risk premium of R&D assets, the excess returns of R&D assets will be significantly higher for high-risk firms than for low-risk firms. The empirical results of this study provide additional supportive evidence for the risk premium hypothesis.
期刊論文
1.薛健宏(20080100)。董監持股、盈餘平穩化與企業風險之關連性研究。會計評論，46，107-130。new window  延伸查詢new window
2.范宏書、林彥廷(20101000)。研發密集公司剩餘報酬產生原因：風險溢酬或訂價錯誤？。證券市場發展，22(3)=87，1-38。new window  延伸查詢new window
3.Agusman, A.、Monroe, G. S.、Gasbarro, D.、Zumwalt, J. K.(2008)。Accounting and Capital Market Measures of Risk: Evidence from Asian Banks during 1998-2003。Journal of Banking and Finance，32(4)，480-488。  new window
4.Ali, Ashiq、Hwang, Lee-Seok、Trombley, Mark A.(2003)。Residual-Income-Based Valuation Predicts Future Stock Returns: Evidence on Mispricing vs. Risk Explanations。The Accounting Review，78(2)，377-396。  new window
5.Chambers, Dennis、Jennings, Ross、Thompson, Robert B. II(2002)。Excess Returns to R&D-Intensive Firms。Review of Accounting Studies，7(2/3)，133-158。  new window
6.Fama, Eugene F.(1991)。Efficient Capital Market。Journal of Finance，46(5)，1575-1617。  new window
7.Hsueh, H.、Huang, Y.、Chen, C.(2006)。Testing the Information Quality of the Degree of Operating Leverage Disclosed in the Financial Report。International Journal of Accounting, Auditing and Performance Evaluation，3(1)，98-132。  new window
8.Baginski, S. P.、Wahlen, J. M.(2003)。Residual Income Risk, Intrinsic Values, and Share Prices。The Accounting Review，78(1)，327-351。  new window
9.Lev, B.、Sougiannis, T.(1996)。The capitalization, and amortization, and value-relevance of R&D。Journal of Accounting and Economics，21(1)，107-138。  new window
10.Dechow, P. M.、Sloan, R. G.、Sweeney, A. P.(1996)。Causes and Consequences of Earnings Management: An Analysis of Firms Subject to Enforcement Actions by the SEC。Contemporary Accounting Research，13(2)，1-36。  new window
11.Anthony, J.H.、Ramesh, K.(1992)。Association between accounting performance measures and stock prices。Journal of Accounting and Economics，15(2)，203-227。  new window
12.Lev, Baruch、Sarath, Bharat、Sougiannis, Theodore(2005)。R&D Reporting Biases and Their Consequences。Contemporary Accounting Research，22(4)，977-1026。  new window
13.Kasznik, Ron、Lev, Baruch(1995)。To warn or not to warn: Management disclosures in the face of an earnings surprise。The Accounting Review，70(1)，113-134。  new window
14.Lev, B.、Sougiannis, Theodore(1999)。Penetrating the book-to-market black box: the R&D effect。Journal of Business Finance and Accounting，26(3/4)，419-449。  new window
15.Kothari, Sagar P.、Laguerre, Ted E.、Leone, Andrew J.(2002)。Capitalization versus expensing: Evidence on the uncertainty of future earnings from capital expenditures versus R&D outlays。Review of Accounting Studies，7(4)，355-382。  new window
16.Penman, S. H.、Zhang, X. J.(2002)。Accounting conservatism, the quality of earnings, and stock returns。The Accounting Review，77(2)，237-264。  new window
17.Bhojraj, S.、Sengupta, P.(2003)。Effect of corporate governance on bond ratings and yields: The role of institutional investors and the outside directors。The Journal of Business，76(3)，455-475。  new window
18.Klein, A.(2002)。Audit committee, board of director characteristics, and earnings management。Journal of Accounting and Economics，33(3)，375-400。  new window
19.Chen, C. J. P.、Jaggi, B.(2000)。Association between Independent Non-Executive Directors, Family Control and Financial Disclosure in Hong Kong。Journal of Accounting and Public Policy，19(4/5)，285-310。  new window
20.Chan, S. H.、Martin, J. D.、Kensinger, J. W.(1990)。Corporate research and development expenditures and share value。Journal of Financial Economics，26(2)，255-276。  new window
21.Sengupta, Partha(1998)。Corporate disclosure quality and the cost of debt。The Accounting Review，73(4)，459-474。  new window
22.Bublitz, Bruce、Ettredge, Michael(1989)。The Information in Discretionary Outlays: Advertising, Research, and Development。The Accounting Review，64(1)，108-124。  new window
23.Sougiannis, Theodore(1994)。The Accounting Based Valuation of Corporate R&D。The Accounting Review，69(1)，44-68。  new window
24.Chung, R.、Firth, M.、Kim, J. B.(2002)。Institutional Monitoring and Opportunistic Earnings Management。Journal of Corporate Finance，8(1)，29-48。  new window
25.Bushman, Robert M.、Chen, Qi、Engel, Ellen、Smith, Abbie(2004)。Financial Accounting Information, Organizational Complexity and Corporate Governance Systems。Journal of Accounting and Economics，37(2)，167-201。  new window
26.劉正田(2002)。無形資產、成長機會與股票報酬關係之研究。會計評論，35，1-29。new window  延伸查詢new window
27.Hirschey, Mark、Weygandt, Jerry J.(1985)。Amortization policy for advertising and research and development expenditures。Journal of Accounting Research，23(1)，326-335。  new window
28.楊朝旭、吳幸蓁(20090100)。資產減損之決定因素與盈餘資訊性後果：論公司治理之角色。會計評論，48，67-114。new window  延伸查詢new window
29.Ashbaugh-Skaife, Hollis D.、Collins, Daniel W.、LaFond, Ryan(2006)。The Effects of Corporate Governance on Firms' Credit Ratings。Journal of Accounting and Economics，42(1/2)，203-243。  new window
30.楊朝旭、黃潔(20040300)。企業生命週期、資產組合與企業未來績效關連性之研究。商管科技季刊，5(1)，49-71。new window  延伸查詢new window
31.吳博欽、鄭哲惠(20060700)。企業生命週期、產業別與股權評價：Real Option與Ohlson Model之比較。會計評論，43，95-121。new window  延伸查詢new window
32.Ferreira, Miguel A.、Laux, Paul A.(2007)。Corporate Governance, Idiosyncratic Risk, and Information Flow。The Journal of Finance，62(2)，951-989。  new window
33.Merton, Robert C.(1974)。On the Pricing of Corporate Debt: The Risk Structure of Interest Rates。The Journal of Finance，29(2)，449-470。  new window
34.Claessens, Stijn、Djankov, Simeon、Lang, Larry H. P.(2000)。The Separation of Ownership and Control in East Asian Corporations。Journal of Financial Economics，58(1/2)，81-112。  new window
35.Lee, Tsun-Siou、Yeh, Yin-Hua(2004)。Corporate Governance and Financial Distress: Evidence from Taiwan。Corporate Governance: An International Review，12(3)，378-388。  new window
36.Ashbaugh-Skaife, H.、Collins, D. W.、Kinney, W. R. Jr.、LaFond, R.(2009)。The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity。Journal of Accounting Research，47(1)，1-43。  new window
37.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
38.Beaver, W.、Kettler, P.、Scholes, M.(1970)。The Association between Market Determined and Accounting Determined Risk Measures。The Accounting Review，45(4)，654-682。  new window
39.Chan, Louis K. C.、Lakonishok, Josef、Sougiannis, Theodore(2001)。The stock market valuation of research and development expenditures。Journal of Finance，56(6)，2431-2456。  new window
40.Eberhart, Allan C.、Maxwell, William F.、Siddique, Akhtar R.(2004)。An Examination of Long-Term Abnormal Stock Returns and Operating Performance following R&D Increases。The Journal of Finance，59(2)，623-650。  new window
41.Peasnell, Ken V.、Pope, Peter F.、Young, Steven(2005)。Board Monitoring and Earnings Management: Do Outside Directors Influence Abnormal Accruals?。Journal of Business Finance & Accounting，32(7/8)，1311-1346。  new window
42.劉正田(20010700)。研發支出資本化之會計基礎股票評價。會計評論，33，1-26。new window  延伸查詢new window
43.Xie, Biao、Davidson, Wallace N. III、DaDalt, Peter J.(2003)。Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee。Journal of Corporate Finance，9(3)，295-316。  new window
44.Denis, Diane K.(2001)。Twenty-five Years of Corporate Governance Research and counting。Review of Financial Economics，10(3)，191-212。  new window
45.Core, John E.、Holthausen, Robert W.、Larcker, David F.(1999)。Corporate governance, chief executive officer compensation, and firm performance。Journal of Financial Economics，51(3)，371-406。  new window
46.歐進士(19980600)。我國企業研究發展與經營績效關聯之實證研究。中山管理評論，6(2)，357-385。new window  延伸查詢new window
47.Boyd, Brian K.(1994)。Board Control and CEO Compensation。Strategic Management Journal，15(5)，335-344。  new window
48.金成隆、林修葳、紀信義(20040400)。專利權的價值攸關性：從企業生命週期論析。管理學報，21(2)，175-197。new window  延伸查詢new window
49.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2002)。Investor protection and corporate valuation。The Journal of Finance，57(3)，1147-1170。  new window
50.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
51.Bédard, Jean、Chtourou, Sonda Marrakchi、Courteau, Lucie(2004)。The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Management。Auditing: A Journal of Practice & Theory，23(2)，13-35。  new window
52.Fama, Eugene F.、French, Kenneth R.(1992)。The Cross-Section of Expected Stock Returns。The Journal of Finance，47(2)，427-465。  new window
53.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
54.方智強、姚明慶(19980900)。臺灣上市公司的淨值市價比現象。管理學報，15(3)，367-391。new window  延伸查詢new window
55.Beasley, Mark S.(1996)。An Empirical Analysis of the Relation between the Board of Director Composition and Finacial Statement Fraud。The Accounting Review，71(4)，443-465。  new window
會議論文
1.洪玉舜、陳繪琦(2007)。企業生命週期觀點探究員工分紅對公司後續績效之影響。淡江大學會計學系。  延伸查詢new window
研究報告
1.Ashbaugh-Skaife, H.、Collins, D. W.、LaFond, R.(2004)。Corporate Governance and the Cost of Equity Capital。University of Wisconsin-Madison。  new window
2.Garmaise, M. J.、Liu, J.(2005)。Corruption, Firm Governance, and the Cost of Capital。UCLA。  new window
學位論文
1.劉正田(1997)。研究發展支出之效益及其資本化會計資訊對股票評價攸關性之研究(博士論文)。國立政治大學。new window  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1146（臺灣：1136，外國：10） ／ 本年度總使用人次：1669892 ／ 訪客人次（自102年09月）：67476954
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上