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題名：前瞻性研究發展費用揭露的影響因素與市場反應
書刊名：臺大管理論叢
作者：廖芝嫻 引用關係／連晨帆
作者(外文)：Liao, Chih-hsien／Lien, Vicky
出版日期：2015
卷期：26:1
頁次：頁209-254
主題關鍵詞：自願性揭露；未來盈餘反應係數；研究發展費用；Voluntary disclosure；Future earnings response coefficient；R&D expenditure
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  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:90
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本研究探討影響國內企業自願揭露預計未來研發費用之因素，以及該自願性揭露是否可提高股價的資訊內涵。實證結果顯示，當公司存在較低之私有資訊成本、盈餘表現較佳、盈餘波動性較小、股份盈餘偏離倍數較低時，公司將傾向揭露其預計未來研發費用之資訊、揭露的明確度亦較高。另外，預計未來研發費用資訊之揭露可提高次期的未來盈餘反應係數，亦即能增進股票報酬與未來盈餘之間的關係。進一步發現，公司實際之研發費用與原先所揭露預期投入研發費用之差異，與次年度之股票報酬呈現顯著負相關，而此結果主要來自實際研發費用低於揭露之預計研發費用時，顯示投資人對於較不可靠的前瞻性資訊有負向反應。
This study investigates the determinants and market consequences of firms’ disclosure for forward-looking R&D expenditures. Using the annual reports of listed and OTC companies in Taiwan, the results show that firms with lower proprietary information costs, better earnings performance, lower earnings volatility, and smaller divergence between voting rights and cash flow rights tend to voluntarily disclose the information of forward-looking R&D expenditures, and their disclosures tend to be more specific (precise). Moreover, the disclosure of forward-looking R&D expenditures is associated with higher future earnings response coefficient (FERC). We also find significant negative stock returns for firms whose actual R&D expenses are different from (especially lower than) the disclosed expected R&D expenses, reflecting investors’ negative reaction to forward-looking information that is not credible.
期刊論文
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學位論文
1.李宛儒(2012)。資訊揭露程度與股價資訊內涵之關聯(碩士論文)。國立臺灣大學，台北。  延伸查詢new window
2.柯俊如(2012)。自願性揭露與營運績效之相關性研究(碩士論文)。東吳大學，台北。  延伸查詢new window
圖書
1.Beaver, W. H.(1998)。Financial Reporting: An Accounting Revolution。Prentice Hall。  new window
圖書論文
1.Griliches, Z.(1995)。R&D and productivity: Econometric results and measurement issues。Handbook of the Economics of Innovation and Technological Change。Oxford：Blackwell。  new window
 
 
 
 
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