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題名：公司治理特性對於研究發展與企業財務績效關聯性之影響：以U-shape法檢定研發投入之非線性關係
書刊名：證券市場發展季刊
作者：郭憲章／葉立仁／王麗惠 引用關係
作者(外文)：Kuo, Hsien-chang／Yeh, Li-jen／Wang, Lie-huey
出版日期：2016
卷期：28:4=112
頁次：頁1-38
主題關鍵詞：研究發展；經營績效；公司治理；董事會；U-shape法檢定；R&D；Firm performance；Corporate governance；Board of director；U-shape test
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(3) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:2
  • 點閱點閱:27
研究發展活動所需經費可能較為龐大且成果具有高度不確定性，董事會 與股東之間的代理問題，使得企業高階管理階層對於研究發展投入的態度成 為決定企業價值的關鍵因素。本研究著重於董監事成員的特性，尤其為董監 事成員的教育程度、博士學位比率、教育程度累積能量等特質，如何影響研 究發展投入對於企業財務績效的關聯性。 本研究運用U-shape 關係檢驗法，在最大化企業價值的原則下，量化檢 驗適當的研究發展投入區間，透過極值點的分析，估計董監事成員特質等重 要因素的影響程度。研究結果顯示，台灣與中國大陸研究發展強度的轉折點 皆約為61%，代表兩岸企業之研究發展強度若小於61%，則多投入研究發展 有助增加企業市場附加價值；反之，若研究發展強度顯著大於61%，則多投 入研究發展將會造成負向效果。再者，當董監事持股比率愈大、董監事教育 程度愈高、企業負債比率與總資產愈低時，企業容易大量從事研究發展投入。 然而，由於研究發展投入與財務績效存在非線性關係，企業研究發展也可能 超過極值點而產生過度投入現象。
The R&D spending results in new products or process efficiencies. However, R&D activities are inherently risky as they provided greater variability of outcomes. They make agency costs particularly severe. Appropriate corporate governance mechanisms can reduce information asymmetry and control manager’s behavior, which may influence corporate R&D decision-making. To further investigate the financial influence of R&D investment, we adopt the test of U-shape relationship to find the optimal R&D intensity in Taiwanese and Chinese markets. We also examine the nature and significance of moderating effects of corporate governance (including shareholding ratio, education level of boards). The results are consistent with the hypothesis that the corporate value is a nonlinear function of R&D expenditures. Due to the influences of controlling variables, leverage and firm sizes, the extreme points in the nonlinear structure are changed. In addition, education level and shareholding concentration of directors are positive correlated with financial performance, and lead to more invest in R&D activities; however, firm size and leverage are negatively correlated with the value of extreme points.
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圖書
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