臺灣博碩士論文加值系統

本研究主要探討智慧資本、資本結構、所有權結構與公司績效間之關聯。本研究使用Pooled Least Squares多元迴歸分析來檢驗公司績效與上述變數之間的關聯性，研究的觀察值公司為台灣2004到2008年之間的研發密集產業。而為了考慮不同層面的公司績效與變數間的關係，採用了Tobin’s Q與股票報酬率為兩種主要績效變數。同時，為了深入探討不同公司特質下，績效與變數間的關聯，本研究將樣本以兩種方式切割。首先，將樣本根據股票報酬排行進行劃分，區分為股票報酬排行總樣本前三分之一、股票報酬排行總樣本中間四分之一及股票報酬排行總樣本最後三分之一，探討在不同股票報酬下，公司的智慧資本投入、資本結構與所有權結構對績效造成何種影響。第二種區分方法則以控制型態作區分，將公司劃分為家族領導公司及專業經理人領導型公司進行討論。
主要結果發現，在不同劃分方法之下，台灣研發密集產業的智慧資本投入、資本結構及所有權結構與績效呈現顯著的關聯性，同時，在不同區分效果下，各變數對績效的影響護會隨著公司特質不同而呈現不同的正、負向效果。另外，本研究研亦發現，各變數與績效變數Tobin’s Q之間的關聯性較股票報酬間的關聯性強烈。

This study examines the relationship among intellectual capital, capital structure, ownership structure, and firm performance. We use Pooled Least Squares (OLS) multiple regressions analysis to examine the relationship among the related variables. The observations are the firms in 2004 to 2008 of R&D intensive industry in Taiwan. In order to consider firm performance in different aspects, the Tobin’s Q and stock return are two major performance variables in this study. Besides, in order to observe the relationship among performance, capital structure, and ownership structure of firms with various characteristics, this study classifies the observations with two methods, the rank of stock performance and the control type of firms.
Firstly, we discuss the relationship between performance and related variables in firms that are ranked in top 30% stock return, middle 40% stock return, and last 30% stock return. Next, we discuss the firms of family control type and firms of professional manager control type. We find that the intellectual capital, capital structure and ownership structure are significantly related to firm performance according to different firm characteristics. Moreover, we also find that the performance variable, Tobin’s Q, is more relevant to the independent variables than the other performance variable stock return does.

Contents
指導教授推薦書 i
論文口試委員會審定書 ii
長庚大學碩士論文著作授權書 iii
誌謝 iv
摘要 v
Abstract vi
Contents vii
List of Figures ix
List of Tables x
I. Introduction 1
II. Literatures 6
2.1 Intellectual capital and firm performance 6
2.2 Capital structure and firm performance 7
2.3 Ownership structure and firm performance 9
III. Data and methodology 12
3.1 Sample 12
3.2 Hypothesis 14
3.3 Variables and model specification 14
IV. Empirical Results and analysis 19
4.1 Descriptive statistics and correlation analysis 19
4.2 Multiple regression analysis – classification with stock return 23
4.3 Multiple regression analysis – classification with control type 37
V. Conclusion 50
References 52
Appendix 55

List of Figures
Figure 1 R&D expenditures of manufacture of computer, electronic and optical products industry since 2001 13

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