臺灣博碩士論文加值系統

東亞地區的代理問題與其上市櫃公司集中的股權結構有關。本研究以控制權與現金流量權偏離的幅度衡量公司治理的品質，探討最終控制股東股權治理結構對研發活動的支出、研發活動之攸關性（Relevance）和可靠性（Reliability）之影響。本研究沿用Kothari et al.(2002)的作法，以過去五年盈餘的變異性，作為研發活動可靠性的替代變數。實證結果發現，公司治理較佳的公司會投入較多的研發支出。當股權偏離幅度越小，研發活動會與股價成正相關，且盈餘變異性會較小。

The agency problems of listed companies in East Asia is closely related to their typical concentrated ownership structures. The objective of this paper is to explore the association of corporate governance quality, measured by the divergence between the ultimate owner’s voting right and cash flow right, with the extent of R&D activities, and with the relevance and reliability of R&D expenditure. Following the Kothari et al.(2002), we use the standard deviation of subsequent earnings volatility as proxy for reliability of R&D outlays. Consistent with our hypotheses, we find that firms with higher quality of corporate governance tend to spend more on R&D activities.We also find that the positive associaton between R&D outlays and stock price is increasing as the control cash flow right divergence decreases. Finally, the positive associaton between R&D outlays and subsequent earnings volatility increases as the control cash flow right divergence increases.

中文論文摘要 Ⅰ
英文論文摘要 Ⅱ
目錄 Ⅲ
表次 Ⅴ
壹、緒論 ………………………………………… 1
一、 研究動機與目的 ……………………………… 1
二、 研究問題 ……………………………………… 5
貳、文獻探討 …………………………………… 6
一、 代理成本與研究發展支出 …………………… 6
二、 研發費用的攸關性與可靠性 ………………… 8
三、 公司治理 ……………………………………… 10
參、假說研究方法 ………………………………. 13
一、 研究假說 ……………………………………… 13
二、 資料來源與樣本選取標準 ………………… 17
三、 最終控制股東股權結構定義 ………………… 20
四、 實證模型 ……………………………………… 20
肆、實證結果 …………………………………… 26
一、 敘述統計量 …………………………………… 26
二、 控制股東股權結構對研發活動的影響 ……… 30
三、 控制股東股權結構對研發活動攸關性的影響 32
四、 控制股東股權結構對研發活動可靠性的影響 34
伍、敏感度分析 ………………………………… 38
一、 使用每股市價平減 …………………………… 38
二、 控制樣本特性 ………………………………… 41
三、 共線性之探討 ………………………………… 41
陸、結論 ………………………………………… 42
參考文獻 ………………………………………... 44

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