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研究生:黃玉慈
研究生(外文):Yu-Tse Huang
論文名稱:無形資產、槓桿與經營績效-發行海外可轉債與存託憑證公司之實證
論文名稱(外文):Intangible Assets, Leverage and Tobin’s Q-Taiwanese Listed Companies with Issuing ECB and DR
指導教授:俞海琴俞海琴引用關係
指導教授(外文):Hai-Chin Yu
學位類別:碩士
校院名稱:中原大學
系所名稱:國際貿易研究所
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:64
中文關鍵詞:3SLS模型海外存託憑證海外可轉換公司債研發支出槓桿比率公司績效托賓Q
外文關鍵詞:R&D expenditurePerformanceLeverageEuro Convertible BondsDepositary ReceiptsThree Stage Least Square ModelTobin’s Q
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本文係研究台灣上市公司研發支出、槓桿與公司經營績效的互動關係,資料取自1990至2003年,654家在台灣證券交易所公開上市公司,總計有9,156個觀測值進行研究。研究方法則是採用三階段最小平方法聯立方程式模型(3SLS Model)及分群檢定。
研究結果發現,研發支出與Tobin’s Q,互為顯著且正向且影響關係;而槓桿比與Tobin’s Q,互為顯著且負向關係;研發支出和財務槓桿則互為顯著且負向影響關係。另外,有發行海外可轉債的公司,較沒有發行之公司,有顯著較高的研發支出比及財務槓桿;而有發行海外存託憑證的公司,較沒有發行之公司,則沒有顯著較高的研發支出比,且相反的,還有較低之財務槓桿。由此可知,這兩種海外籌資,係顯示截然不同之無形資產投資資訊及資本結構政策。究其原因,可能在於企業在海外舉債,難度及風險皆遠高於海外釋股,籌資環境亦較為競爭,必須投入較多的研發費用,以保持本身的競爭優勢;當然,發行海外可轉債是一種負債融資,造成較高的槓桿比毫無疑問。反觀,海外釋股之信號,通常不外忽股權稀釋,股本增加及每股盈餘稀釋,較少動機係為投入研發而做,因而當然與研發投入間之關係為不顯著;另外,股權增加自然導致槓桿降低,亦是相當合理的。最後,高科技產業無論對Tobin’s Q或是研發支出比,皆有顯著且正向之影響,顯示高科技產業在研發資產之投入較高,且帶來較高之Tobin’s Q。
This paper examines the relationship between R&D expenditure, leverage and Tobin’s Q in Taiwanese listed companies with issuing Euro Convertible Bonds and Depositary Receipts. Our empirical sample includes 654 Taiwanese listed companies in Taiwan Stock Exchange from 1990 to 2003. The original observations are 9,156. Our Methodology are the 3SLS Model and group test.
For 3SLS Model, we find that R&D and Tobin’s Q is mutual significantly positive effect, leverage to Tobin’s Q and R&D is mutual significantly negative. In addition, the firm issuing ECB have significantly higher R&D and leverage than without issuing, but the firm issuing DR have opposite results. Hence, issuing ECB and DR for foreign financing have different intangible assets investment information and capital structure policy. Generally speaking, the companies financing with debt have higher risk than issuing equity, the environment is competitive. The firm must invest in R&D expenditure to keep advantage. Issuing ECB is a kind of debt, it’s to lead higher leverage. On the contrary, issuing equity from abroad is a signal that will increase capital stock, stock rights and earning per share dilutes, less motives are for invested R&D. Therefore, it’s not significantly with R&D. Besides, increase stock rights will make leverage decrease. Finally, high technology industry is significantly positive with Tobin’s Q and R&D. It means high technology industry invested a lot of money to R&D expenditure, and it will bring higher Tobin’s Q.
目 錄
摘要…………………………………………………………i
Abstract……………………………………………………ii
目錄…………………………………………………………iv
第一章 緒論…………………………………………………1
第一節 研究動機……………………………………………1
第二節 研究目的……………………………………………2
第三節 研究架構……………………………………………4
第二章 文獻探討……………………………………………6
第一節 研究發展投入之決定因素…………………………6
第二節 企業赴海外籌資之決定因素………………………8
第三節 研發融資方式與經營績效的相關文獻探討 ……10
第三章 研究設計………………………………………… 12
第一節 資料來源………………………………………… 12
第二節 研究方法………………………………………… 12
第三節 研究變數定義…………………………………… 14
第四章 實證分析………………………………………… 25
第一節 樣本敘述統計分析……………………………… 25
第二節 樣本產業別分析………………………………… 34
第三節 三階段最小平方法聯立方程式模型…………… 45
第四節 有無進行海外籌資與Tobin’s Q、研發支出比與
槓桿分群檢定…………………………………… 54
第五章 結論與建議……………………………………… 56
第一節 研究發現………………………………………… 56
第二節 後續研究建議…………………………………… 60
參考文獻………………………………………………… 61

表目錄
表1 全體樣本之敘述統計分析………………………… 29
表2 研發支出比(RD_S)、廣告支出比(ADV_S)、槓桿比
(LR)及經營績效(TOBINQ)在各產業分配之比較… 39
表3a 全體樣本與是否發行海外可轉換公司債樣本之t-
test分析…………………………………………… 42
表3b 全體樣本與是否發行海外存託憑證樣本之t-test分
析…………………………………………………… 43
表3c 全體樣本、高科技產業及非高科技產業樣本之t-
test分析…………………………………………… 44
表4a 全體樣本三階段最小平方法聯立方程式模型估計結
果…………………………………………………… 51
表4b 有無發行海外可轉換公司債樣本三階段最小平方法
聯立方程式模型估計結果………………………… 52
表4c 有無發行海外存託憑證樣本三階段最小平方法聯立
方程式模型估計結果……………………………… 53
表5a 有無進行海外籌資樣本與Tobin’s Q之分群檢定 55
表5b 有無進行海外籌資樣本與研發支出比之分群檢定 55
表5c 有無進行海外籌資樣本與槓桿之分群檢定……… 55

圖目錄
圖1 我國歷年研發經費指標………………………………1
圖2 研發支出比、槓桿與Tobin’s Q關係………………5
圖3a 全體樣本1990-2003年研發支出比趨勢……………30
圖3b 全體樣本1990-2003年廣告支出比趨勢……………30
圖3c 全體樣本1990-2003年Tobin’s Q趨勢……………30
圖3d 全體樣本1990-2003年資產報酬率趨勢……………30
圖3e 全體樣本1990-2003年槓桿比趨勢…………………30
圖4a 有無發行海外可轉換公司債1990-2003年研發支出比
趨勢………………………………………………… 31
圖4b 有無發行海外可轉換公司債1990-2003年廣告支出比
趨勢………………………………………………… 31
圖4c 有無發行海外可轉換公司債1990-2003年Tobin’s Q
趨勢………………………………………………… 31
圖4d 有無發行海外可轉換公司債1990-2003年資產報酬率
趨勢………………………………………………… 31
圖4e 有無發行海外可轉換公司債1990-2003年槓桿比趨
勢…………………………………………………… 31
圖5a 有無發行海外存託憑證1990-2003年研發支出比趨
勢…………………………………………………… 32
圖5b 有無發行海外存託憑證1990-2003年廣告支出比趨
勢…………………………………………………… 32
圖5c 有無發行海外存託憑證1990-2003年Tobin’s Q趨
勢…………………………………………………… 32
圖5d 有無發行海外存託憑證1990-2003年資產報酬率趨
勢…………………………………………………… 32
圖5e 有無發行海外存託憑證1990-2003年槓桿比趨勢…32
圖6a 高科技與非高科技產業1990-2003年研發支出比趨
勢…………………………………………………… 33
圖6b 高科技與非高科技產業1990-2003年廣告支出比趨
勢…………………………………………………… 33
圖6c 高科技與非高科技產業1990-2003年Tobin’s Q趨
勢…………………………………………………… 33
圖6d 高科技與非高科技產業1990-2003年資產報酬率趨
勢…………………………………………………… 33
圖6e 高科技與非高科技產業1990-2003年槓桿比趨勢…33
圖7a 上市公司全體樣本研發支出比與槓桿比2D圖 ……40
圖7b 上市公司全體樣本研發支出比與Tobin’s Q 2D圖40
圖7c 上市公司全體樣本槓桿比與Tobin’s Q 2D圖……41
圖8a 上市公司高科技樣本研發支出比與槓桿比2D圖 …40
圖8b 上市公司高科技樣本研發支出比與Tobin’s Q 2D
圖…………………………………………………… 40
圖8c 上市公司高科技樣本槓桿比與Tobin’s Q 2D圖…41
圖9a 上市公司非高科技樣本研發支出比與槓桿比2D圖 40
圖9b 上市公司非高科技樣本研發支出比與Tobin’s Q 2D
圖…………………………………………………… 40
圖9c 上市公司非高科技樣本槓桿比與Tobin’s Q 2D圖41
圖10a 台灣上市公司全體樣本研發支出比、槓桿與
Tobin’s Q關係……………………………………59
圖10b 台灣上市公司發行海外可轉債樣本研發支出比、槓
桿與Tobin’s Q關係 …………………………… 59
圖10c 台灣上市公司發行海外存託憑證樣本研發支出比、
槓桿與Tobin’s Q關係 ………………………… 59
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