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研究生:黃秋馨
研究生(外文):Chiu-Hsin Huang
論文名稱:家族持股、研發投資與融資決策-以台灣電子產業為例
論文名稱(外文):Family Ownership, R&D Investment and Financing Decision in the Electronic Industry
指導教授:陳香蘭陳香蘭引用關係
指導教授(外文):Hsiang-Lan Chen
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:財務管理所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:65
中文關鍵詞:研發投資融資決策家族企業
外文關鍵詞:Financing DecisionFamily FirmR&D
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本研究首先以代理問題、資產獨特性與組織寬裕資源三方面探討研發投資對公司融資決策的影響。另外,由於家族企業與非家族企業於目標價值與組織結構上有所差異,因此,本研究進一步探討家族持股對研發投資與融資決策關係之干擾效果。
本文以1999-2006年128間上市、櫃電子業為研究對象。實證結果發現,研發投資與負債比例呈負向關係,其顯示高研發支出公司為避免承受較高的資金成本以及維持組織寬裕資金,因此會擁有較低的負債比例。再者,實證結果亦發現家族持股對研發投資決策為負向干擾效果,換言之,家族企業當面臨研發資金需求時,會更不傾向使用負債融資。
This paper investigates the effect of R&D investment on financing decision and the moderating effect of family ownership on the R&D investment-financing decision relationship. Due to the agency problems of asset substitution and underinvestment, information asymmetry, asset specificity and financial slack, firms may tend not to assume debt for R&D activities. Additionally, family firms differ greatly from nonfamily firms in terms of values, goals and organizational structure. Generally, family firms are long-term oriented because the wealth of family members is closely tied to the firm. Family members also have strong incentives to remain control. Accordingly, family firms may prefer not to use debt to fund R&D outlays.
Using a panel data of 128 listed electronic firms during 1999-2006, the empirical results indicate a negative relationship between R&D investment and debt ratio, suggesting that firms with R&D spending may prefer equity to debt financing in order to avoid the increased costs of debt. Additionally, it is evident that the moderating effect of family ownership on the R&D investment-Financing Decision relationship is negative, suggesting that family firms may tend not to assume debt for financing R&D investment.
中文摘要 -------------------------------------------------------------------- i
英文摘要 -------------------------------------------------------------------- ii
誌謝 -------------------------------------------------------------------------- iii
目錄 -------------------------------------------------------------------------- iv
表目錄 ----------------------------------------------------------------------- vi
圖目錄 ----------------------------------------------------------------------- vii
第壹章 緒論 -------------------------------------------------------------- 1
第一節 研究背景及動機 ----------------------------------------- 1
第二節 研究目的 -------------------------------------------------- 3
第三節 研究範圍 -------------------------------------------------- 4
第四節 研究流程 -------------------------------------------------- 5
第貳章 文獻回顧與假說 ----------------------------------------------- 7
第一節 融資決策相關文獻回顧 -------------------------------- 7
第二節 研發投資活動定義與特質-------------------------------12
第三節 研發投資對公司融資決策的影響 -------------------- 13
第四節 家族企業的特性 ----------------------------------------- 21
第五節 家族持股對研發投資與融資決策關係之干擾效果 24
第參章 研究設計 -------------------------------------------------------- 28
第一節 資料來源與樣本選取 ----------------------------------- 28
第二節 變數定義與衡量 ----------------------------------------- 30
第三節 研究架構 -------------------------------------------------- 33
第四節 研究方法 -------------------------------------------------- 35
第肆章 實證結果與分析 ----------------------------------------------- 37
第一節 樣本資料敘述統計分析 -------------------------------- 37
第二節 相關係數與共線性分析 -------------------------------- 39
第三節 實證結果分析 -------------------------------------------- 42
第伍章 結論與建議 ----------------------------------------------------- 45
第一節 結論 -------------------------------------------------------- 45
第二節 研究貢獻 -------------------------------------------------- 47
第三節 管理意涵 -------------------------------------------------- 48
第四節 研究建議與限制 ----------------------------------------- 49
參考文獻 -------------------------------------------------------------------- 50
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1. 2. 李永全、馬黛,2006,“台灣家族公司負債融資成本之研究”,管理評論,25卷,3期,頁69-91。
2. 2. 李永全、馬黛,2006,“台灣家族公司負債融資成本之研究”,管理評論,25卷,3期,頁69-91。
3. 6. 林宜勉、陳瑞斌,2000,“公司特性與股權結構對負債政策之影響”,亞太管理評論,5卷,2期,頁199-219。
4. 6. 林宜勉、陳瑞斌,2000,“公司特性與股權結構對負債政策之影響”,亞太管理評論,5卷,2期,頁199-219。
5. 8. 倪衍森、廖容岑,2006,“家族企業負債代理成本及股利政策之研究-以台灣上市公司為例”,管理與系統,13卷,2期,頁153-179。
6. 8. 倪衍森、廖容岑,2006,“家族企業負債代理成本及股利政策之研究-以台灣上市公司為例”,管理與系統,13卷,2期,頁153-179。
7. 15. 葉銀華,1999,“家族控股、核心企業與報酬互動之研究-台灣與香港證券市場之比較”,管理評論,18卷,2期,頁57-90。
8. 15. 葉銀華,1999,“家族控股、核心企業與報酬互動之研究-台灣與香港證券市場之比較”,管理評論,18卷,2期,頁57-90。
9. 18. 歐進士,1998,“我國企業研究發展與經營績效關聯性之實證研究”,中山管理評論,6卷,頁357-386。
10. 18. 歐進士,1998,“我國企業研究發展與經營績效關聯性之實證研究”,中山管理評論,6卷,頁357-386。
 
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