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研究生:李銘哲
研究生(外文):Ming-CheLi
論文名稱:研發投資的未來盈餘與不確定性: 研發聯盟的影響
論文名稱(外文):The Future Earnings and Uncertainty of R&D Investments:The Effects of R&D Alliances
指導教授:楊朝旭楊朝旭引用關係黃炳勳黃炳勳引用關係
指導教授(外文):Chaur-Shiuh YoungChaur-Shiuh Young
學位類別:碩士
校院名稱:國立成功大學
系所名稱:會計學系碩博士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:英文
論文頁數:76
中文關鍵詞:研發聯盟研發投資研發風險研發未來盈餘
外文關鍵詞:R&D alliancesR&D investmentsR&D investments of future earnings and earnings variability
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過去有關研發的文獻中,一脈的文獻主要探討研發支出與企業績效的關係,而另一脈則研究研發聯盟的性質及研發聯盟對創新績效的影響。本研究結合了上述兩脈文獻,主要研究研發聯盟對研發投資之未來盈餘與盈餘變異的調節效果。

本研究以1984年至2008年美國上市櫃公司作為樣本,檢驗研發聯盟是否對研發投資與未來盈餘具有調節的效果。除此之外也檢視研發聯盟是否對研發投資與盈餘變異具有調節的效果。實證結果發現,研發合資聯盟對未來盈餘有負面的影響,且對盈餘變異有正面影響。然而對於研發活動範圍較寬的聯盟,對盈餘變異有負面的影響。本研究發現對於研發聯盟是否能增加或降低研發投資所產生的高風險主要依聯盟的類型而定。

One stream of research discusses the relation between R&D investments and firms performance, while another discusses the characteristics of R&D alliances and the association between such alliances and innovation performance. By integrating the two stream of literature, this study focuses on the moderating effects of R&D alliances on the relationship between the future earnings and earnings variability of R&D investments.

Using North American U.S. firm-year listed companies during the sample period of 1984-2008, this study examines whether R&D alliances have moderating effects on the relationship between R&D investments and future earnings. Furthermore, it also examines whether R&D alliances have moderating effects on the relationship between R&D investments and earnings variability. This study provides evidence that equity joint venture R&D alliances have a negative effect on future earnings, and a positive effect on earnings variability, while R&D alliances with a broad scope have a negative effect on earnings variability. These findings suggest that whether R&D alliances increase or decrease the uncertainty of a firm’s R&D investments depends on the type of alliance engaged in.

摘要 I
Abstract II
謝誌 III
目錄 IV
TABLES VI
FIGURES VII
1. Introduction 1
1.1 Motivation and Purpose 1
2. LITERATURE REVIEW 5
2.1 Prior Studies on R&D expenditures 5
2.1.1 Accounting Standards for R&D 5
2.1.2 The Effects of R&D Investments on Firm Performance 6
2.2 Prior Studies of R&D alliances 7
2.2.1 The Motivation of Forming R&D Alliances 7
2.2.2 Research on the Varius of Types of R&D Alliances 8
2.2.3 Different Performance Outcomes of Different Types of
R&D Alliances 14
2.3 Summary and Extension 18
3. HYPOTHESES DEVELOPMENT AND RESEARCH DESIGN 19
3.1 Hypotheses Development 19
3.1.1 Differential Effects of Equity Joint Venture and
Bilateral Contract R&D Alliances 19
3.1.2 Differential Effects of Broad Scope and Narrow Scope
R&D Alliances 21
3.1.3 Differential Effects of Competitive and Non-
competitive R&D Alliances 22
3.2 Research Design 24
3.2.1 Future earnings analysis 24
3.2.2 Earnings variability analysis 27
3.2.3 Variable Definitions 30
3.3 Sample Selection 37
4. EMPIRICAL RESULTS 38
4.1 Empirical Results of the Future Earnings and Earning
Variability Model... 38
4.1.1 Descriptive Statistics 38
4.1.2 Correlation Analysis 41
4.1.3 Regression Results for Future Earnings Model 45
4.1.4 Regression Results for the Earnings Variability
Model 50
4.1.5 Summarized Results of this Study 52
4.2 Additional Tests and Analyses 59
5. CONCLUSIONS AND FUTURE RESEARCH 67
5.1 Conclusion and Implications 67
5.2 Research Limitations and Future Research 68
6. REFERENCES 70

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