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研究生:薛明賢
研究生(外文):Ming-HsienHsueh
論文名稱:內部資金市場效率性、盈餘品質與專利權投資策略
論文名稱(外文):Internal Capital Market Efficiency, Earnings Quality, and Patent Investment Strategies
指導教授:邱正仁邱正仁引用關係陳嬿如陳嬿如引用關係
指導教授(外文):Jeng-Ren ChiouJeng-Ren Chiou
學位類別:博士
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:119
中文關鍵詞:內部資金市效率性多角化盈餘管理專利權投資研究發展費用
外文關鍵詞:Internal Capital Market EfficiencyDiversificationEarnings ManagementPatent PurchasingResearch and Development
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本研究旨在探討內部資金市場效率性對盈餘品質與專利權投資策略的影響。在第一篇文章中主要是探討是否內部資金市場效率性會減少多角化企業盈餘管理的行為。當多角化企業的內部資金市場是有效率下,可以減少對外融資的需求以避免外部資金市場的無效率性。同時,有效率的內部資金市場可以提昇多角化企業的經營績效。因此,當多角化企業存在著有效率的內部資金市場,該企業之高階經理人將會減少其對外融資以及盈餘管理的需要性。本文以1997年至2009年間之美國上市公司於為樣本,發現多角化企業內部資金市場之效率性會降低多角化企業盈餘管理的程度。本文研究貢獻有三。第一,過去文獻僅認為盈餘品質會影響企業投資的效率性。然而,企業投資的效率性亦會影響盈餘品質。第二,本研究結果,可以作為探討企業盈餘管理動機時的參考文獻。第三,本研究試圖指出多角化策略對股東而言並非是價值折損的策略,特別是當內部資金市場在有效率下,可以提昇多角化企業的經營績效,
本研究第二篇文章旨在探討多角化企業內部資金市場效率性如何影響企業專利權投資策略和經濟後果。因為專利權的未來現金流量的不確定性高,且缺乏公開市場的價值,企業難以透過外部資金市場來融資企業的專利權投資。但由於多角化企業可以創造內部資金市場,因此可以利用內部資金市場來抵抗外部資金市場的融資限制。本研究的結果亦指出,當多角化企業擁有有效率的內部資金市場,其專利權投資的比例越高。再者,由於不同的專利權投資對資金需求不一。投資於自有的研究發展(In-house patenting)計畫必須要有穩定的資金投入以避免終止該研究發展計畫所產生的高額調整成本(Adjustment costs)。反之,當企業外購專利權時,企業將可以避免該成本。本研究發現,當多角化企業的內部資金市場越有效率時,企業投注的自行研究發展費用越高。本研究亦發現,當多角化企業擁有有效率的內部資金市場以及投資自行研究發展費用越高時,該多角化企業的市場價值越高。由於當多角化企業擁有自行研究發展費用越高時,企業所面臨的企業特有風險(Idiosyncratic risk)越高,系統性風險(Systematic risk)越低。因此,企業的低系統性風險將降低企業的資金成本率,進而提高多角化企業的市場價值。本研究的貢獻在於補足過去文獻僅以觀察自有的研究發展計畫與資金來源的關係,而缺乏探討企業全面性的專利權投資策略與多角化企業內部資金市場效率性的關係。
Two essays of my dissertation are dealing with the role of internal capital market efficiency, in particular focusing on its benefits from eliminating earnings management and increasing patent investments. The first essay investigates whether internal capital market efficiency affects earnings management of diversified firms. We argue that top managers in diversified firms with efficiency internal capital market efficiency have less need for external financing and earnings management, because efficient internal capital market can against external capital market inefficiency and increase firm performance. By examining U.S. listing diversified firms over 1997-2009, we find that diversified firms with efficient internal capital market have low earnings management. We contribute literatures on following aspects. First, previous literatures only document that earnings management reduces investment efficiency. However, we concern that investment efficiency will affect earnings quality as well. Our arguments and findings indicate that when internal capital market efficiency of diversified firms will reduce the need of earnings management. Second, this paper tries to contribute literatures on the incentives of earnings management. Third, this paper tries to demonstrate that if internal capital market efficiency allows top managers efficient allocate resource to profitable segments, diversification will not be a value-decreasing strategy.
The second essay examines how internal capital market efficiency affects patent investment strategies and its economic consequences. Since patent investments have lake of trading market and high uncertainty of future cash flow, firms have difficulty to finance these patent investments from external capital market. One of advantage of diversification is to have internal capital market to against external financing constraint. We find that diversified firms will invest more patenting activities when they have more internal capital market efficiency. Furthermore, different patenting investment strategies need different ways of financing resources. We argue that in-house patenting activities can help diversified firms to take competitive advantage but also need to be consistently invested to avoid adjustment cost. Internal capital market efficiency helps top managers of diversified firms to allocate resources to consistently invest in-house patenting activities. Our findings support this argument. Since diversified firms with in-house patenting activities will have high idiosyncratic risk and low systematic risk, diversified firms with more in-house patenting activities will have higher market value. We find that the synergy of internal capital market efficiency and in-house patenting activities will positively affect the value of diversified firms. This paper contributes the literatures by filling the gap on understanding how resources allocation efficiency differently affects patenting strategies and the economic consequences.
ABSTRACT I
ACKNOLEDGMENT III
TABLE OF CONTENTS V
LIST OF TABLES VII
Essay1: Does Internal Capital Market Efficiency Affect Earnings Management of Diversified Firms?
1 Introduction 1
2 Literature Review 8
2.1 How do the Characteristics of Diversified Firms Affect Earnings Management? 8
2.2 How does Internal Capital Market Efficiency Affect the Drivers of Earnings Management of Diversified Firms? 12
3 Methodology 16
3.1 Data Resource, Testing Period 16
3.2 Measurements of Main Variables 17
3.3 Research Design 25
4 Empirical Results 27
4.1 Descriptive Statistic 27
4.2 Univariate Comparisons 28
4.3 Multivariate Regression Analysis 29
5 Robustness Test 31
6 Conclusion 35
References 37
Appendix A Variable Definition 42

Essay2: Internal Capital Market Efficiency, Patent Investment Strategy, and Firm Value
1 Introduction 64
2 Literature Review 70
2.1 Internal Capital Market Efficiency and Patent Investment 70
2.2 Internal Capital Market Efficiency, In-house Patenting, and Patent Purchasing 73
2.3 Internal Capital Market Efficiency, Patent Investment Strategies, and Firm Value 75
3 Data and Methodology 76
3.1 Measurements of Main Variables 76
3.2 Research Methods 80
4 Empirical Results 86
4.1 Descriptive Statistic 86
4.2 Univariate Test 87
4.3 Multivariate Test 88
5 Additional Test 93
5.1 Considering High-Technology Industry Effect on Patenting Strategies 93
5.2 Considering Three-Year Tobin’s Q for Measuring Growth Potential of Segments 95
6 Conclusion 96
References 99
Appendix A Variable Definition 101
Essay1: Does Internal Capital Market Efficiency Affect Earnings Management of Diversified Firms?
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Essay2: Internal Capital Market Efficiency, Patent Investment Strategy, and Firm Value
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Amit, R. and J. Livnat, 1988, Diversification strategies, business cycles and economic performance, Strategic Management Journal 9: 99-110.
Barton J., 2001, Does the use of financial derivatives affect earnings management decisions?. The Accounting Review 76: 1-26.
Billett M.T., and D.C. Mauer, 2000, Diversification and the value of internal capital markets:the case of tracking stock. Journal of Banking and Finance 24: 1457-1490.
Billett M.T., and D.C. Mauer, 2003, Cross-subsidies, external financing constraints, and the contrition of the internal capital market to firm value. The Review of Financial Studies 16: 1167-1201.
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Hoshi, T., A. Kashyap, and D. Scharfstein, 1991, Corporate structure, liquidity, and investment: evidence from Japanese industrial groups. The Quarterly Journal of Economic 106: 33-60.
Hsu, P.H., 2009, Technological innovations and aggregate risk premiums. Journal of Financial Economics 94: 264-279.
Khanna N., and S. Tice, 2001, The bright side of internal capital markets. Journal of Finance 56:1489-1528.
Lewellen, W. G., 1971, A pure financial rationale for the conglomerate merger. Journal of Finance 26: 521-537.
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Matsusaka J.G., and V. Nanda, 2002, Internal capital markets and corporate refocusing. Journal of financial Intermediation 11: 176-211.
Myers, S. C. and N. Majluf, 1984, Corporate financing and investment decisions when firms have information investors do not have. Journal of Financial Economics 13: 187-221.
Narula, R., 2001, Choosing between internal and non-internal R&D activities: some technological and economic factors, Technology Analysis & Strategic Management 13: 365-386.
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Shin H.H., and Y.S. Park, 1999, Financing constraints and internal capital markets: Evidence from Korean ‘chaebols'. Journal of Corporate Finance 5: 169-191.
Stein, J., 1997, Internal capital markets and the competition for corporate resources. Journal of Finance 52: 111-133.
Williamson, O., 1975, Markets and hierarchies: Analysis and antitrust implications. NY: Collier Macmillan Publishers.
Xuan Y., 2009, Empire-building or bridge-building? Evidence from new CEO’s internal capital allocation decisions. The Review of Financial Studies 22: 4919-4948.
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