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研究生:戴煜
研究生(外文):Yu Tai
論文名稱:探討高流動性資產、景氣循環、市場環境與企業研發支出之關聯性
論文名稱(外文):Effect of Highly Liquid Current Assets, Economic and Market Environment on Corporate R&D Expenditure
指導教授:劉啟群劉啟群引用關係
指導教授(外文):Liu, Chi-Chun
口試委員:張窈菱林純央
口試日期:2015-06-09
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
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:2015
畢業學年度:103
語文別:中文
論文頁數:34
中文關鍵詞:研究與發展支出決定因子企業流動性景氣循環市場競爭
外文關鍵詞:Research and Development ExpenditureDeterminantsFirm’s LiquidityEconomic EnvironmentMarket Competition
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美國管理大師彼得·杜拉克曾言:「企業僅有兩種行為會賺錢─研發與行銷,其他的行為終將成為成本。」根據Booz & Company’s Global Innovation 1000之統計結果,全球支出最多研發支出之前1000大企業其研發支出總額已從2005年的400億美元成長至2014年的647億美元。9年期之複合成長率達到5.5%,可見企業愈趨重視研發支出。

本篇論文結合會計資訊與市場競爭之概念,探討影響企業投入研發支出的決定因子。相較於歷史文獻以單一產業為研究對象,本篇納入1970年至2013年多種產業為研究標的;以高流動性資產、景氣循環與市場環境為決定因子,探討其與企業研究與發展支出之關聯性。本篇之實證結果如下:
1.持有愈多高流動性資產之公司,傾向投入愈多研究與發展支出。
2.持有愈多高流動性資產之公司其於景氣蕭條時期所投入之研究與發展支出,相較於其他景氣時期所投入之研究與發展支出更多。
3.企業間之競爭程度與企業投入之研究與發展支出呈現顯著正相關。
4.產業需求成長率與企業投入之研究與發展支出呈現顯著負相關。

本篇論文之實證結果亦通過穩健性測試,顯示研究之可靠性。最後,希望透過本篇論文之實證研究,延伸學術上對公司研究與發展費用決定因子的認知,同時於實務上提供企業管理階層制定決策時之參考。


Over the past few decades, R&D related issues have been few discussed due to the uniqueness and the wide operational diversity of different industries. Different from prior literature, this article comprises a variety of industries to study the determinants of research and development expenditure by using a panel of more than 30,000 firm-years of publicly listed North America firms from 1970 to 2013. The purpose of this study is to examine how highly liquid current assets, economic and market environment affect the amount of research and development expenditure. The primary findings of this article are as follows:
(1) Firms holding more highly liquid current assets tend to invest more in research and development expenditure.
(2) The relationship between highly liquid current assets and research and development expenditure is stronger during the periods of recession.
(3) Firms tend to invest more research and development expenditure as the competition among individual firms increases.
(4) The growth of market demand by industry is negatively associated with R&D expenditure.
The results remain robust in the sensitivity test. The findings of this article advance our understanding of determinants of research and development expenditure, and provide practical implications to managers during decision-making.


List
謝詞 .....................................................i
論文摘要 ................................................ii
Abstract ...............................................iii
Section 1 Introduction .................................1
Section 2 Literature review & development of hypothesis
2.1. Highly liquid current assets ........................3
2.2. Periods of recession and economic expansion .........6
2.3. Market competition ..................................9
2.4. Growth of market demand ............................11
Section 3 A framework for the analysis
3.1. The basic framework ................................13
3.2. Sample .............................................13
3.3. Measures and measurement of variables ..............14
3.4. Model specification ................................16
Section 4 Result
4.1. Descriptive statistics .............................17
4.2. Linear correlations ................................18
4.3. Multivariate analyses ..............................18
Section 5 Additional analyses
5.1. Sensitivity analysis ...............................20
5.2. Concavity analysis .................................21
5.3. Change analysis ....................................22
Section 6 Conclusions
6.1. Research results’ response to research hypotheses ..23
6.2. Practical implications .............................24
6.3. Further research and limitations ...................24

Table
Table 1 (Panel A)
Descriptive statistics ..................................25
Table 1 (Panel B)
Pearson correlation matrix ..............................26
Table 2
Determinants of research and development expenditure ....27
Table 3
The moderating effect of periods of recession and economic expansion ...............................................28
Table 4
Determinants of research and development expenditure. Sensitivity analysis ....................................29
Table 5
Changes in research and development expenditure and
changes in determinants .................................30
Table 6
Analysis of concavity of highly liquid current assets
and advertising expenditure .............................31

Appendix
Appendix Variable definitions .........................33

Figure
Figure 1
R&D process in biopharmaceutical industry ................4
Figure 2A
Cash and short-term investments of firms in different industries
from 2007 to 2014 ........................................5
Figure 2B
Short-term investments of firms in different industries from 2007 to 2014 ........................................5
Figure 3
R&D expenditure of firms in different industries after recession of 2004 ........................................8
Figure 4
R&D expenditure of Kodak and its competitors ............11




References
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2. Alex Coad and Rekha Rao. 2007. Firm growth and R&D expenditure.
3. Anna-Leigh Stone and Benton E. Gup. 2013. Do business cycles influence corporate cash holdings?
4. Anthony J. Dukes. 2008. Advertising and competition. Issues in Competition Law and Policy.
5. Bettina Becker. 2013. The determinants of R&D investment.
6. Chi-Wen Jevons Lee, Laura Yue Li and Heng Yue. 2005. Performance, growth and earnings management.
7. Evgeny Lyandres and Dino Palazzo. 2012. Strategic cash holdings and R&D competition: theory and evidence.
8. Feng-Jui Hsu, Mu-Yen Chen, Yu-Cheng Chen and Wei-Chieh Wang. 2013. An empirical study on the relationship between R&D and financial performance. Journal of Applied Finance & Banking. Volume 3, no. 5
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11. Klaus K. Brockhoff and Alan W. Pearson. 1998. R&D budgeting reactions to a recession. Management International Review. Volume 38, No. 4.
12. LuLin Liu. 2011. Research on the determinants of R&D expenditures—An empirical study on listed bio-pharmaceutical companies of U.S.
13. Michele Cincera, Claudio Cozza, Alexander Tübke and Peter Voigt. 2011. Doing R&D or not (in a crisis), that is the question…
14. Michael Spence. 1984. Cost reduction, competition and industry performance. Econometrica. Volume 52, No. 1.
15. Michael C. Jensen. 1986. Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review. Volume 76, No. 2.
16. Murillo Campello, John R. Graham and Cambell R. Harvey. 2009. The real effect of financial constraints: evidence from a financial crisis.
17. Ping Lin and Kamal Saggi. 2002. Product differentiation, process R&D, and the nature of competition. European Economic Review 46 (2002) 201-211.
18. Preston G. Smith and Donald G. Reinertsen. 1992. Shortening the product development cycle. Research–Technology Management.
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25. Zhaozhao He. 2013. R&D and the high cash holdings in the U.S.


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