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研究生:盧志隆
研究生(外文):LU, CHIH-LUNG
論文名稱:研發人力資本對公司價值之影響:以台灣上市櫃電子業為例
論文名稱(外文):The Effects of R&D Human Capital on Firm Value:Evidence from Taiwanese Electronic Industry
指導教授:吳貞慧吳貞慧引用關係
指導教授(外文):WU, CHEN-HUI
口試委員:許嘉文吳徐哲
口試委員(外文):HSU, CHIA-WENWU, HSU-CHE
口試日期:2017-07-07
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
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:2017
畢業學年度:105
語文別:中文
論文頁數:56
中文關鍵詞:人力資本研發投資公司價值
外文關鍵詞:Human CapitalR&D InvestmentFirm Value
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本研究目的係以探討台灣上市櫃電子業面對新經濟環境下的經營能力,因為公司未來的轉型及跨業發展惟有依賴創新「人才」的注入,才能將核心能力培養與延伸成為新的典範。再者,根據過去文獻對創新多以整體研究發展費用衡量創新活動對公司價值影響,卻忽略人才所帶來的實際效益,是故本研究透過人工方式,逐步檢視樣本各年度之財務報告,以蒐集研究發展費用明細表中,所提供攸關人力資源投入之要素。實證結果發現,研發人力資源投入對資產報酬率(ROA)有正向顯著效果,進一步說明小規模公司較大規模公司更具有效果,但未能從Tobin’s Q及Fama-French三因子得出相同論證。
The purpose of this study is to investigate the managerial capabilities of Taiwan’s listed and OTC firms in the new economic era. Since the transformation and cross-industry development of the corporation depends on creative employees, it can cultivate and extend core abilities to the new paradigm. Moreover, prior studies use total R&D expense to examine firm value. However, they ignore the actual benefit that human can create. Thus, this paper examines financial reports by gathering and analyzing relevant human resource inputs from operating expenses of financial statements. The empirical result shows that R&D human capital is positive significantly on ROA for the small firm. However, this study finds no significant effect of R&D human capital on Tobin's Q and Fama-French three-factor alphas.
摘要 I
Abstract II
目錄 III
表目錄 XII
第一章 緒論 1
一、研究背景及動機 1
二、研究目的 6
三、研究重要性 7
四、研究架構 8
第二章 文獻探討 9
一、激勵理論 9
二、研發人力資本對公司價值之關聯 11
1. 研究發展費用與公司價值的關聯 11
2. 人力資本與公司價值的關聯 13
第三章 研究設計 18
一、研究假說 18
二、資料來源與樣本選取 19
1. 研究期間 19
2. 資料來源 19
3. 樣本選取 20
三、實證模型與變數定義 21
第四章 實證結果與分析 31
一、敘述性統計及相關矩陣分析 31
1. 敘述性統計 31
2. 相關矩陣分析結果 33
二、多元迴歸分析 37
1. 迴歸分析結果_假說H1 37
2. 迴歸分析結果_假說H2 41
三、額外測試 47
第五章、結論與建議 49
一、研究結論 49
1. 研發人力資本對公司價值之影響 49
2. 對小規模公司而言,研發人力資本對公司價值之影響 49
二、研究限制 50
三、研究建議 51
1. 對實務方面之建議 51
2. 對學術方面之建議 51
3. 對政府政策方面之建議 51
參考文獻 52


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王志袁、劉念琪,2011。 研發投入、研發組織管理與研發績效。商略學報,3(4),269-280
方俊德,2015。從國際人口移動趨勢來看星、韓、港、台的外籍人力運用。臺灣經濟研究月刊,38(12),83-90。
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金成隆、林修葳、邱煒恒,2005。研究發展支出與資本支出的價值攸關性:以企業生命週期論析。中山管理評論,13(2),617-643。
林文政、陳慧娟與周淑儀,2007。台灣資訊電子產業之企業人力資本-薪資與組織績效之關聯性研究-薪資中介效果之檢驗。東吳經濟商學學報。(59),57-100。
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歐進士、陳博舜與李貴富,2004。台灣資訊電子業之訓練活動的企業價值分析。人力資源管理學報,4(4),51-72。
劉正田,2002。無形資產、成長機會與股票報酬關係之研究。會計評論,(35),1-29。
蔡柳卿、楊怡芳、吳幸蓁與黃昱凱,2008。資訊科技與人力資本對研發外溢效果之影響。會計學報,1(1),53-81。
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1. 王文英、張清福,2004。智慧資本影響績效模式之探討:我國半導體業之實證研究。會計評論,(39),89-117。
2. 王志袁、劉念琪,2011。 研發投入、研發組織管理與研發績效。商略學報,3(4),269-280
3. 方俊德,2015。從國際人口移動趨勢來看星、韓、港、台的外籍人力運用。臺灣經濟研究月刊,38(12),83-90。
4. 金成隆、林修葳、邱煒恒,2005。研究發展支出與資本支出的價值攸關性:以企業生命週期論析。中山管理評論,13(2),617-643。
5. 林文政、陳慧娟與周淑儀,2007。台灣資訊電子產業之企業人力資本-薪資與組織績效之關聯性研究-薪資中介效果之檢驗。東吳經濟商學學報。(59),57-100。
6. 郭翠菱,2009。母公司人力資本與創新資本移轉對子公司經營績效之影響:以大陸台商為例。會計評論,49,95-128。
7. 黃政仁、林秉孝,2016。創新之價值創造結構分析:臺灣電子業之證據。會計評論,(62),1-31。
8. 歐進士、陳博舜與李貴富,2004。台灣資訊電子業之訓練活動的企業價值分析。人力資源管理學報,4(4),51-72。
9. 劉正田,2002。無形資產、成長機會與股票報酬關係之研究。會計評論,(35),1-29。
10. 蔡柳卿、楊怡芳、吳幸蓁與黃昱凱,2008。資訊科技與人力資本對研發外溢效果之影響。會計學報,1(1),53-81。
 
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