臺灣博碩士論文加值系統

此研究檢驗企業的現金流量波動性會如何影響企業的創新策略。創新活動對於企業成長佔有很重要的地位，投資R&D活動及外部專利權對處於高度創新產業的企業是最重要的。先前文獻指出，當投資R&D活動時，企業需要持續投入資金來維持R&D活動以避免終止R&D活動所造成的高額費用。然而，先前文獻也指出，高實質盈餘管理的企業相較於低實質盈餘管理的企業，會有比較高的現金流量波動性，因為R&D支出是具有裁決性的，可以做為執行實質盈餘管理的工具，因此對於R&D的投資會影響現金流量的波動。我們推論，當企業投資較多的R&D活動時，會有比較高的現金流量波動性。然而，投資R&D活動需要耗費高額的內部資金而且可能會排擠其他的創新活動。我們也推論，當企業有較高的現金流量波動性時，會投資比較少的外部專利權。在本研究中，我們探討現金流量波動性如何影響企業創新決策。此外，不同的創新決策會對企業績效有不同的影響，因此我們也進一步探討現金流量波動性及創新活動會對企業價值有甚麼影響。我們以1980到2015年間的美國S&P 900企業做為樣本，發現當企業有較高的現金流量波動性時，會投資較多的R&D活動以及投資比較少的外部專利權，尤其是外部專利權的購買。我們也發現當企業有較高的現金流量波動性及投資較多的R&D活動時，會有較高的企業價值

This paper is to examine how the firms’ cash flow volatility affects their innovation strategies. Innovation activities take important position for economic growth. Investment of R&D activities and external patent acquisition activities are the most important investment for the firms in the intensive innovation industries. Previous literatures indicate that when invest R&D activities, they need the consistent financial resources for supporting R&D activities and therefore for avoiding high costs from terminating the R&D activities. However, previous literature also documented that firms engaging in more real earnings management have higher cash flow volatility than those involving less real earnings management. Because the discretionary of R&D expenditure is one of real earnings management tools, the investment of R&D activity will impact on the cash flow volatility. We infer that when firms with high level of R&D activities, they will have high cash flow volatility. However, the investment of R&D activities needs take huge internal funds and will probably crowd out the other innovation activities. We also infer that when firms with high cash flow volatility, they will invest less external patent acquisition activities. In this paper, we try to explore how the cash flow volatility affects on firm innovation. Furthermore, different innovation strategies have different impacts on firm performance. We also examine how the cash flow volatility and innovation activities affects on firm value. By investigating S&P 900 firms from 1980-2015, we find that firms with high cash flow volatility invest more R&D activities. Most interestingly, we find that firms with higher cash flow volatility invest less external patents, in terms of patent ownership acquisition. We also find that firms with high cash flow volatility and high level R&D activities will have high firm value.

1. Introduction 1
2. Literature Review 12
2.1 Innovation Strategies 12
2.2 How is Cash Flow Volatility Related with Innovation Strategies? 15
2.3 Hypothesis Development 16
3. Data and Methodology 19
3.1 Data 19
3.2 Methodology 19
3.2.1 Innovation Activities, R&D and External Patent Acquisition 19
3.2.2 In-house R&D and Coincide of In-house R&D and High Cash Flow Volatility to Firm Value 20
3.3 Control Variable 20
3.4 Variable Definition 22
3.5 Models 24
4. Empirical Results 26
4.1 Descriptive statistics 26
4.2 Regression results 30
5. Conclusions 40
References 42

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