臺灣博碩士論文加值系統

本研究探討台灣上市生技公司的研發費用率是否能解釋公司的現金持有水準。實證結果發現了三個結論:第一、研發費用率確實是可以解釋公司現金持有水準，兩者之間呈現顯著正相關。第二、我們證明除了企業特徵會影響公司現金持有水準，公司持有現金敏感度隨著時間演進也會影響公司現金持有水準。第三、本研究進一步發現，在台灣生技產業中，只有製藥類與應用生技類公司，研發費用率與公司的現金持有水準呈現顯著正相關，醫材類公司則並不顯著

We examine whether the R&D investment influences firms’ cash holdings at Taiwan exchange-listed biotechnology firms. Our paper indicates three findings: first, R&D investment is significantly positively correlated with biotechnology firms’ cash holdings. Second, we show that not only firms’ characteristics affect firms’ cash holdings, but also firms’ cash holding sensitivities affect biotechnology firms’ cash holdings. Third, the result that firms’ cash holdings and R&D investment are highly correlated only occurs in the Pharmaceutical firms and Applied-biotechnology firms, but not for Medical-device firms.

第一章、緒論.....................................1
第二章、文獻…....................................5
第一節、研究發展..................................5
第二節、現金持有..................................6
第三章、研究方法..................................7
第一節 資料來源.................................. 7
第二節 變數定義與衡量............................. 7
第三節 研究方法與模型............................. 9
第四章、實證結果與分析............................ 11
第五章、結論..................................... 15
參考文獻......................................... 17

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