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研究生:徐盛賢
研究生(外文):HSU, SHENG-HSIEN
論文名稱:金融業研發創新對經營績效的影響
論文名稱(外文):The Impact of Innovation on Firm Operating Performance: Financial Industry Evidence
指導教授:陳宗岡陳宗岡引用關係
指導教授(外文):CHEN, TSUNG-KANG
口試委員:洪聖閔、曾怡潔
口試委員(外文):HUNG, SHENG-MIN、TSENG, YI-JIE
口試日期:2019-06-20
學位類別:碩士
校院名稱:輔仁大學
系所名稱:金融與國際企業學系金融碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:中文
論文頁數:39
中文關鍵詞:金融業研發支出創新能力研發創新經營績效
外文關鍵詞:Financial IndustryR&DInnovationBusiness Performance
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本文利用2003年至2017年臺灣上市上櫃金融產業年報資料,以研發創新觀點來探討經營績效的影響。實證結果顯示:專利權(PAT)的技術成果展現與當期資產報酬率(ROA)為負相關;長時間的研發投入(RDI)則與市價淨值比(MBR)呈現顯著的負向關係。而在不同子產業樣本分群下,專利權(PAT)與當期資產報酬率(ROA)有顯著的負向關係;而金控業與銀行業之研發支出(RDI)與市價淨值比(MBR)有顯著的負向關係,且金控業、銀行業與證券業的專利權(PAT)與市價淨值比(MBR)呈現顯著負向關係。整體而言可以發現,金融業研發創新與經營績效為負向關係。
This paper uses the annual report of the listed financial industry in Taiwan from 2003 to 2017 to explore the impact of business performance from the perspective of R&D innovation. The empirical results show that the technical achievements of patent rights (PAT) are negatively correlated with the current return on assets (ROA); the long-term R&D investment (RDI) has a significant negative relationship with the market-book ratio (MBR). Under different sub-industry sample groups, the patent rights (PAT) has a significant negative relationship with the current return on assets (ROA); while the R&D expenditure (RDI) and market-book ratio (MBR) of the financial holdings company and the banking industry, are the significant negative relationship, and the patent rights (PAT) of the financial holdings company, the banking industry and the securities industry have a significant negative relationship with the market-book ratio (MBR). In conclusion, it can be found that financial industry R&D innovation has a negative relationship with business performance.
第一章、緒論 1
第一節、研究背景及動機 1
第二節、研究目的及研究架構 6
第二章、文獻探討 9
第一節、研發創新對經營績效正向觀點 9
第二節、研發創新對經營績效負向觀點 11
第三節、企業規模與代理問題相關文獻 13
第三章、研究方法 15
第一節、假說發展 15
第二節、樣本選取與資料來源 16
第三節、變數定義與衡量 17
第四章、實證結果 21
第一節、研發創新對經營績效的影響 21
第二節、樣本分群加總效果(被解釋變數為ROA) 23
第三節、樣本分群加總效果(被解釋變數為MBR) 25
第五章、結論與建議 27
參考文獻 29
一、中文文獻

1. 金融監督管理委員會,「金融科技發展策略白皮書」,臺北:行政院,2016年5月。

2. 吳碧娥,「臺灣金融業專利布局揭曉,銀行業申請遠大於保險、證券期貨業!」,北美智權報226期,編輯部,2018年12月13日。

3. 股感知識庫,睿富者與Fugle團隊,「世界經濟論壇研究報告出爐!6張表,掌握FinTech創新關鍵」,數位時代,2015年12月21日。

4. 顏俊仁,「數位創新:金融生態圈之智財契機與挑戰」,智慧財產權研討會,臺北 : 勤業眾信聯合會計師事務所、勤業眾信風險管理諮詢股份有限公司主辦,2018年12月4日。

5. 顏瓊真,「逐筆交易明年3月上線,跟現行『集合競價』有什麼不同?」,經濟日報,理財周刊,2019年5月10日。

二、英文文獻

1. Aboody, D., Baruch, L., 2000. Information Asymmetry, R&D and Insider Gains. The Journal of Finance, 55(6), 2747-2766.

2. Cheng, S., 2004. R&D Expenditures and CEO Compensation. The Accounting Review, 79(2): 305-328.

3. Claessens, S., Simeon D., Larry H. P., 2000. The Separation of Ownership and Control in East Asian Corporation. Journal of Financial Economics, 58(1/2), 81-112.

4. Connolly, R. A., Hirschey, M., 2005. Firm Size and the Effect of R&D on Tobins Q. R&D Management, 35, No.2: 217-223.

5. D’ Aveni, R. A., 1994. Hypercompetition: Managing the Dynamics of Strategic Maneuvering. Free Press, New York.

6. Deloitte Company, 2015. The Future of Financial Services: How Disruptive Innovations are Reshaping the Way Financial Services are Structured, Provisioned and Consumed. An Industry Project of the Financial Services Community, Final Report.

7. Geiger, S. W., Cashen, L. H., 2002. A Multidimensional Examination of Slack and its Impact on Innovation. Journal of Managerial Issues 14(2): 68-84.

8. Graves, S. B, 1988. Institutional Ownership and Corporate R&D in the Computer Industry. Academy of Management Journal 31(2): 417-428.

9. Guerard, J. B., Bean, A. S., Andrews, S., 1987. R&D Management and Corporate Financial Policy. Management Science 33(11): 1419-1427.

10. Hall, B., 1993. The Stock Market Valuation of R&D Investment During the 1980s. American Economic Review 83(2): 259-264.

11. Holmstrom, Bengt, 1989. Agency Costs and Innovation. Journal of Economic Behavior and Organization, 12, 305-327.

12. Hull, C., Rothenberg, S., 2008. Firm Performance: The Interactions of Corporate Social Performance with Innovation and Industry Differentiation. Strategic Management Journal 29(7): 781-789.

13. Jensen, M. C., Meckling, W. H., 1976. Theory of the firm: Managerial Behavior, Agency Costs and Capital Structure. Journal of Financial Economics 3, 305-360.

14. Jensen, M., 1993. The Modern Industrial Revolution: Exit and Failure of Internal Control Systems. Journal of Finance 48: 831-880.

15. Lin, B. W., Lee, Y., Hung, S. C., 2006. R&D Intensity and Commercialization Orientation Effects on Financial Performance. Journal of Business Research 59(6): 679-685.

16. Mafatridger, D. G., 1975. The Distribution of Research Grants: A Comment and Extension. Economic Record, 52, No.5, 505-512.

17. O Brien, J. P., 2003. The Capital Structure Implications of Pursuing a Strategy of Innovation. Strategic Management Journal 24(5): 415-431.

18. OECD, Organization for Economic Cooperation and Development, 1974. The Measurement of Scientific and Technical-Activities Proposed Standard Practice for Surveys of Research and Experimental Development. Paris: OECD, 15.

19. Oriani, R., Sobrero, M., 2008. Uncertainty and the Market Valuation of R&D within a Real Option Logic. Strategic Management Journal 29: 343-361.

20. Petersen, M., 2009. Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. Review of Financial Studies 22, 435-480.

21. Scherer, F. M., 1965. Firm Scale, Market Structure, Opportunity and Output of Patented Innovations. The American Economic Review, 55, 1097-1125.

22. Schumpeter, J. A., 1950. Capitalism, Socialism and Democracy. New York: Harper and Row, 19-50.

23. Sher, P. J., Yang, P. Y., 2005. The Effects of Innovative Capabilities and R&D Clustering on Firm Performance and R&D Clustering on Firm Performance: The Evidence of Taiwans Semiconductor Industry. Technovation 25(1): 33-43.

24. Tan, L. T., Hwang, A. R.,2002. Imported Technology and R&D in the Taiwanese Electronic Industry. Review of Development Economics, 6(1), 77-90.

25. Tsai, K. H., Wang, J. C., 2004. The R&D Performance in Taiwans Electronics Industry: A Longitudinal Examination. R&D Management 34(2): 179-189.

26. Wahal, S., McConnell, J., 2000. Do Institutional Investors Exacerbate Managerial Myopia? Journal of Corporate Finance, 6(3), 307-329.

27. Yeh, Y. H., 2005. Do Controlling Shareholders Enhance Corporate Value? Corporate Governance. An International Review, 13, 313-325.
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