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系統識別號 U0026-0509201110265000
論文名稱(中文) 管理者持股、研發投入、廣告投入與企業績效之關係探討--以台灣電子業為例
論文名稱(英文) Relationship among Managerial Ownership, R&D, Advertising, and Firm Performance-An Examination of Taiwan Electronic Firms
校院名稱 成功大學
系所名稱(中) 企業管理學系碩博士班
系所名稱(英) Department of Business Administration
學年度 99
學期 2
出版年 100
研究生(中文) 陳詩雨
研究生(英文) Shi-Yu Chen
學號 R46984077
學位類別 碩士
語文別 中文
論文頁數 48頁
口試委員 指導教授-葉桂珍
口試委員-張太平
口試委員-張榮庭
口試委員-汪美香
中文關鍵字 代理理論  研發  廣告  盈餘管理  管理者持股 
英文關鍵字 agency theory  R&D  advertising  earning management  managerial ownership 
學科別分類
中文摘要   企業所有權與經營權的分離,使委託人(股東)與代理人(管理者)之間產生代理問題。盈餘管理與管理者短視皆屬於代理問題之一,在兩者結合之下,管理者可能利用刪減研發與廣告等裁決性費用以換取短期績效水準。然而,研發與廣告投入對企業具有重要的策略價值,貿然刪減雖可短期美化企業績效,卻可能對企業長期績效造成損害。由於利益收斂假說提出代理人持股比例對代理問題有負向影響,那麼是否管理者持股比例較高的企業就會有相對較高的研發與廣告投入?其績效是否也會因此相對較好?

  本研究以2001年至2010年共224家台灣電子業上市公司為研究對象,探討管理者持股比例、研發投入、廣告投入與企業績效之關係。研究結果發現:(1)管理者持股比例對企業績效有顯著之正向影響 (2)研發投入對企業績效有顯著之正向影響 (3)管理者持股比例對研發投入與廣告投入有顯著之正向影響 (4)研發投入對於管理者持股比例與企業績效之關係具有部分中介效果。
英文摘要   The separation of ownership and control has caused agency problems between principles and agents. Earning management and managerial myopia are parts of agency problems. With both of them, managers may decrease R&D expenditure and advertising expenditure to window-dress the financial statement. However, R&D and advertising have strategic significance to companies. Reducing R&D expenditure or advertising expenditure may raise the shore-term performance, but it is possible to damage the long-term performance of firms. The convergence of Interest Hypothesis indicates that raising the ownership of agents is useful to diminish agency problems. Can we say that higher managerial ownership would come with higher R&D expenditure and advertising expenditure? Or higher managerial ownership would come with higher performance?

  This research takes 224 listed electronic firms in Taiwan as research objects, gathering data from 2001 to 2010, to investigate the relationship among managerial ownership, R&D, advertising, and firm performance. The result shows that (1) managerial ownership has positive influence on firm performance (2) R&D expenditure has positive influence on firm performance (3) managerial ownership has positive influence on R&D expenditure and advertising expenditure (4) R&D expenditure is a partial mediator on the relationship between managerial ownership and firm performance.
論文目次 第一章 緒論 1
 第一節 研究動機與背景 1
 第二節 研究目的與流程 4
第二章 相關理論與文獻回顧 6
 第一節 代理理論 6
 第二節 研發支出 12
 第三節 廣告支出 17
 第四節 管理者短視與盈餘管理 21
第三章 研究設計與研究方法 24
 第一節 研究架構 24
 第二節 研究變數 25
 第三節 研究過程 30
第四章 資料分析與結果 31
 第一節 基本資料分析 31
 第二節 相關分析 33
 第三節 層級迴歸分析 35
第五章 結論與建議 39
 第一節 研究發現 39
 第二節 管理意涵 42
 第三節 研究限制 43
參考文獻 44
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