系統識別號 U0026-0812200911270328
論文名稱(中文) 公司治理對研發支出增加宣告之財富效果
論文名稱(英文) The Effect of Corporate Governance on The Wealth Effect of R&D Spending Increase Announcements
校院名稱 成功大學
系所名稱(中) 國際企業研究所碩博士班
系所名稱(英) Institute of International Business
學年度 93
學期 2
出版年 94
研究生(中文) 謝咏璇
研究生(英文) Yung-Hsuan Hsieh
電子信箱 genius-shuan@yahoo.com.tw
學號 r6692404
學位類別 碩士
語文別 中文
論文頁數 38頁
口試委員 指導教授-張紹基
中文關鍵字 公司治理  研發支出 
英文關鍵字 Corporate Governance  R&D Spending 
中文摘要   持續的研發通常是企業維持成長與競爭的關鍵,因此企業相當重視研發活動的投資。雖然研發活動的投資對企業來說很重要,但是對於公司宣告要增加研發支出的市場反應,過去的研究結論並不一致。針對此不一致的現象,但是至今沒有明確的說法。不過由此不一致現象,意味在外部股東的觀點中,他們認為不是所有研發支出計畫都會為公司創造價值,有可能經理人為了自身的利益才這麼做。而外部股東會如此想是因為當公司宣告要增加研發支出時,不易得到此研發支出的詳細資訊,導致外部股東很難衡量此研發支出的價值。因此,對於宣告要增加研發支出的公司,其公司內部與外部股東之間具有高度的資訊不對稱。而公司治理是公司設計來建立起經理人與外部股東之間關係的構造,使得經理人自身的利益和外部股東的利益能夠連結在一起,於是能保護外部股東的權益,免於被內部經理人所剝削。因此,本研究假設在如此資訊不對稱的情況下,公司治理機制較好的公司在宣告增加研發支出時,市場上較會有正向的反應。藉由使用三個公司治理變數─法人持股率、內部人持股率和分析師人數─來測試是否公司宣告增加研發支出的市場反應會因著較好的公司治理機制而有較佳的反應。

英文摘要  Continual R&D is often the key to companies’ growth and competitiveness; therefore, companies put emphasis on R&D spending investment. Although R&D spending investments are companies’ growth engine, we still do not have a consistent conclusion of increase R&D spending announcement. The previous studies showed us mixed evidence. Many scholars are interested in what caused these different evidences.

 But from these inconsistent phenomena, what we can make sure is that in the outside shareholders’ point of view, they think not all R&D spending program will create value. They think companies do so partly because there are investment opportunities but partly it might be managers going for their own interests. The reason to make outside shareholder think differently is because it’s difficult for them to get the detail information about what the companies really do when companies announce increasing R&D spending. Therefore, we can know that there exist high information asymmetry between outsider shareholders and company announcing R&D spending; thus, it causes investors much hard to estimate the value of R&D spending.

 Because of the information asymmetry, it makes outside shareholders have to guess the purpose of R&D spending; therefore there is inconsistent phenomena on firm value when R&D spending announcement. Here comes one mechanism called“Corporate Governance”. Corporate Governance is the company “constitution” that is designed to establish the relation between managers and shareholders so that the interest of managers and shareholders can be aligned and that outside investors can be protected against expropriation by insiders. Therefore, in this research, we want to examine the companies adopting good Corporate Governance might have positive firm value when they announce R&D spending.

 Here we use three Corporate Governance variables: Institutional Holding, Insider Holding and Analysts Following to test the relation with stock market reactions to see if when companies adopting good Corporate Governance have R&D spending increase announcement, stock market have more positive reactions on its stock price.

 Our findings support three hypotheses. From the result, We find out when companies adopt good Corporate Governance, shareholders may have much confidence on them and believe the purpose of their R&D spending announcement is benefit for whole shareholders not only for manager’s interest; therefore, stock market have more positive reactions on its stock price.

論文目次 論文目錄

摘要 Ⅰ
英文摘要 Ⅱ
致謝 Ⅲ
目錄 Ⅳ
表目錄 Ⅴ

第一章 緒論 1

第二章 文獻回顧 3
第一節、研發活動相關文獻回顧 3
第二節、公司治理相關文獻回顧 6
第三節、假設發展 11

第三章 資料介紹與分析方法 13
第一節、研發投資宣告資料 13
第二節、公司治理變數資料 13
第三節、實証分析方法 13

第四章 研究結果分析 22
第一節、樣本結構 22
第二節、研發支出增加的宣告效果 24
第三節、單一公司治理變數的T檢定 25
第四節、迴歸分析 27

第五章 結論與建議 30
第一節、研究結論 30
第二節、研究貢獻 32
第三節、研究限制與未來研究之建議 32

參考文獻 34
參考文獻 Agrawal, A. and C. R. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders,” Journal of Finance and Quantitative Analysis 31, 377-397.
Amir, E. and B. Lev, 1996, “Value Relevance of Nonfinancial Information: The Wireless Telecommunications Industry,” Journal of Accounting and Economics 22, 3-30.
Barth, Mary, R. Kasznik and M. McNichols, 1998, “Analyst Coverage and Intangible Assets,” Working paper, Stanford University.
Bathala, C. T., K. P. Moon and R. P. Rao, 1994, “Managerial Ownership, Debt Policy, and The Impact of Institutional Holdings: An agency theory perspective,” Financial Management 23, 38-50.
Beasley, M. S. 1996, “An Empirical Analysis of the Relation Between The Board of Director Composition and Financial Statement Fraud,” The Accounting Review 4, 443-466.
Ben-Zion, U., 1978, “The Investment Aspects of Non-Productive Expenditures: An Empirical Test,” Journal of Economics and Business 30, 224-229.
Bhagat, S. and B. Black, 1999, “The Uncertainty Relationship Between Board Composition and Firm Performance,” In Hopt, K., M. Roe and E. Wymeersch (Eds.), Comparative Corporate Governance: The State of The Art and Emerging Research, Oxford University Press.
Breitzman, A., P. Thomas and M. Cheney, 2002, “Technological Powerhouse or Diluted competence: Techniques for Assessing Mergers via Patent Analysis,” R&D Management 32, 1-10.
Brickley, J. A., R. C. Lease and C. W. Smith, 1988, “Ownership Structure and Voting on Antitakeover Amendment,” Journal of Financial Economics 20, 267-291.
Brown, S. J. and J. Warner, 1985, “Using Daily Stock Return,” Journal of Financial Economics 14, 3-31.
Burgelman, R. A. and M. A. Maidique, 1989, Strategic Management of Technology, Homewood, IL: Irwin.
Bushee, B. J.,1998, “The Influence of Institutional Investors On Myopic R&D Investment Behavior,” The Accounting Review 3, 305-333.
Cadbury Committee Report, 1992, Report of the Cadbury Committee On The Financial Aspects of Corporate Governance, London, Gee.
Chaganti, R. S., and S. S. Mahajan, 1985, “Corporate Board Size, Composition, and Corporate Failures in Retailing Industry,” Journal of Management Studies 22, 400-417.
Chan, S. H., J. D. Martin and J. W. Kensinger, 1990, “Corporate Research and Development Expenditures and Share Value,” Journal of Financial Economics 26, 255-276.
Chaney, P. K.., T. M. Devinney and R.S. Winer, 1991, “The Impact of New Product Introductions on the Market Value of Firms,” Journal of Business 64, 573-610.
Chen, S. S. and K. W. Ho, 1997, “Market Response to Product-Strategy and Capital Expenditure Announcements in Singapore: Investment Opportunities and Free Cash Flow,” Financial Management 26, 82-88.
Chung K.H., W. Peter and K. Ben, 2003, Corporate Governance and Market Valuation of Capital and R&D investments, Review of Financial Economics 12, 161-172.
David, A. and B. Lev, 2000, “Information Asymmetry, R&D, and Insider Gains,” The Journal of Finance 6, 2747-2766.
Demsetz, H., 1983, “The Structure of Ownership and the Theory of the Firm,” Journal of Law and Economics 26, 375-390.
Doukas, J. and L. Switzer, 1992, “The Stock Market’s Valuation of R&D Spending and Market Concentration,” Journal of Economics and Business 44, 95-114.
Fama, E., 1980, “Agency problems and the theory of the firm,” Journal of Political Economy 88, 288-307.
Fama, E. F., and M. C., Jensen, 1983, “Separation of Ownership and Control,” Journal of Law and Economics 26, 301-325.
Gompers, P. A., 1995, “Optimal Investment, Monitoring and the Staging of Venture Capital,” The Journal of Finance 5, 1461-1488.
Gompers, P. A., J. L. Ishii and A. Metrick, 2003, “Corporate Governance and Equity Prices,” The Quarterly Journal of Economics, 107-155.
Han, K. C., D.Y. Suk, 1998, “The Effect of Ownership Structure on Firms Performance: Additional Evidence,” Review of Financial Economics 7, 143-155.
Hermalin, B. E. and M. Weisbach, 1991, “The Effects of Board Composition and Direct Incentives on Firm Performance,” Financial Management 20, 101-112.
Hertzel, M. and R. L. Smith, 1993, “Market Discounts and Shareholder Gains for Placing Equity Privately,” Journal of Finance 48, 459-485.
Himmelberg, C., G. Hubbard and D. Palia, 1999, “Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance,” Journal of Financial Economics 53, 353-384.
Johnson, S., P. Boone, A. Breach and E. Friedman, 2000, “Corporate Governance in the Asian Financial Crisis,” Journal of Financial Economics 58, 141-186.
Jensen, M. C., 1989, “Eclipse of the Public Corporation,” Harvard Business Review 67, 61-74.
Jensen, M. C., 1993, “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems,” Journal of Finance 48, 831-880.
Jensen, M. C. and W. H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency cost and Ownership Structure,” Journal of Financial Economics 3, 305-360.
Jensen, M. C. and R. S. Ruback, 1983, “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics 11, 5-50.
Kang, J. K. and R.M. Stulz, 1996, How Different is Japanese Corporate Finance? An Investigation of Information Content of New Security Issues, Review of Financial Studies 9, 109-139.

Kelm, K.M., V. K. Narayanan and G. E. Pinches, 1995, Shareholder Value Creation During R&D Innovation and Commercialization Stages, Academy of Management Journal 38, 770-786.
Klein, A., 1998, “Firm Performance and Board Committee Structure,” Journal of Law and Economics 41, 275-303.
Kyle, A., 1985, “Continuous Auctions and Insider Trading,” Econometrica 6, 1315-1335.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. W. Vishny, 2002, “Investor Protection and Corporate Valuation,” Journal of Finance 57, 1147-1170.
Leland, H. and D. H. Pyle, 1977, “Information Asymmetric, Financial Structure and Financial Intermediation,” Journal of Finance 32, 371-388.
Lev, B., 2001, R&D and Capital Markets, The New Corporate Finance: Where Theory Meets Practice, 3rd Edition, New York, McGranHill.
Mansfield, E., J. Rapoport, A. Romeo, S. Wagner and G. Beardsley, 1977, Social and Private Rates of Return from Industrial Innovations, Quarterly Journal of Economics 91, 221-240.
McConnell, J. and H. Servaes, 1990, “Additional Evidence on Equity Ownership and Corporate Value,” Journal of Financial Economics 27, 595-612.
Millstein, I. and M. Paul, 1998, ”Active Board of Directors and Performance of the Large Publicly Traded Corporations,” Columbia Law Review 98.
Mitton, 2001, “A Cross-firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis,” Journal of Financial Economics 64, 215-241.
Morck, R., A. Shleifer and R. W. Vishny, 1988, Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics 20, 293-315.
Oviatt, B. M., 1988, “Agency and Transaction Cost Perspectives on the Manager-Shareholder Relationship, Incentives for Congruent Interests,” Academy of Management Review 13, 214-225.
Pound, J., 1988, “Proxy Contests and the Efficiency of Shareholders Oversight”, Journal of Financial Economics 20, 237-265.
Rosenstein S. and J. G. Wyatt, 1990, “Outside Directors, Board Independence, and Shareholder Wealth,” Journal of Financial Economics 26, 175-191.
Shleifer, A. and R. W. Vishny, 1989, “Management Entrenchment: The Case of Manager-Specific Investment,” Journal of Financial Economics 25, 123-139.
Stulz, R. M., 1988, “ Managerial Control of Voting Rights, Financing Policies and the Market for Corporate Control,” Journal of Financial Economics 20, 25-54.
Stulz R. M., 1990, “Managerial Discretion and Optimal Financing Policies,” Journal of financial Economics 26, 3-27.
Sundaram, A. K., T. A. John and K. John, 1996, “An Empirical Analysis of Strategic Competition and Firm Values: The Case of R&D Competition,” Journal of Financial Economics 40, 459-487.
Szewczyk, S.H., G. P. Tsetsekos and Z. Zantout, 1996, “The Valuation of Corporate R&D Expenditures: Evidence from Investment Opportunities and Free Cash Flow,” Financial Management 25, 105-110.
Tasker, S., 1998, “Bridging the Information Gap: Quarterly Conference Calls as A Medium for Voluntary Disclosure,” Review of Accounting Studies 3, 137-167.
Weisbach, M.S., 1988, “Outside Directors and CEO Turnover,” Journal of Financial Economics 20, 431-460.
Williamson, O. E., 1983, “Organization form Residual Claimants and Corporate Control,” Journal of Law and Economics 26, 351-366.
Xie, B., N. Wallace and J. Peter, 2003, “Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee,” Journal of Corporate Finance 9, 295-316.
Yermack, D., 1996, “Higher Market Valuation of Companies with a Small Board of Directors,” Journal of Financial Economics 40, 185-211.
Zantout, Z. Z. and G. P. Tsetsekos, 1994, “The Wealth Effects of Announcements of R&D Expenditures Increases,” Journal of Financial Research 17, 205-216.
  • 同意授權校內瀏覽/列印電子全文服務,於2008-06-20起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2008-06-20起公開。

  • 如您有疑問,請聯絡圖書館