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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
口試委員-康信鴻
口試委員-莊雙喜
口試委員-陳聖賢
中文關鍵字 公司治理  研發支出 
英文關鍵字 Corporate Governance  R&D Spending 
學科別分類
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。

  由分析的結果,發現不論是在法人持股率、內部人持股率或分析師人數等三個公司治理指標,其對於研發支出增加宣告效果的影響方向均與本研究之預期方向一致,此一結果顯示公司治理機制在公司宣告增加研發支出時的內部與外部資訊不對稱下,能具有監督公司內部經理人行為,使經理人自身的利益和外部股東的利益能夠連結在一起,保護外部股東權益免於被剝削,因此增強外部股東對於公司的信心,進而使公司宣告時,股價上會有較具正向的反應。
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

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