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系統識別號 U0026-0812200915202034
論文名稱(中文) The Influence of R&D Expenditure on Market Value
論文名稱(英文) The Influence of R&D Expenditure on Market Value
校院名稱 成功大學
系所名稱(中) 經濟學系碩博士班
系所名稱(英) Department of Economics
學年度 97
學期 2
出版年 98
研究生(中文) 江瑜婷
研究生(英文) Yu-ting Chiang
學號 u5696109
學位類別 碩士
語文別 英文
論文頁數 72頁
口試委員 口試委員-陳政芳
指導教授-蔡群立
口試委員-劉亞明
中文關鍵字 市場價值  研發支出  公司規模  部門  產業 
英文關鍵字 sector  industry  firm size  market value  R&D expenditure 
學科別分類
中文摘要 本研究採用美國1998年至2007年的追蹤資料探討公司研究發展支出(research and development expenditure)與其市場價值之關係。本文透過門檻迴歸模型檢視在不同公司規模下研究發展活動對市場價值的影響是否相同,其實證結果發現不管公司規模如何,研發支出對其市場價值有顯著正向的影響。其中,在大公司的影響成效較小公司明顯。另外,本研究探討研究發展支出對市場價值的影響在產業間是否有差異。實證結果顯示研發支出的影響在部門或產業間的確有顯著差異,研發支出在非高科技部門的影響比高科技部門大,且醫療部門的影響成效較資訊科技部門明顯。
英文摘要 This thesis investigates the relationship between research and development (R&D) expenditure and market value for a panel data of US firms (1998-2007). We consider whether the effect of R&D on market value is dependent on firm size using threshold regression techniques. The first main result is that market value effects of R&D are positive and significant for US firms of all sizes. Furthermore, the valuation effects of R&D are greater for larger as opposed to smaller firms. In addition, this paper explores whether R&D effectiveness in terms of its impact on market values of firms varies across different sectors. Empirical results show that the market valuation of R&D varies substantially across sectors. Furthermore, the valuation effect of R&D in information technology sector is lower than other non high-tech sectors. And the influences of R&D expenditure on market value in health care sector are higher than information technology sector.
論文目次 1. Introduction.....1
2. Literature Review.....11
2.1. Innovation and market value.....13
2.2. Firm size, innovation, and market value.....16
2.3. Industry effect, innovation, and market value.....17
2.4. Market value and other variables.....19
3. Empirical Model.....21
3.1. Market value approach.....21
3.2. Empirical Model (I): The Threshold Model.....26
3.3. Empirical Model (II).....31
3.4. Data .....33
4. Empirical Results.....36
4.1. Descriptive Statistics.....36
4.2. Empirical Results (I).....38
4.3. Empirical Results (II).....45
5. Conclusion.....62
6. References.....65
7. Appendix.....71
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