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系統識別號 U0026-2301201310531000
論文名稱(中文) 台灣製造業研發投資的市場評價
論文名稱(英文) Market Valuation of R&D Investments by Taiwanese Companies
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所碩士在職專班
系所名稱(英) Institute of International Management (IIMBA--Master)(on the job class)
學年度 101
學期 1
出版年 102
研究生(中文) 陳永翠
研究生(英文) Yong-Cuei Chen
學號 RA7981262
學位類別 碩士
語文別 英文
論文頁數 44頁
口試委員 指導教授-張紹基
口試委員-偉耶倫
口試委員-鄭至甫
口試委員-黃國平
中文關鍵字 研發支出  市值  產業 
英文關鍵字 R&D expenditure  Market value  Industry 
學科別分類
中文摘要 研發對公司提升獲利、持續經營是必要的。台灣主要的兩大產業─技術硬體產業和半導體產業,在過去十年經歷很大的變動。本研究探討民國87年至民國100年之間台灣製造業支出對公司市值的影響,並比較是否有產業間的差異。實證結果顯示公司市值在2008金融海嘯前與研發支出正相關,研發支出創造了公司的價值,含括2008-2011年的數據分析則顯示負相關。另外,就製造業子產業而言,產業投資人對材料業、紡織業的研發支出的評價反應較遲滯落後。技術硬體產業、電機設備業的研發資本支出則和公司市值有顯著地正向關係,半導體及半導體設備業則是負向關係。
英文摘要 R&D is necessary for most firms to improve firm’s profit and keep business running. The 2 main industries in Taiwan, technology hardware and semiconductor, were undergoing big changes in the past decade. This thesis analyzes the update market valuations of R&D expenditure for Taiwanese firms (from 1998 to 2011). Different from previous studies, the analysis covers more manufacturing firms and conducts industrial-level study. We use the Griliches and Mairesse’s production theory to estimate the relationship of firms’ R&D expenses and their market value. The first main result is that the valuation of R&D in Taiwanese manufacturing firms is positive before the 2008 financial crisis but negative for the full period. We also found that investors often lagged response to R&D expenditure for materials group and textile firms. Besides, the results further suggest that R&D activities of technology hardware and equipment, and capital goods have positively influence on the firm value. However, semiconductors and semiconductor equipment group has negative effects on firm value.
論文目次 ABSTRACT 1
ACKNOWLEDGEMENTS I
TABLE OF CONTENTS II
LIST OF TABLES IV
LIST OF FIGURES V
CHAPTER ONE INTRODUCTION 1
CHAPTER TWO LITERATURE REVIEW 9
2.1 Research and Development (R&D) and Productivity. 9
2.2 Market Evaluation of R&D Investment. 10
2.3 Comparison across Industry Groups. 14
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY 17
3.1 Empirical Models of R&D Investment and Market Value. 17
3.2 Data Source. 20
3.3 Data Analysis Method: Ordinary Least Squares (OLS). 21
3.4 Industry Classification. 21
CHAPTER FOUR RESEARCH RESULTS 24
4.1 Market Evaluation of Manufacturing Industries in Taiwan. 24
4.2 Market Evaluation of Manufacturing Firms by Industry Group. 29
CHAPTER FIVE CONCLUSION AND SUGGESTIONS 34
5.1 Results Discussion. 34
5.2 Managerial Implications. 36
5.3 Research Limitations. 37
5.4 Suggestions for Further Research. 38
REFERENCES 40
APPENDICES 43
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