本文旨在探討公司研發支出和員工獎酬決策所可能產生的雙刃性效果,方法上,以三階段最小平方法觀察股價報酬、研發支出及員工獎酬問彼此的內生關係,並探討公司基本特質、公司治理因素、公司訊號因素等對內生變數的影響。本文之主要特色在於:本文並不試圖找出研發支出與員工獎酬的最適決策,而是依BCG Model將樣本分組,以進行上述內生關係之探討,如此一來,將能在不同適用情形下,提出研發支出與獎酬決策相關議題上的建議。最後,利用盈餘平滑指標檢測企業是否利用研發支出或員工獎酬來平滑盈餘,並探究其原因。實證結果發現:企業型態的不同,是造成股價報酬、研發支出、員工獎酬及各其他因素對內生變數之影響具差異的主因。此外,研發支出與股價報酬問之內生關係並無一致的結論, 但本文發現依企業型態的不同,採取不同的研發支出加權認列法,將有助於資訊的充分揭露。然而,員工獎酬與股價報酬間有顯著互為正向的內生關係,顯示員工分紅自己股制度具激勵性,宜保留之。最後,企業可能利用研發支出或員工獎酬來操弄損益,但實務上,並不易籍由單一指標探討其可能的影響因素。
This study explores the potential double-edged effect of R and D expenditure and employee compensation policy. To examine the endogenous relationships among stock returns, R and D expenditure and employee compensation, we employ three-stage least squares method which is also able to evaluate firm's fundamental features, corporate governance and corporate signaling factors those endogenous variables may succumb to. The main feature of this study is that we do not attempt to find out firm's optimal mix of R and D expenditure and employee compensation; however, we use BCG model and divide the sample into several groups to measure the potential impact of different business types and support our endogenous analysis. So we can offer our suggestions to firms with issues regarding R and D expenditure and employee compensation under different business types. Finally, we utilize earning-smoothing index to examine if firms use research and development expenditure or employee compensation to smooth the earnings. If any, we find out their rationales. The empirical findings indicate that the driving factor, which affects stock returns, R and D expenditure and employee compensation, is the difference of business types. In addition, the endogenous relationships between R and D expenditure and stock returns are undetermined, but adopting different weighted R and D expenditures method according to different business types will aid the full disclosure of information. However, there exists a positive endogenous relationship between employee compensation and stock returns, which indicates that employee stock option plan is a practical incentive and deserves to retain. Finally, firm may employ R and D expenditure and employee compensation to manage firm's earnings, but, in practice, we could not rely on any single index to explore the potential influential factors.