投資人對於研發與資本支出之回應

Responses of Taiwanese Investors to R&D and Capital Expenditures

賴鈺城(Yu-Cheng Lai) ； 李崑進(Kun-Chin Lee) ； 莊世金(Shin-Chin Chuang) ； 陳盈仁(Ying-Reng Chen)

《人文暨社會科學期刊》 6卷2期 (2010/12) Pp. 85-98

https://doi.org/10.7118/JHSS.201012.0085

摘要

本研究採用會計基礎評價模式，探討企業較偏向智慧資本的研發支出，與較偏向實體資產配置的資本支出，投資人對於兩者之回應。研究結果顯示，我國之研發及資本支出無法相輔相承，若研發及資本支出較高者，由於資源投入較高，故股價有些微低估之傾向。而有投資機會的公司，由於其資本支出資源投入較高會使股價些微低估。公司之股價將依產業別之不同而存有先天差異，高科技由於資源投入較高，故研發及資本支出會使股價些微低估。針對研發資出與資本支出兩者之遞延性來探討，屬性較傾向無形智慧資產的研發支出，其效益持久且持續性較高，一般來說其效益約四年，而屬性較傾向於有形實體資產的資本支出，其效益遞減嚴重且持續性差，一般來說其效益約二年。

關鍵字

會計基礎評價模式 ； 研發支出 ； 資本支出

並列摘要

This study focuses on the negative results of the interactive effects of research and development (R&D) and capital expenditures in Taiwan. In accordance with the accounting based valuation model, a conforming multiple regression hypothesis was utilized to evaluate a residual analysis to render the inferences more accurate. If corporations input more high- R&D and capital expenditure resources, the resulting stock prices can be under-estimations. A corporation's property has inborn diversity in stock prices, regardless of whether the company has investment opportunities. If corporations having investment opportunities input even more high capital expenditure resources, the resulting stock prices will be only slight under-estimations. There are inborn differences in stock prices for corporate properties in different industries. If corporations in the high-tech sector input more high-R&D and capital expenditure resources, the resulting stock prices can be slight under-estimations. Upon investigating the deferred influences of past R&D and capital expenditures affecting the reflective benefits of stock prices, it was found that R&D belonging to intelligence capital achieves more permanent benefits for periods longer than four years; whereas, capital expenditures belonging to entity assets exhibit more decreases in benefits for periods longer than two years.

並列關鍵字

accounting based valuation model ； R&D ； capital expenditures

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