探討企業海外籌資與研發支出之關聯性-以資訊電子業為例

The Evidence of Electronic Industry's Foreign Financing on R&D Expenditure

何佳燕(Chia-Yen Ho)

指導教授 ： 馬嘉應 ； 鍾彩焱

元智大學/管理學院/會計學系/碩士(2004年)

摘要

自1980年代以來，資訊電子產業的興起不僅奠定了我國整體經濟的蓬勃發展，其表現更是牽動著全球高科技產業的脈動，對這些知識密集的產業來說，持續不斷地求新求變成為未來成功與否的主要關鍵，於是企業紛紛挹注龐大的資源在研究發展活動上，以期創造更高的競爭優勢。然而，一旦企業決定大量投入研發活動時，資金來源是否充沛乃成為企業所面臨到的另一項問題，有鑑於國際資本市場的交易日趨活絡，以及政府積極推動我國成為亞太營運中心的前提下，本研究目的主要欲探討企業海外籌資前後研發支出與企業價值間的關係。
基於上述，本研究選取民國92年9月30日前曾發行海外存託憑證之資訊電子產業為研究對象，首先先分別探討存託憑證發行前後研發活動、專利權的取得與獲利能力對企業價值的影響是否具顯著差異性，其次，再進一步分析發行存託憑證所募集之資金是否立即且有效地被運用在研發活動上。本研究採用迴歸模型進行實證分析，所獲得之實證結果如下：
一、研究發展支出方面
1. 發行前當期研發強度、前一期研發強度對本期Tobin's q值皆不具顯
著之影響；發行後當期研發強度、前一期研發強度與本期Tobin's q值
間的關係分別是顯著為負及顯著為正，故發行後可得到研發活動存在遞
延效果的結論。
2. 研發支出成長率與股票市場價值成長率在發行前呈不顯著之負向關
係；發行後兩者間則為顯著正相關，顯示存託憑證發行後研發活動對企
業價值的影響明顯異於發行前。此外，額外測試的結果亦證實了發行存
託憑證所募集的資金有被挹注至研發活動上，並且在短期內就發揮使企
業價值提升之功效。
二、專利權的取得方面
1. 發行前的專利權取得與本期Tobin's q值之間不具顯著正相關；而發
行後則達到顯著正相關，代表發行前所獲取之專利權可能已非屬企業之
核心價值。
2. 專利權取得的增加對於股票市場價值成長率的影響在發行前後都是不
顯著的。
三、企業獲利能力方面
1. 發行前後企業獲利能力對本期Tobin's q值的影響雖為正，但未達顯著水準。
2. 企業獲利能力成長率與股票市場價值成長率在發行前後皆為不顯著之
負相關。

關鍵字

海外籌資 ； 存託憑證 ； 研究發展支出 ； 扥賓Q

並列摘要

Abstract
Since 1980’s, Taiwanese electronic industry played an important role both in the domestic economy and global high-technology. To persevere in changing is a key factor for the high competition of the knowledge intensive industry. With this trend, most enterprises raised up the higher intensity of R&D activities. They consequentially faced with another question-Are they have a great quantity of resources to put in? In the light of communications in international capital market are more and more frequently, the objective of this study is to empirically examine the relationship between R&D activities and firm value before and after foreign financing.
Accordingly, data samples were selected from electronic industry issuing Depositary Receipts(DR) before September 30, 2003. First study the relationship between R&D activities and firm value are significant difference before and after issuing Depositary Receipts. In the study, R&D activities comprise three components: R&D spending, approved patent and marginal profit. Secondly, the study further to analysis whether the increase in research and development originated from foreign financing. The empirical results as follows:
R&D Spending:
1. There is not significant among current R&D spending, time
lag of R&D spending and current Tobin's q before issuing.
But after issuing, the relationship of current R&D spending,
time lag of R&D spending and current Tobin's q are
significantly negative and positive.
2. There is not significant between R&D spending growth rate
and stock market value growth rate before issuing, but
significantly and positively after issuing.
Approved Patent:
1. There is not significant between approved patent and current
Tobin's q. After issuing, the relationship turned to
significantly positive.
2. Before or after issuing, there is not significant between
the increase of approved patent and stock market value g
rowth rate.
Marginal Profit:
1. Before or after issuing, the relationship of marginal profit
is positively but not significant with current Tobin's q.
2. There is not significant between marginal profit growth rate
and stock market value growth rate before or after issuing.

並列關鍵字

Foreign Financing ； Depositary Receipts ； R&D Expenditure ； Tobin's Q

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