技術取得類型與融資策略之研究

A Study of Technology Acquisition Types and Financing Strategies

林珊戎(Shan-Jung Lin)

指導教授 ： 李慧曦

長榮大學/管理學院/經營管理研究所(博)/碩士(2010年)

https://doi.org/10.6833/CJCU.2010.00018

摘要

資本結構中的融資順位理論，從資訊不對稱的觀點解釋了企業資金偏好順序為：內部資金、債務、權益資金。最新文獻針對研發投資提出不同的融資順位觀點，若企業有研究發展投資支出，基於幾個因素會優先考慮權益資金：資產替代風險、難以抵押擔保的技術資產、關鍵技術保密。但不同研發策略下的財務選擇文獻付之闕如，故引發本文研究動機。文獻提出所有技術取得方式可依企業體的觀點分為四種(鄭聖時、李慧曦、林珊戎，2008)。Bah & Dumontier(2001)以國際性資料研究研發型企業的財務選擇，但無討論開放式研發-兼具研發且購買技術的企業型態。本文延伸其2001年的論文並分成四種不同研發類型企業，加以討論是否會因不同的考量，進而有不同的融資偏好？遵循傳統融資順序或是同樣偏好權益資金？引用Bah & Dumontier(2001)論文中的羅吉斯迴歸方法，檢視台灣四種研發類型的企業，其融資選擇是否和國外有相同結論，並多加探討了開放式研發的融資情形。 本研究以國內上市公司，民國91年至96年之財務報表為研究資料，採用羅吉斯及複迴歸等統計方法，以彰顯公司技術取得類型與其財務政策之關聯性。預期僅內部研發型企業符合最新的融資順位觀點，即偏好權益資金；其他三種類型預期依循傳統的融資順位，即偏好債務資金。實證結果發現：有研發投入的企業在資金籌措上明顯權益優先於債務，不符合融資順位理論所述；僅研發型企業也明顯權益優先於債務；開放式研發的融資策略如同僅研發型企業，不會因向外購買技術而有傳統融資順位債務優先權益的情況。

關鍵字

R&D ； 融資順位理論 ； 羅吉斯迴歸

並列摘要

The pecking order theory of capital structure explains the preference－retained earnings, debt, equity funds－for business finance by information asymmetry. Some new studies have supplied different opinions from the R&D investment’s angle, if firms have R&D expenditure then they will consider equity first basing on asset substitution problem、collateral problem for unique asset、confidential problem for central technology…etc. .But as we know, there is no study discussing the financial choice combined with technology types. That is supposed to be the motive of this thesis. According to other studies, all technology acquisition can be classified by source into four types and Bah & Dumontier (2001) have examined financial policy with international R&D expenditures data. But they haven’t mentioned one type out of the four－open innovation R&D－combining internal and external technology source. This thesis not only extends the issue of Bah & Dumontier, but divided all firms into four technology types for discussing four types would have different financing preference or not. Would they follow the traditional pecking order theory or prefer equity fund as the result in Bah & Dumontier? Reference the logistic regression method using by Bah & Dumontier to examine Taiwanese firms’ conclusion and more discuss the financing choice of open innovation.
In this study, data were derived from financial reports of stock issuing companies in Taiwan from 2002 to 2007. Using Logistic Regression and Multiple Regression to highlight the connection between the technology searching and financing strategy. The empirical results are summarized as follows: firms having R&D expense obviously preferred equity than debt ; firms only having R&D expense had the same situation；and firms having open innovation R&D had the same result as well.

並列關鍵字

R&D ； Pecking Order Theory ； Logistic Regression

參考文獻

10. 劉維琪,李怡宗(民82),融資順位理論之調查研究,管理評論,第十二卷,頁119-143

11. 劉維琪,劉玉珍(民78),融資順位理論之發展與實證，管理評論,八卷,頁7-22

3. 朱丕正（民88），我國高科技電子公司融資模式之比較分析，元智大學管理研究所碩士論文，未出版，桃園。

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