歷年來政府為協助產業投資及發展,對企業實施最直接之獎勵措施為「投資抵減」。投資抵減歷經「獎勵投資條例」、「促進產業升級條例」及「產業創新條例」,現為適用「產業創新條例」時期。「產業創新條例」係配合賦稅改革方向,配合營利事業所得稅稅率調降至17%,同時限縮產業享有租稅優惠之範圍。本研究以2010年至2011年財務報告中揭露有投資抵減之上市、櫃電子業公司為樣本。以迴歸分析做為主要分析方法,探討電子產業適用落日促進產業升級條例所有投資抵減及產業創新條例研究發展支出之投資抵減暨研究發展支出對企業經營績效之影響。 本文以Tobin's Q作為企業經營績效之代理變數,落日促進產業升級條例各類投資抵減及產業創新條例投資抵減,與研究發展支出,以此三變數為主要實驗變數。實證結果顯示: 1.落日促進產業升級條例各類投資抵減並未顯著影響電子公司全樣本組及上櫃電子公司組之企業經營績效,但負向顯著影響上市電子公司組之企業經營績效。 2. 產業創新條例研究發展支出之投資抵減對電子公司全樣本組、上市及上櫃公司組皆正向顯著影響企業經營績效。 3.所有研發支出對電子公司全樣本組、上市及上櫃公司組皆正向顯著影響企業經營績效。
Over the years, the Government assists industries in investment and development, the most direct incentives for enterprises is the investment tax credit. Investment tax credits went through "Statute for the Encouragement of Investment", "Statute for Upgrading Industries" and "Industrial Innovation Act", with now the period of "Industrial Innovation Act". "Industrial Innovation Act" is in the same direction of tax reform, the act of income tax rate cut to 17% and narrowing the scope of industries tax incentives. The sample was collected from Taiwan listed electronics companies with investment tax credit disclosure in the financial report of 2010-2011. In this research, we use regression analysis as the primary method to research the impacts of investment tax credits from the Statute for Industrial Innovation and the past Statute for Upgrading Industries, and R&D expenditure on corporate performance in the electronics industry. The model assumes the Tobin's Q as the proxy variable of the corporate performance. And the main independent variables are investment tax credits from the Statute for Industrial Innovation, the past Statute for Upgrading Industries, and the R&D expenditure. The empirical results show: 1. Investment tax credit from the past Statute for Upgrading Industries has no significant effect on the electronics companies as a whole and OTC electronics companies corporate performance but has significant negative effect on listed electronics companies corporate performance. 2. Investment tax credit resulted from R&D expenditure from Industrial Innovation Act has positive and significant effect on electronics companies as a whole and also on both listed and OTC groups. 3. R&D expenditure has positive and significant effect on electronics companies as a whole and also on both listed and OTC groups. Keywords: Industrial Innovation Act, Investment Tax Credit, R&D Expenditure , Corporate Performance