無形資產、槓桿與經營績效－發行海外可轉債與存託憑證公司之實證

Intangible Assets, Leverage and Tobin’s Q-Taiwanese Listed Companies with Issuing ECB and DR

黃玉慈(Yu-Tse Huang)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600110

摘要

本文係研究台灣上市公司研發支出、槓桿與公司經營績效的互動關係，資料取自1990至2003年，654家在台灣證券交易所公開上市公司，總計有9,156個觀測值進行研究。研究方法則是採用三階段最小平方法聯立方程式模型（3SLS Model）及分群檢定。
研究結果發現，研發支出與Tobin’s Q，互為顯著且正向且影響關係；而槓桿比與Tobin’s Q，互為顯著且負向關係；研發支出和財務槓桿則互為顯著且負向影響關係。另外，有發行海外可轉債的公司，較沒有發行之公司，有顯著較高的研發支出比及財務槓桿；而有發行海外存託憑證的公司，較沒有發行之公司，則沒有顯著較高的研發支出比，且相反的，還有較低之財務槓桿。由此可知，這兩種海外籌資，係顯示截然不同之無形資產投資資訊及資本結構政策。究其原因，可能在於企業在海外舉債，難度及風險皆遠高於海外釋股，籌資環境亦較為競爭，必須投入較多的研發費用，以保持本身的競爭優勢；當然，發行海外可轉債是一種負債融資，造成較高的槓桿比毫無疑問。反觀，海外釋股之信號，通常不外忽股權稀釋，股本增加及每股盈餘稀釋，較少動機係為投入研發而做，因而當然與研發投入間之關係為不顯著；另外，股權增加自然導致槓桿降低，亦是相當合理的。最後，高科技產業無論對Tobin’s Q或是研發支出比，皆有顯著且正向之影響，顯示高科技產業在研發資產之投入較高，且帶來較高之Tobin’s Q。

關鍵字

3SLS模型 ； 海外存託憑證 ； 海外可轉換公司債 ； 研發支出 ； 槓桿比率 ； 公司績效 ； 托賓Q

並列摘要

This paper examines the relationship between R&D expenditure, leverage and Tobin’s Q in Taiwanese listed companies with issuing Euro Convertible Bonds and Depositary Receipts. Our empirical sample includes 654 Taiwanese listed companies in Taiwan Stock Exchange from 1990 to 2003. The original observations are 9,156. Our Methodology are the 3SLS Model and group test.
For 3SLS Model, we find that R&D and Tobin’s Q is mutual significantly positive effect, leverage to Tobin’s Q and R&D is mutual significantly negative. In addition, the firm issuing ECB have significantly higher R&D and leverage than without issuing, but the firm issuing DR have opposite results. Hence, issuing ECB and DR for foreign financing have different intangible assets investment information and capital structure policy. Generally speaking, the companies financing with debt have higher risk than issuing equity, the environment is competitive. The firm must invest in R&D expenditure to keep advantage. Issuing ECB is a kind of debt, it’s to lead higher leverage. On the contrary, issuing equity from abroad is a signal that will increase capital stock, stock rights and earning per share dilutes, less motives are for invested R&D. Therefore, it’s not significantly with R&D. Besides, increase stock rights will make leverage decrease. Finally, high technology industry is significantly positive with Tobin’s Q and R&D. It means high technology industry invested a lot of money to R&D expenditure, and it will bring higher Tobin’s Q.

並列關鍵字

R&D expenditure ； Performance ； Leverage ； Euro Convertible Bonds ； Depositary Receipts ； Three Stage Least Square Model ； Tobin’s Q

參考文獻

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