- 學位論文
研發投資、生命週期與公司價值間之關係
R&D Investment, Life Cycle and Firm Value - Evidence of Taiwanese Listed Companies
摘要
由於研發投資為現今知識經濟下，最重要能提高企業競爭力、保持不斷創新成長的 條件也被視為一項無形資產，而與研發投資相關的文獻也不斷地推陳出新。此外，企業 生命週期的觀念日趨重要並且公司的財務策略與投資機會隨著不同生命週期階段而變 化，故本研究欲探討企業在不同生命週期下，其研發投資對於公司績效，股票報酬及報 酬波動所帶來的影響，以讓投資人及企業了解在不同生命週期階段下，研發投資產生之 風險與報酬的關係。本研究進一步利用分量迴歸 (Quantile Regression) 探視被解釋變數 在各分配位置上，研發投資對其所產生的效果，以及效果的變化情況，以使結果更加明 顯及穩健，並可使我們更精確地了解關於整個分配下的關係全貌。 本研究實證樣本為1991 年到2005 年於台灣證券交易所掛牌上市之全部公司，實證 結果發現，研發投資的進行可提升公司價值，獲得較高之報酬也帶來較高的風險，並且 當公司處於起飛期時，研發投資對於公司績效、股票報酬以及報酬波動的邊際效果最 高，而處於成長期與成熟期之研發投資，所產生的效果較低，當公司處於衰退期時，上 述之邊際效果並不顯著，甚至研發對於股票報酬產生負向的邊際效果。在各分量行為探 視上，在較高分量水準下，研發投資對於風險與報酬產生的邊際效果較高，而在較低分 量水準下，研發投資對於風險與報酬產生的邊際效果較低。此外，當公司處於起飛期或 成長期時，其研發投資對於公司績效與股票報酬之邊際效果會隨著分量的提高而遞增， 而對於股票報酬波動之邊際效果，只有當公司處於成長期下才有隨著分量提高而遞增的 現象。然而，當公司處於成長期或衰退期下，分量水準對於研發投資於公司績效、報酬 與波動上之邊際效果的影響不大。
並列摘要
In the knowledge economics, R&D investment is the most important condition of keeping growth and raising competitive ability for a firm and has been viewed as an intangible asset. The researches relating R&D investment also increase persistently. Besides, firms’ financial strategy and investment opportunity vary with its life-cycle stage. This paper examines the effect of R&D investment on firms’ Tobin’s q, stock return and volatilities of stock return across different stages of life cycle. The results can provide investors better understand the impact of R&D investment on returns and risks at different life cycle stages. Besides, this paper further utilizes quantile regress to investigate the effects of R&D investment across firms’ different quantile. This work can make our results more robust and help us know the full view of these relations more precisely about whole distribution. Our sample includes all firms listed in the Taiwan Stock Exchange during 1991 to 2005. The results show that R&D investments significantly increase firms’ market value and raise stock returns and stock return volatilities. Besides, when firms belong to start-up stage, the marginal effects produced by R&D investments on Tobin’s q, stock returns and volatilities are the highest. However, when firms belong to decline stage, the marginal effects described above are not significant and even brings negative effects on firms’ stock returns. The results under using quantile regress indicate that the marginal effect of R&D investment increases with the increasing quantiles. Besides, the marginal effects of R&D investment on firms’ Tobin’s q and stock return increases with quantile level when firms belong to start-up and growth life cycle stage but on firms’ stock return volatility increases with quantile level only when firms belong to growth stage. However, the influences of quantile level on the marginal effect of R&D investment on firms’ Tobin’s q, stock return and stock return volatility are small when firms in mature and declining life cycle stages.