年報資訊揭露、集團多角化策略與公司研發外溢效果、公司績效間關聯之實證研究

The Empirical Research of Annual Report Information Disclosure and Diversification Strategy on Moderating Effect of Group R&D Spillovers

張理誠(Li-Cheng Chang)

指導教授 ： 歐陽豪

共同指導教授 ： 蕭瑞民(Jui-Min Hsiao)

崑山科技大學/商業管理學院/企業管理研究所/碩士(2009年)

https://doi.org/10.6828/KSU.2009.00024

摘要

本研究旨在探討公司治理機制－資訊揭露與集團多角化策略對研發外溢性調節效果之影響。本研究參考Jacquemin and Berry(1979)、Palepu(1985)及楊朝旭(2008)之方法，運用恩索比(Entropy)法來計算集團多角化的程度，並遵循證基會第六屆資訊揭露評鑑中的49項年報資訊揭露指標對台灣2005至2007年集團企業之上市櫃公司為樣本進行資訊揭露進行統計及實證分析，結果發現：年報資訊揭露、總多角化策略及集團研發資產與公司績效間均為正向不顯著的關聯，相關多角化與公司績效間為顯著正相關，非相關多角化均與公司績效為顯著負向關聯，年報資訊揭露二－「董事會及股權結構」與公司績效間為顯著正相關；多角化策略及年報資訊揭露均對集團研發產生正的外溢效果，特別是年報資訊揭露達顯著水準；集團相關多角化、非相關多角化、「財務及營運資訊透明度」與「董事會及股權結構」之資訊揭露透明度均會增強集團研發之正的外溢效果，其中僅非相關多角化未達顯著水準。本研究的貢獻在二方面：第一，提供了過去文獻未提供之年報資訊揭露程度對集團研發外溢效果之實證；第二，補充了台灣集團多角化策略對研發外溢性及財務績效的影響之實證證據。

關鍵字

集團企業 ； 研發外溢效果 ； 多角化策略 ； 年報資訊揭露

並列摘要

The purpose of this study is to examines corporate governance mechanism－annual report information disclosure and diversified strategy on moderating effect of group R& D spillover effects. We adopted Jacquemin and Berry(1979),Palepu(1985) and Chaur-Shiuh Young(2008)－Entropy method to measure the degree of group diversification. By using a sample of interlocking group of firms listed on the Taiwan Stock Exchange (TSE) and Corporation & GreTai Market during 2005 to 2007, and follow the 6th “Information Disclosure and Transparency Ranking System” Conducted by Securities and Futures Institute to calculate annual report information disclosure scores and proceed our empirical analysis.. The regression results find: Group research and development assets (GRDA), diversified strategy and annual report information disclosure have positive effects on firm performance. Related diversification and annual report information disclosure (2)－“board of directors and ownership structure” have significantly positive effects on firm performance, while and unrelated diversification and annual report information disclosure (1)－“financial and operating information transparency” have negative effects on firm performance, where the former reach significant level. Besides, both diversified strategy and annual report information disclosure have positive spillover on group R & D assets moderating effects. Particularly, related diversification, unrelated diversification, “financial and operating information transparency” and “board of directors and ownership structure” enhance the spillover of group R& D asset moderating effect, where there only unrelated diversification does not reach significant level. The contributions of this research include two fold: First, it provides evidence about spillover effect of annual report information disclosure on GRDA, and it is the first paper in this field in Taiwan. Second, we replenish evidence about Taiwan group diversified strategy on spillover effect of group R &D and firm performance.

並列關鍵字

Business groups ； R&D Spillover effects ； Diversified Strategy ； Annual Report Information Disclosure

參考文獻

金成隆、林修葳與洪郁珊(民92)，「無形資產、新股折價與內部人持股關係之研究」，會計評論，第36 期（1月），頁21-53。

陳冠宙、陳育成與陳雪如(民94)，「影響上市公司網站資訊明度因子之實證」，會計與公司治理 ，第二卷第一期，頁33-59。

張瑞當與方俊儒(民95)，「資訊揭露評鑑系統對企業盈餘管理行為之影響」，會計評論，第42期，頁1-22。

楊朝旭(民97)，「集團多角化對研發外溢調節效果之研究」，會計評論，第46期， 31-65。

劉正田(2002)，「無形資產、成長機會與股票報酬關係之研究」，會計評論，第35期（7月），頁1-29。