- 學位論文
研發支出、IFRS實施及公司特性對公司績效之影響: 分量迴歸之應用
The effects of R&D expenditure、IFRS enforcement and firm-specific characteristics on firm performance: A quantile regression approach
摘要
為反映財務報表透明度與可比較性的需求，以利於企業國際化，並吸引外資投資國內企業，提升全球競爭力，我國推動會計準則與國際接軌。自2012年開始台灣金融監督管理委員會規定上市櫃公司財務報表須依照國際財務報導準則(International Financial Reporting Standards, IFRS)的規定以提升會計之品質。本文採用分量迴歸法，探討研發支出、公司特性變數(規模、帳面市值比、財務槓桿、產業)，及實施IFRS前後對公司績效是否有差異。本研究樣本為10,722家。採用2008-2011年為IFRS實施前4年，2012-2015後4年的資料進行因變數落後一、二和三期之分析。實證結果發現最小平方法和分量迴所得之結果有顯著差異。研究顯示研發支出對績效好的公司才有顯著正向影響，績效差的公司其研發支出則有顯著負面影響。IFRS的實施經過時間的累積對公司績效有由負轉正之影響。高績效公司，規模越大績效越差；公司績效在0.25分量以上，成立年數越高績效愈差。帳面市值比和槓桿率顯著減緩公司績效，前期為淨損的公司其績效於後續期間難以反轉。
並列摘要
In response to an increasing demand for transparent and comparable financial statements, the globalization of corporation, and the attraction of foreign capitals investment, the improvement of firms’ competitions, Taiwan Supervisory Commission imposed the introduction of IFRS for all listed firms in 2012 to improve accounting information quality. Using quantile regressions, this study explores the impacts of research and development expenditures (R&D), IFRS enforcement, and firm characteristics on firm performance. There are 10,722 observations of both four-years-period before (2008-2011) and after (2012-2015) IFRS enforcement in this study. To realize the lags effects of the research factors, the performance is lagged by one to three periods. In many cases, quantile regression estimates are quite different from those of OLS regressions. The results show that R&D positively (negatively) influences good (bad) performance firms. The enforcement of IFRS turns performance from negative to positive in the long run. For the highly-performance companies larger in size worse their performance. Firm history decreases performance if the performance is 25 percent above companies. Book-to-market and leverage ratio saliently damage performance. Last year net loss determines the bad performance following years.