研發投資活動對現金股利發放影響之研究

本研究對象為臺灣上市櫃公司，研究期間為2003年至2018年合計十六年。探討公司財務彈性對於研發投資活動與現金股利率之關係的影響。實證結果顯示現金股利政策影響著企業的研發投資活動。企業的財務彈性越大、融資約束越小，企業選擇資金投入研發投資活動，投資者可能不會收到股利或分到較少的股利。企業在營運不佳情況下，外部融資成本高，現金流動不易、故財務彈性越小融資約束會越大，為維持資金流量及資本市場良好聲譽形象，故可能發放股利來吸引投資者。

關鍵字

研發投入；現金股利發放率；融資約束；聲譽理論

並列摘要

The research object of this study is listed company in Taiwan, and the research period is from 2003 to 2018 with a total of 16 years. It investigates in the impact of company’s financial flexibility toward the relationship between R D investment activities and cash dividend rates. The empirical result shows that the cash dividend policy affects the R D investment activities of enterprises. While the enterprise has greater financial flexibility and lesser financing constraints, it is likely to invest funds in R D investment activities so that investors may not receive dividends or obtain insignificant dividends. When company is under poor operational circumstances, the external financing costs appear to be high as well as company will have difficulty in cash flow, which may lead to fewer flexibility and increase constraints in finance. In order to maintain the flow of funds and the favorable reputation in the capital market, company may issue dividends to attract investors.