研發強度及高科技產業動能

R&D Intensity and (Non-) High-Tech Industries Momentum

朱雅筠(Ya-Yun Zhu)

指導教授 ： 李瑞琳 ； 張阜民

朝陽科技大學/管理學院/財務金融系/碩士(2017年)

摘要

本研究探討研發強度(R&D intensity)對動能(momentum)獲利的影響。我們根據Zang (2007)計算年度研發強度來反應產業創新。我們將臺灣股票市場的產業就研發強度排序為三個群組。我們考慮從2002年01月到2016年10月高科技產業和非高科技產業的數據作為本研究的樣本。研究結果顯示，研發強度與動能報酬之間無正向顯著的影響，表明增加研發強度對動能的影響不大。探討高科技和非高科技產業時，也有類似的結果。然而，非高科技產業其研發強度之群組G3之每月平均動能獲利率有正向顯著的影響，本研究之結果將為研發強度及動能獲利能提供更有價值的見解。

關鍵字

研發強度 ； 動能獲利 ； 高科技產業

並列摘要

This study examines the effects of R&D intensity on momentum profitability. We compute the annual R&D intensity according to Zang (2007) to reflect corporate innovation. We divide firms in Taiwan stock market into 3 groups in terms of sorting the R&D Intensity. We consider the (non-) high-tech industries during Jan. 2002 and Oct. 2016. Our findings show insignificant positive relation between R&D intensity and momentum returns, suggesting that the adding R&D intensity to momentum does not work well. Similar results are obtained when looking at high-tech and non-high-tech industries. However, there is significant positive average monthly momentum returns for largest R&D intensity group in non-high-tech industry. Our findings would shed more valuable insights on momentum profitability and R&D intensity.

並列關鍵字

R&D intensity ； Momentum profitability ； High-tech industries

參考文獻

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