規模效應下研發支出對企業未來盈餘及市場反應之影響 -以台灣上市櫃高科技公司為例

Scale Effect of R&D as Reflected in Earnings and Returns - Evidence from Listed High-tech Firms in Taiwan

莊荔如(Li-Ru Juang)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計學研究所/碩士(2015年)

https://doi.org/10.6342/NTU.2015.00088

摘要

本篇論文參考Ciftci and Cready(2011)之研究設計，以台灣作為研究主體。從企業規模之角度，針對台灣1999 年至2008 年上市櫃高科技公司，分成經濟規模效益以及股票市場規模效應兩大部分，探討在企業規模不同下，研發支出對於企業未來績效及股票報酬之影響，實證結果發現：1.規模越大，企業所投入之研發支出會具有經濟規模效益，未來產生之盈餘越大。2.隨著企業規模越大，由研發投入所帶來之盈餘波動性越低，其未來之股價報酬越低，具有股票市場規模效應。由以上述結果我們可得知，研發支出之投入具有價值且具有風險，公司可利用本身規模大優勢，例如：市場佔有率、名聲等等，使得在新產品上面較易成功，也較能分攤研發投入帶來之風險，反之，小規模之公司會因為這些風險提升，而讓市場所期望的報酬提升。

關鍵字

企業規模 ； 規模效應 ； 未來績效 ； 股價報酬 ； 研究發展支出

並列摘要

Base on the research design of Ciftci and Cready(2011),this study uses a sample of listed Taiwanese companies that have available data from years 1999-2008 to explore how R&D-related earnings performance, earnings variability and stock return depend upon firm size. The empirical results are mentioned as below:
(1) The positive association between the level of future earning and R&D intensity increases with firm size. In addition, larger firm’s R&D investment has less of an impact on earnings variability than small firms.
(2) We further show that R&D scale effects flow through into returns, as larger firms R&D investment is associated with lower future returns than that for smaller firms.
R&D investment brings both value and risk. Specifically, because of economies of scale, larger R&D efforts are more productive and less uncertain. Larger firms seem to be better positioned than smaller firms to spread or diversify R&D investment risks, so the return premium for smaller firms relative to larger firms is compensation
for greater risk for these firms and expected market returns increase.

並列關鍵字

scale effects ； Research and Development ； economies of scale ； firm size effect

參考文獻

Sougiannis, T. (1994). The accounting based valuation of corporate R&D. Accounting review, 44-68.

Sougiannis, T., (1994). The accounting based valuation of corporate R&D. The Accounting Review 69, 44–68.

胡星陽(1998)，「流動性對台灣股票報酬率的影響」，中國財務學刊，pp.1-19;

歐進士，(1996)，我國企業研究發展與經營績效關聯性之實證研究，中山管理評論，(6)，357-386

楊朝詳，(2007)，高科技產業與人才創新－台灣模式與經驗，財團法人國家政策研究基金會