研發支出、總體經濟變數對企業價值之影響－以上市櫃公司之化學產業為例

The Effect of R&D Expenditures and Macroeconomic Factors on Firms Value for Taiwan’s listed & OTC Chemical Industry

鄭儒愔(Cheng-Ju Yin)

指導教授 ： 顏義文

長榮大學/管理學院/經營管理研究所(博)/碩士(2006年)

https://doi.org/10.6833/CJCU.2006.00072

摘要

摘 要

　　本研究選定西元2000年至2004年共五年之季資料為研究期間，以台灣證券交易所上市櫃化學產業為研究樣本點，本研究之樣本公司共25家，N=500。利用ohlson模型探討財務資訊、研發支出及總經指標是否對公司價值具有顯著影響。
本研究之實證結果如下：
一、財務資訊：每股帳面值及每股異常盈餘對公司市值具有正向顯著影響。
二、研發變數：研發支出比例對公司市值具有顯著影響，但研發密度對公司市值呈現不顯著。
三、總經指標：景氣信號綜合分數、消費者物價指數對股價具有顯著影響。
四、本研究之「化學產業」模型:

本研究利用Ohlson模型結合研發支出及總經指標中具顯著性之變數，得出本研究之化學產業模型。其中在1%之顯著水準下，每股帳面價值、每股剩餘盈餘、研發支出比例、景氣信號綜合分數、消費者物價指數對股價有顯著影響。而在10%之顯著水準下，匯率波動率對股價有顯著影響。

關鍵字

研發支出 ； 總經指標 ； 台灣上市櫃公司化學產業 ； Ohlson模型

並列摘要

Abstract
The thesis select the season data for A.D. 2000 to 2004 and Taiwan’s listed & OTC Chemical Industry as the sample, whose company of this research amounts to 25, N =500.

Use the ohlson model to research the financial information, the Research and Develop expenditures, the macroeconomic indices are if having obvious influence on the company's market value or not.

The empirical results of this research are as follow:
1. Financial information: The book value per share and each remnant surplus are having obvious influence on the company's market value.

2. Research and Develop factors: The proportion of the Research and Develop expenditures has obvious influence on the company's market value, but the Research and Develop density are not.

3. Macroeconomic indices: The comprehensive marks of the prosperous signal, consumer price index have obvious influence on the stock price.

4. Model of ' The Chemical Industry ' of this research:

The thesis use the ohlson model to research the obvious influence factors of R&D expenditures and Macroeconomic indices, draw the chemical industry's model of this research。 Among them under 1% of the conspicuous of the book value per share, each remnant surplus, the proportion of the Research and Develop expenditures, the comprehensive marks of the prosperous signal, consumer price index have obvious influence on the stock price. Under 10% of the conspicuous, the exchanging rate fluctuate rate has obvious influence on the stock price.

並列關鍵字

R&D expenditure ； Macroeconomic indices ； Ohlson model

參考文獻

21. 藍心梅(民90)，會計基礎評價模式在台灣股市適用性之研究，私立中原大學會計學系碩士論文，中壢市。

3. 台灣經濟研究院 http://www.tier.org.tw/

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