研發支出、負債型態與公司績效之實證－美國與台灣之比較研究

R&D Expenditure, Debt Types and Performance in Taiwanese and U.S. Listed Companies

曹新正(Hsin-Cheng Tsao)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500193

摘要

本文係研究台灣與美國上市公司之研發支出、負債型態及公司績效的關聯性，除了探討總負債對研發支出的影響之外，本文更依據負債型態不同，針對銀行債 (Bank Debt)、公募債 (Public Debt)、非銀行私募債 (Non-bank private debt)等三項負債來源進行探討，最後，本文將針對台灣與美國之實證結果進行比較分析。
本文選取台灣及美國上市公司進行實證研究。在台灣上市公司方面，本文共選取了自1991年至2000年，579家在台灣證券交易所公開上市公司，所以共有5790個原始觀察值，而扣除資料不全之樣本數之後，有效樣本為4,587。在美國上市公司方面，共選取自1991年至2003年，9011家美國現行 (Active) 上市公司，原本有117,143個原始觀察值，但扣除資料不全之樣本數之後，有效樣本為59,198。本文之研究方法是採用兩階段最小平方法聯立方程式模型 (2SLS Model) 及分群檢定。
本研究發現，在兩階段最小平方法聯立方程式模型中，負債比例對台灣上市公司的研發支出有顯著且負向的影響，但在美國，只有高研發支出的樣本群才有這樣的情形出現；實際稅率對台灣上市公司的研發支出有顯著且負向的影響，但在美國，就全體樣本及低研發支出之樣本群而言，其對於實際稅率有顯著且負向的影響，但就高研發支出之樣本群而言，其對於研發支出卻呈現顯著且正向的影響。在分群檢定中，對於台灣上市公司而言，無論在高研發支出比、中度研發支出比及低研發支出比的樣本群中，主要使用銀行債的公司較主要使用公募債的公司有顯著較高的績效，顯示有研發支出的公司，其利潤對資訊之外漏敏感度較高，銀行債較公募債有較少程度之資訊洩漏，因而，可保有較高之績效。而無負債的公司又擁有顯著最佳的績效；但在美國上市公司中，無論在高研發支出比及低研發支出比的樣本群中，中度負債比例之公司擁有最佳的績效。

關鍵字

2SLS模型 ； 公司績效 ； 負債型態 ； 負債結構 ； 研發支出

並列摘要

This study examines the relationship among R&D expenditure、debt types、performance in both Taiwanese and U.S. listed companies. We examine how R&D expenditure is affected by total debt, and how R&D expenditure is affected by debt types, which are divided into 3 gruops, bank debt, public debt and non-bank private debt. Finally, we compare the empirical results between Taiwan evidences and American evidences.
Our empirical sample includes Taiwanese and U.S. listed companies. For Taiwanese listed companies, our samples include 579 Taiwanese listed companies in Taiwan Stock Exchange from 1991－2000. Hence, the original observations are 5,790. But the effective samples are 4,587 after deleting the data nonavailable. For U.S. listed companies, our samples include 9011 U.S. active companies from 1991－2003. Hence, the original observations are 117,143. But the effective samples are 59,198 after deleting the data nonavailable. Our methodology are the 2SLS Model and group test.
For 2SLS Model, we find that R&D expenditure is significantly negative with debt ratio in Taiwan, but the same results only happened for high R&D group in U.S.；R&D expenditure is significantly negative with tax rate in Taiwan, but the same results only happened for full sample and low R&D group in U.S.. However, R&D expenditure is significantly positive with tax rate in U.S. For group test, the companies with zero debt has the best performance for high R&D group, median R&D group and low R&D group. The companies with predominant bank debt has significantly better performance than the companies with predominant public debt. It means that the profits of the companies with R&D expenditures are more sensitive to information leakage and bank debt has the lower information leakage than public debt. Hence, the companies with predominant bank debt has the better performance. But the companies with median debt ratio has the best performance for high R&D group and low R&D group.

並列關鍵字

R&D Expenditure ； 2SLS Model. ； Performance ； Debt Structure ； Debt Types

參考文獻

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