摘要 本文係以研究台灣資訊電子業上市公司,使用研發支出、槓桿與托賓Q為預測內生變數,再加上現金流量對銷售比、實際課稅稅率、股價成長率、固定資產對總資產比、公司規模、銷售成長率、資產支出比、公司成立年限、股利支付率等外生控制變數。探討槓桿對研發支出與托賓Q之聯立關係,將針對台灣資訊電子業上市公司進行實證比較分析。 本研究經由文獻探討,採用混合式三階段最小平方法聯立方程式與納入增額法來強化聯立方程式實證效果,探討在不同條件下是否影響變數之間的關係。在研究樣本方面,本研究共選取了自1991年至2004年,188家資訊電子業上市公司之全體有效樣本為2,632個觀察值。以研發支出對銷售比、研發支出對總資產比分別為研發支出指標,長期槓桿、總槓桿分別為財務槓桿指標,以及托賓Q、資產報酬率分別為獲利能力指標,由實證發現混合式三階段最小平方法聯立方程具有解釋研發支出、槓桿、獲利能力三個內生變數指標的關係,結果發現對於原始樣本或是採取增額法之聯立方程式來看,財務槓桿的高、低樣本群選擇對於托賓Q均具有相同顯著且負向的影響。而研發支出的高、低樣本群對於托賓Q,具有顯著正向的影響,亦即投資決策會受到公司成長機會的影響,當公司本身獲利能力愈好,投入研發活動的意願會愈高;當公司本身獲利能力下滑時,投入研發活動的意願會降低。 再者,發現研發支出高的公司,無論是在高槓桿或是低槓桿時,都較研發低的公司來看都有較佳績效的情形。同樣的,無論是由高研發支出的同時或者是低研發支出的同時,低槓桿的公司又都有較高槓桿的公司有較佳績效的情形。換言之,高研發支出不論其槓桿是否使用公司績效都有較佳的情形,但是低槓桿的公司,不論其研發支出使用情形,低槓桿公司又較高槓桿的績公司有更好的績效,所以,槓桿是與研發支出呈負向的影響關係而研發支出與績效是呈正向的關係。因此,從長期槓桿或是總槓桿來看都有相同的績效。
Abstract This paper attempts to examine the relationship between R&D expenditure, leverage and Tobin’s Q in Taiwanese Stock – Listed Electronic Companies. Using the financial annual of electronic companies in Taiwan Economic Journal database over 1991 – 2004, 579 effective sample companies with 2632 observations were constructed. We use variables of operation cash flow to sales, tax rate , stock price growth rate, fixed assets to total assets, log total asset, sales growth rate, capital expenditure to total asset, age, dividend payout ratio as independent variables and we use R&D expenditure , leverage, Tobin’s Q as dependent variables. Try to find out the relative phenomenon between these variables and the relative relations with incremental approach method between these variables. We use R&D expenditure to sales & R&D expenditure to total asset, long term leverage & total leverage, Tobin’s Q & return on assets as endogenous variables to investigate the relationships between endogenous and exogenous variables. The Pooled 3SLS Simultaneous Equations that have proven the significant influence between R&D expenditure, leverage, profitability. The empirical results reveal that whether the R&D expenditure sample and the incremental sample both have significantly negative influence on leverage. However, the R&D expenditure shows a positive influence on Tobin’s Q. Firms with good performance would tend to have higher R&D expenditure. High R&D expenditure firms performance better than low R&D expenditure firms whether firms with high or low leverage. In other words, high R&D expenditure firms with good performance. Low leverage firms with good performance than high leverage firms whether the firms with high or low R&D expenditure. Therefore, leverage and R&D expenditure have significantly negative relations. R&D expenditure and performance have significantly positive influence. The long-term leverage and total leverage both have the same trend of performance.