創新、資本結構、和債券市場之實證研究

An Empirical Study of Innovation, Capital Structure, and Bond Market

李泰坤(Tai-Kun Li)

指導教授 ： 陳玉麟

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800338

摘要

債券市場為近年來國內企業重要的外部融資管道之一，而無形資產在知識經濟下更顯重要。國內研究卻鮮少有人由債權人的觀點來檢視研發支出，因此，本研究探討研發密集度、資本結構與債券風險溢酬之間的關係。

具體而言，本研究透過敘述性統計、相關係數分析、複迴歸分析，來檢視研發密集度與資本結構的關聯性、研發密集度與債券風險溢酬的關聯性、以及研發密集度與資本結構的交互作用與風險溢酬的關聯性，以及管理型態對上述關係的影響。

本研究發現高研發密集度的公司，會有較低的財務槓桿。當期研發支出與風險溢酬間呈現正向顯著，顯示債權人會把當期研發支出視為負債性質支出。低負債搭配高研發或是高負債搭配低研發能降低債券風險溢酬。上述的現象在家族管理企業更為明顯。

關鍵字

創新 ； 資本結構 ； 債券風險溢酬

並列摘要

Recently, the bond market is one of the primary external financing channels for the company in Taiwan, while the intangible assets become more important in the knowledge-based economy. In Taiwan, there are limited studies to examine the research and development (R&D) from the bondholders’ view of point. Therefore, this study examines the relationship among R&D intensity, capital structure, and bond risk premium.

More specifically, this study investigates the association between R&D intensity and capital structure, the association between R&D intensity and bond risk premium, as well as the performance implications of interactions between R&D intensity and capital structure. Furthermore, this study explores the impacts of business type on the aforementioned relationships. The empirical analyses are conducted by the descriptive statistics analysis, correlative coefficient analysis, and regression analysis.

The study finds that there is a negative association between R&D intensity and financial leverage. From the perspective of bondholders, a negative correlation between risk premium and R&D intensity. The lower bond risk premium results from R&D investment only to the extent that there is fit between the R&D and capital structure. The aforementioned relationships are more obvious in the family business than non-family business.

並列關鍵字

Capital structure ； Bond risk premium ； Innovation

參考文獻

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