摘 要 公司管理者持股會影響其多角化及研發支出之策略行為,且因創新研發具有高風險高報酬的特性,而多角化則具有分散風險的特性,過去文獻認為公司多角化與公司研發支出具有抵換關係,但亦有研究發現公司多角化對研發支出並未有具體的影響關係。故本研究針對國內上市公司,以多元迴歸方法分析,研究期間為2002-2010年,探討公司管理持股比例、研發支出的投入與多角化行為,在自利動機考量下,對於公司經營績效造成之影響,並進一步考量其交互作用是否亦對公司績效而有顯著之影響。實證結果發現公司管理者持股與經營績效呈顯著正向關係,符合利益收斂假說。研發支出與經營績效呈顯著負向關係,其可能受到研發成果短期不易顯現的特性所影響。公司多角化與經營績效呈顯著負向關係,表示從事多角化容易加劇代理及資訊不對稱等問題進而降低公司的經營績效。最後,探討其相互作用之實證結果顯示公司管理者持股與研發支出之交乘項與公司績效呈現顯著正相關;即公司管理者持股比例愈集中,使得公司與其股東之間的利益得以連結,降低了代理成本且願意持續投入資源於研發支出,故能提升公司績效。
Abstract The managerial ownership of company will affect the strategy of diversification and R D expenditure behavior. R D expenditure has the characteristics of high risk and high return as well as diversification has the characteristics of risk diversification. Some previous literature suggests that there is a trade-off relationship between corporate diversification and R D expenditure. However, other prior studies find that there is not a specific relationship between corporate diversification and R D expenditure. This study uses the sample of firms listed in Taiwan Stock Exchange from 2002 to 2010. In addition, this study uses multiple regression analysis to investigate the managerial ownership, R D expenditure, diversification behavior and their joint effect on firm performance. Consistent with convergence of interest hypothesis, the empirical results show that there is a significant positive relationship between managerial ownership and firm performance. However, there is a significant negative relationship between R D expenditure and firm performance. It may be subjected to short-term R D expenditure which is not easy to highlight the effect. Furthermore, the diversification has a significant negative effect on firm performance. This implied that diversification will exacerbate the agency problem and information asymmetry, and thereby reduce the firm performance. Finally, the interactive effect of the managerial ownership and R D expenditures has a significant positive relationship on firm performance. This implied that the firms with more R D expenditures and higher levels of managerial ownership will jointly enhance firm’s performance.
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