研發支出對經營績效及股權評價影響之研究

The Impacts of Research and Development on Operation Performance and Equity Valuation

林美倫(Mei-Lun Lin)

《臺南科大學報（人文管理）》 26_1期 (2007/09) Pp. 115-133

https://doi.org/10.6970/JTUTHSM.200709.0115

摘要

研究發展爲我國產、官、學界所熱烈探討的議題之一，因其不僅攸關企業的生存與茁壯，更關係到國家經濟是否能持續成長與繁榮。本研究整合Lev & Sougiannis 盈餘評價模型及Ohlson股權評價模型（Ohlson模型），以我國資訊電子業公司爲研究樣本，採用追蹤資料(Panel data)模型進行實證分析，以克服時間序列分析常發生之序列相關問題及橫斷面分析的異質變異問題。實證結果發現，研發支出對於經營績效（盈餘）之顯著影響只遞延至第二期且爲正向，但當期研發支出對當期盈餘有負面影響，代表企業常於獲利不佳時增加研發支出以獲取未來之盈餘；在Ohlson模型方面，帳面價值、超常盈餘、總要素生產力成長三變數之係數均顯著爲正，符合理論方向，因而證實本研究以會計盈餘估計總要素生產力成長在股權評價模型中具價值攸關性。綜合而言，本研究所提出以總要素生產力成長來代理Ohlson模型中其他價值攸關變數，不僅在本質上與其概念接近，且實證上較一般化，並顯示此變數與股權評價具高度相關。

關鍵字

研發支出 ； 經營績效 ； Ohlson股權評價模型Ohlson 模型 ； 總要素生產力成長

並列摘要

Research and Development is one of the hottest discussion topics in the world. Not only does it affect the survival and growth of an industry, but also the continuing growth and prosperity of an economy. This paper integrates Lev & Sougiannis's earnings valuation model and Ohlson equity valuation model (Ohlson model) to construct the non-accounting information of Ohlson model, using a sample drawn from Taiwanese electronic firms. The data used in this study is cross-sectional and of a time-series. Hence, this paper uses Panel data model to analyze empirical results to overcome the problems of autocorrelation and heteroskedasticity due to time-series analysis and cross-sectional analysis, respectively. The empirical results show that the effect of Research and Development on operation performance (earnings) is positive and the coefficients of book value, abnormal earnings, and GTFP (Growth in Total Factor Productivities) in Ohlson model for equity valuation are significantly positive. It fits in with the expectation of theory. Thus, GTFP can be used as a proxy for the non-accounting information in Ohlson model.

並列關鍵字

Research and Development ； Operation Performance ； Ohlson Equity Valuation Model Ohlson model ； Growth in Total Factor Productivities GTFP