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系統識別號 U0002-0506200917211000
中文論文名稱 總經理持股比率對企業研發支出影響之實證研究-以國內上市櫃公司為例
英文論文名稱 The impact of CEO stock ownership on R&D expenditures - Evidence from Taiwan’s listing companies.
校院名稱 淡江大學
系所名稱(中) 財務金融學系碩士班
系所名稱(英) Department of Banking and Finance
學年度 97
學期 2
出版年 98
研究生中文姓名 劉盈伶
研究生英文姓名 Ying-Ling Liou
學號 696530111
學位類別 碩士
語文別 中文
口試日期 2009-05-30
論文頁數 93頁
口試委員 指導教授-路祥琛
委員-聶建中
委員-張倉耀
委員-鍾惠民
中文關鍵字 總經理持股率  企業成長機會  組織寬裕資源  負債比率  研發支出 
英文關鍵字 CEO stock ownership  MTB  slack resources  debt ratio  R&D 
學科別分類 學科別社會科學商學
中文摘要 在現今知識經濟時代,研發創新儼然成為企業提升自我價值與市場競爭力的最佳途徑,而研發費用的支出取決於公司管理者之決策,故本文以國內上市櫃公司研發支出水準為研究主軸,探討公司總經理持股比率與公司現有條件:企業價值與成長機會、組織寬裕資源與負債比率共四項變數對公司研發支出決策之影響關係,旨在探討總經理在自利動機與公司績效考量下,對研發投資水準之決策考量,並進一步探討在不同的公司型態與條件下,是否具有差異性。
本研究資料取自台灣經濟新報社(TEJ)資料庫並輔以公開資訊觀測站資料,採用多元迴歸分析對樣本進行檢定。實證結果顯示,總經理持股比率、公司負債比率與研發支出呈顯著負相關;企業價值與成長機會、組織寬裕資源與研發支出呈顯著正相關。此外,在整體樣本和不同的上市櫃標準下,以總經理持股率與組織寬裕資源之交互效果對企業研發支出決策具有顯著的正向影響力。唯當公司總經理非由董事長兼任時,僅有企業成長機會、公司負債比率以及兩變數與總經理持股之交互效果對企業研發投資決策具有顯著之影響。
英文摘要 In a knowledge economy, the research and development (R&D) has become the best way for an enterprise to prosper and gain market power. Executives are the ones who decide the amount of capital a firm puts into R&D activities. This study takes the agency perspective to investigate the relationship between CEO stock ownership and a firm's R&D expenditures. This study investigate the impact of the CEO stock ownership, firm growth opportunity, slack resources, and debt ratio on R&D expenditures. The purpose is to determine whether CEO stock ownership would affect CEO’s decision on R&D expenditures. We further investigate the effects of a firm’s listing statue, industry type, and CEO dual role statue on R&D expenditure.
The data comes from TEJ database and the market observation post system, and multiple regression analysis is used to carry on the investigation. As a whole, this study shows that CEO stock ownership and debt ratio are negatively associated with a firm’s R&D expenditures, and firm growth opportunity and slack resources are positively associated with a firm’s R&D expenditures. The increasing in shareholding of CEO will increase CEO’s fear of downside risk. As a result, CEO may reduce the long term risky investment in R&D to avoid the lose. When a firm’s CEO isn’t also the firm’s chairman of the board, only firm growth opportunity and debt ratio have the significant effect on a firm’s R&D expenditures.
論文目次 謝辭 ................................................. I
中文摘要...............................................II
英文摘要...............................................III
第一章緒論 ............................................1
第一節 研究動機與背景..................................1
第二節 研究問題與目的..................................3
第三節 預期研究貢獻....................................4
第四節 論文架構與研究流程..............................5
第二章文獻探討 ........................................7
第一節 研發活動之定義與會計處理........................7
一、 研究發展活動之定義................................7
二、 研究發展活動之會計處理............................8
第二節 研發支出之相關文獻探討..........................9
一、 研發支出與公司績效之探討..........................9
二、 影響研發支出之相關因素............................13
第三節 管理者自利行為之相關文獻
一、 代理理論之管理者持股探討..........................17
二、 管理者自利行為之盈餘操縱..........................20
三、 董事長兼任總經理之自利行為........................22
第四節 研發支出與管理者獎酬之相關探討..................24
第三章研究設計與方法 ..................................28
第一節 研究變數架構與研究假說..........................28
二、 研究假說設立......................................29
第二節 實證模型與變數定義..............................33
一、 實證..............................................33
二、 自變數之定義......................................35
三、 應變數之定義......................................37
四、 控制變數之定義....................................37
第三節 研究期間、樣本選取與資料蒐集....................42
一、 研究期間選取......................................42
二、 樣本選取標準......................................43
三、 資料..............................................45
第四節 研究............................................46
一、 敘述性統計分析( Descriptive statistics)...........46
二、 變數間相關性分析(Correlation analysis) ..........46
三、 t 檢定(t-test)....................................47
四、 多元迴歸分析(Multiple regression analysis ).......47
第四章實證結果與分析 ..................................49
第一節 敘述性統計分析..................................49
第二節 變數相關性分析..................................59
第三節 多元迴歸模型之實證分析結果......................61
一、 整體樣本之迴歸模型分析............................61
二、 董事長兼任與總經理獨任之迴歸模型分析..............66
三、 高科技產業與傳統產業之迴歸模型分析................70
四、 上市與上櫃公司之迴歸模型分析......................74
第五章.................................................79
第一節 研究結論........................................79
第二節 研究限制........................................82
第三節 研究建議........................................83
參考文獻...............................................85


表次
表 3-1 變數定義衡量表..................................41
表3-2 樣本篩選過程表...................................43
表3-3 產業別樣本統計表.................................44
表4-1 整體樣本之變數基本統計量表.......................52
表4-2 兼任別之變數基本統計量表.........................54
表4-3 產業別之變數基本統計量表.........................56
表4-4 上市櫃別之變數基本統計量表.......................58
表4-5 PEARSON 相關係數及變異數膨脹因子(VIF)分析表......60
表4-6 整體樣本之迴歸分析表.............................65
表4-7 兼任別之迴歸分析表...............................69
表4-8 產業別之迴歸分析表...............................73
表4-9 上市櫃別之迴歸分析表.............................77

圖 次
圖 1-1 論文架構與流程圖.................................6
圖3-1 研究變數架構圖...................................28
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