淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-0606200522243000
中文論文名稱 融資方式與研發投資-台灣製造業廠商實證研究
英文論文名稱 Financing and R&D Investment-Evidence from Taiwanese Manufaturing Firms
校院名稱 淡江大學
系所名稱(中) 產業經濟學系碩士班
系所名稱(英) Department of Industrial Economics
學年度 93
學期 2
出版年 94
研究生中文姓名 游雅婷
研究生英文姓名 Ya-Ting Yu
學號 692510646
學位類別 碩士
語文別 中文
口試日期 2005-05-23
論文頁數 63頁
口試委員 指導教授-楊志海
委員-邱俊榮
委員-陳明園
中文關鍵字 內部融資  外部融資  研發投資  追踨  資料 
英文關鍵字 Internal Finance  External Finance  R&D Investment  Panel Data 
學科別分類 學科別社會科學經濟學
中文摘要 過去理論與實證文獻中,經濟學家已證明出內部融資為研發投資的重要決定因素,由於台灣企業籌資管道已朝多元化發展,因此外部融資亦為另一項重要的融資來源,而融資層級可區分為內部資金及外部資金,前者以現金流量為主,後者主要來自於借款、發行債券及現金增資。為了觀察廠商的外部融資在研發支出及實體投資所扮演的角色,本研究以1999至2003年台灣上市製造業廠商共425家為研究對象,並且應用Panel Data技術討論外部融資的可能影響。根據本研究的實證分析,得到下列結論:
一、內部融資與外部融資對於研發投資皆有正向顯著的影響。
二、在研發支出決策方面,廠商傾向以內部資金為主,而實體投資決策方面,則是外部資金為主要來源。
三、考量廠商規模的因素後,發現不同規模廠商的研發投資決策略有不同,同時也顯示中小企業因面臨融資限制,故內部融資對研發投資的影響較大。相對的,大企業偏好以外部融資取得資金。
四、對研發支出而言,廠商會先以內部資金為主,再者為負債(借款、債券),最後才是權益融資,此結果與融資順位理論相符。至於廠商的實體投資,反而是傾向以權益及負債融資方式。
英文摘要 Previous theoretical and empirical studies argued that the internal finance is the most important financial source of firms’ R&D investment. While, the external finance (debt, corporate bond, and stock financing) is also a potentially important financial source, because both the bond and stock market become increasing important for enterprises to acquire finance. To investigate the role play by external financial sources on firms’ R&D expenditures and physical investment, the thesis adopt a panel data for 425 firms listed on Taiwan Stock Exchange over the 1999-2003 period and employ the panel data model to assess the impact of external financing. The main empirical findings are listed below:
1.Both the internal and external financing are associated with a positive and significant effect on R&D investment.
2.Internal finance is the main source of R&D expenditures, while external finance plays a predominant role for physical investment.
3.After dividing sample into small and large firms, the empirical results show that small firms seem to encounter more on financing constrains for R&D so that the internal finance is the major financial source of R&D investment. Alternatively, large firms prefer to acquire finance through external finance.
4.On financing for R&D expenditures, firms prefer to use internal finance, then is debt usage and new share issues accordingly. This result is consistent with the pecking order theory. While stock and debt are major sources of funds for firms’ physical investment.
論文目次 目次
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究範圍 4
第四節 本文架構 4

第二章 文獻回顧 6
第一節 研發投資與理論基礎 6
第二節 實證文獻 11

第三章 研究設計 18
第一節 實證模型設定與變數說明 18
第二節 估計方法 24
第三節 研究對象及資料來源 27

第四章 內部與外部融資與研發投資之實證分析 32
第一節 各變數相關係數 32
第二節 傳統線性迴歸模型的估計結果 34
第三節 工具變數的應用及結果 41

第五章 不同規模企業其融資方式與研發投資的關係 45
第一節 不同廠商規模之估計結果 45
第二節 融資限制之效果的檢定 49

第六章 不同外部融資工具對研發投資的影響 51
第七章 結論 58
參考文獻 59

圖表次
圖1-1 研究流程 5

表1-1 歷年直接金融與間接金融之消長 2
表3-1 各項變數定義彙總 23
表3-2 基本統計量 28
表3-3 敍述統計量 30
表4-1 變數間相關係數矩陣 33
表4-2 固定效果的Within-Firm估計結果 36
表4-3 固定效果的Between-Firm估計結果 39
表4-4 Instrumental Variable估計結果 43
表5-1 中小企業之固定效果的Within-Firm估計結果 47
表5-2 大企業之固定效果的Within-Firm估計結果 48
表5-3 加入廠商規模虛擬變數後固定效果之Within-Firm估計結果 50
表6-1 固定效果的Within-Firm估計結果 53
表6-2 固定效果的Between-Firm估計結果 56

參考文獻 邱綺倫(2001),「公司融資方式選擇與成長機會之關係-多項式自我選擇模型實證研究」,國立台灣大學經濟學研究所碩士論文。
劉維琪、劉玉珍(1989),「融資順位理論之發展與實證」,管理評論,第17卷,第1期,頁7~22。
Ahn, S.C. and P. Schmidt (1992), “Efficient Estimation of Panel Data Models with Exogenous and Lagged Dependent Regressors,” Journal of Econometrics, 68, 5-27.
Akerlof, G.A. (1970), “The Market for ‘Lemons’: Quality and Uncertainty and the Market Mechanism,” Quarterly Journal of Economics, 84, 488-500.
Alchian, A. and H. Demsetz (1972), “Production, Information Costs and Economic Organization”, American Economic Review, 62, 777-795.
Arellano, M. and S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations,” Review of Economic Studies, 58, 277-297.
Arrow, K.J. (1962), “Economic Welfare and the Allocation of Resources for Invention,” in R. R. Nelson (ed.), The Rate and Direction of Inventive Activity: Economic and Social Factors, Princeton: Princeton University Press, 609-625.
Bah, R. and P. Dumontier (2001), “R&D Intensity and Corporate Financial Policy: Some International Evidence,” Journal of Business Finance and Accounting, 28, 671-692.
Baskin, J. (1989), “An Empirical Investigation of the Pecking Order Hypothesis,” Financial Management, spring, 26-35.
Bester, H. (1985), “Screening vs. Rationing in Credit Markets with Imperfect Information,” American Economic Review, 75, 850-855.
Berle, A.A. and G.C. Means (1932), The Modern Corporate and Private Property, New York: Macmillan.
Boughes, S. (2004), “Internal vs. External Financing of R&D,” Small Business Economics, 22, 11-17.
Chua, J.H. and R.S. Woodward (1993), “The Pecking Order Hypothesis and Capital Structure of Private Companies,” Financial Management, 22, 87-109.
Chung, K.H. and S.W. Pruitt (1994), “A Simple Approximation of Tobin’s Q,” Financial Management, 23, 70-74.
Coase, R.H. (1937), The Nature of the Firm, Economic, 4, 386-405.
Donaldson, G. (1961), “Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity,” Division of Research, Graduate School of Business Administration, Harvard University.
Durand, D. (1952), “Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement,” Conference on Research in Business Finance, National Bureau of Economic Research, New York, 215-247.
Elliot, J.W. (1971), “Funds Flow vs. Expectation Theories of Research and Development Expenditures in the Firm,” Review of Economic Studies, 69, 409-422.
Fazzari, S.M., G.R. Hubbard and B.C. Petersen (1988), “Financing Constraints and Corporate Investment,” Brookings Papers on Economic Activity, 1994(1), 141-195.
Griliches, Z. and J.A. Hausman (1986), “Errors in Variables in Panel Data,” Journal of Econometrics, 31, 93-118.
Hall, B., J. Mariesse, L. Branstetter and B. Crepon (1998), “Does Cash Flow Cause Investment and R&D: An Exploration Using Panel Data for French, Japanese, and United States Scientific Firms,” in D. Audretch and Thurik (eds.), Innovation, Industry Evolution and Employment, Cambridge, England: Cambridge University Press.
Hall, B. (1992), “Investment and Research and Develop at the Firm Level: Does the Sources of Financing Matter?,” NBER Working Paper No. 4096.
Hall, B. (2002), “The Financing of Research and Development.” NBER Working Paper No. 8773 (February).
Harhoff, D. (2000), “Are there Financing Constraints for R&D and Investment in German Manufacturing Firms?” The Economics and Econometrics of Innovation, 399-434.
Helwege, J. and N. Liang, (1996), “Is there a Pecking Order? Evidence from a Panel of IPO Firms,” Journal of Financial Economics, 40, 429-458.
Himmelberg, C.P. and B.C. Petersen (1994), “R&D and Internal Finance: A Panel Study of Small Firms in High-Tech Industries,” Review of Economics and Statistics, 76(1), 38-51.
Hoshi, Takeo, A. Kashyap, and D. Scharfstein (1991), “Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups,” The Quarterly Journal of Economics, 106, 33-60.
Jensen, M.C. and W.H. Meckling, (1976), “Theory of the Firm: Managerial Behavior-Agency Cost and Ownership Structure,” Journal of Financial and Economics, 3, 305-360.
Kamien, M.I. and N.L. Schwartz (1978), “Self-Financing of an R&D Project,” American Economic Review, 68, 252-261.
Kamien, M.I. and N.L. Schwartz (1982), Market Structure and Innovation, Cambridge, England: Cambridge University Press.
Kaplan, S.N. and L. Zingales (1997), “Do Financing Constraints Explain why Investment is Correlated with Cash Flow?,” Quarterly Journal of Economics, 112, 169-215.
Keane, M.P. and D.E. Runkle (1992), “On the Estimation of Panel Data Models with Serial Correlation when Instruments are not Strictly Exogenous,” Journal of Economics and Statistics, 10, 1-29.
Kester, W.C. (1986), “Capital and Owner Ship Structure: A Comparison of The United States and Japanese Manufacturing Corporations,” Financial Management, spring, 5-23.
Kholdy, S. and A. Souhrabian (2001), “Internal Finance and Corporate Investment,” The Financial Review, 37, 97-114.
Leland, H. and D. Pyle (1977), “Informational Asymmetries, Financial Structure, and Financial Intermediation,” Journal of Finance, 32, 371-387.
Leveson, A. and K. Willard (2000), “Do Firms Get the Financing They Want? Measuring Credit Rationing Experienced by Small Firms in the U.S.A,” Small Business Economics, 14, 83-94.
Lindenberg, E. and S. Ross (1981), “Tobin’s Q Ratio and Industrial Organization,” Journal of Business, 54, 1-32.
Meyer, J.R. and E. Kuh (1957), The Investment Decision: An Empirical Study, Cambridge: Harvard University Press.
Miller, M. (1977), “Debt and Taxes,” Journal of Finance, 32, 261-275.
Miller, M. and F. Modigliani (1961), “Dividend Policy, Growth and the Valuation of Shares,” Journal of Business, 34(1), 411-433.
Modigliani, F. and M. Miller (1958), “The Cost of Capital, Corporation Finance, and the Theory of Investment,” American Economic Review, 46, 261-297.
Modigliani, F. and M. Miller (1963), “Corporation Income Taxes and the Cost of Capital: A Correction,” American Economic Review, 53, 433-443.
Muller, D.C. (1967), “The Firm’s Decision Process: An Econometric Investigation,” Quarterly Journal of Economics, 81, 58-87.
Myers, S.C. (1984), “The Capital Structure Puzzle,” Journal of Finance, 3, 575-592.
Myers, S.C., and N.S. Majluf, (1984), “Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have,” Journal of Financial Economics, 13, 187-221.
Schumpeter, J.A. (1942), Capitalism, Socialism, and Democracy, New York: Harper and Row.
Scherer, F.M. (1965), “Firm Size, Market Structure, Opportunity, and the Output of Patented Inventions,” American Economic Review, 55, 1097-1125.
Shen, C.H. and C.A. Wang (2002), “Does Banking Relationship Matter to Firms’ Investment and financial Constraints? Evidence from the Taiwan’s Case,” 10th Conference on Pacific Basin Finance, Economics and Accounting.
Smith, C.W., Jr. and J.B. Warner (1979), “On Financial Contracting: An Analysis of Bond Covenants,” Journal of Financial Economics, 7, 117-161.
Spence, M. (1979), “Investment Strategy and Growth in a New Market,” Bell Journal of Economics, 10, 1-19.
Stigiltz, J.E. and A. Weiss (1981), “Credit Rationing in Markets with Imperfect Information,” American Economic Review, 71, 393-410.
Titman, S. and R. Wessels (1988), “The Determinants of Capital Structure Choice,” Journal of Finance, 1-19.
Trajtenberg, M. (2001), “Innovation in Israel, 1968-1997: A Comparative Analysis Using Patent Data,” Research Policy, 30(3), 363-389.
Yang, C.C. (1995), “The Relations between Stock Returns and Firm Fundamentals for Firms Selecting Alternative External Financing,” Journal of Financial Studies, 2, 99-134.
論文使用權限
  • 不同意紙本論文無償授權給館內讀者為學術之目的重製使用。
  • 同意授權瀏覽/列印電子全文服務,於2010-06-23起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信