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論文中文名稱:我國高科技產業研發支出與公司價值之關聯性-公司治理的調節效果 [以論文名稱查詢館藏系統]
論文英文名稱:The Relationship between R&D Expenditures and Firm Value in Taiwan High-tech Industry : The Moderating Effect of Corporate Governance [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:管理學院經營管理EMBA專班
畢業學年度:103
畢業學期:第二學期
出版年度:104
中文姓名:唐世翰
英文姓名:Shih-Han, Tang
研究生學號:102C22503
學位類別:碩士
語文別:中文
口試日期:2015/06/06
指導教授中文名:林鳳儀
指導教授英文名:Feng-Yi, Lin Ph.D.
口試委員中文名:陳國樑;梁德容
中文關鍵詞:公司治理研發支出公司價值
英文關鍵詞:Corporate GovernanceR&D ExpendituresFirm Value
論文中文摘要:高科技產業是我國具有前景的產業之一,研發支出是高科技產業維持競爭優勢與創造公司價值的必要投資,公司治理的目的在於建立適當的機制以解決代理問題並創造公司價值極大化。本研究以2005至2014年期間我國上市櫃之高科技公司為研究樣本,利用迴歸模型探討我國高科技產業之公司治理、研發支出與公司價值之關聯性以及公司治理變數對研發支出與公司價值的調節效果。本研究以董事會規模、獨立董監事比率、控制股東董監事比率、董監事持股比率、管理者持股比率、控制股東持股比率、大股東持股比率、外部法人持股比率、董事長兼任總經理、家族企業做為代表公司治理的調節變數,若調節變數對於研發支出創造公司價值的能力具有顯著正向或負向的調節效果,則對於投資者而言,可將調節變數視為觀察指標以做為投資策略的參考依據。對於公司董事會而言,亦可藉由調節變數來管控研發支出對公司價值之影響,以達成提升競爭優勢、減少經營風險、創造公司價值極大化的目標。
論文英文摘要:High-tech industry is one of the promising industries in Taiwan, research and development expenditure is necessary to maintain the competitive advantage of high-tech industry investment and corporate value creation. The purpose of corporate governance is the mechanism for the establishment of appropriate to solve the agency problem and the creation of corporate value maximization. In this research, research samples are listed or over the counter high-tech firms during the 2005 to 2014 in Taiwan Stock Exchange, using the regression model to investigate “The Relationship between R&D Expenditures and Firm Value in Taiwan High-tech Industry: The Moderating Effect of Corporate Governance”. This research selected the size of the board of directors, independent directors ratio, controlling shareholders ratio, the shares held by directors and supervisors ratio, the shares held by managers shareholding ratio, the shares held by controlling shareholder ratio, the shares held by large shareholders ratio, the shares held by external institutional ownership ratio, president and chief executive officer served as a moderator of corporate governance. If moderator variables ability for spending on R&D expenditures of value creation has positive or negative effect, inferring that investors can regulate the variable as observation index for investment strategy reference. Moreover, for board of directors, by moderator variables to control the relationship of R&D expenditures and firm value, in order to reach the goal of improving the competitive advantage, reducing operating risks and maximizing corporate value creation.
論文目次:中文摘要 i

英文摘要 ii

誌謝 iii

目錄 iv

表目錄 vi

圖目錄 vii

第一章 緒論 1

1.1 研究背景 1

1.2 研究動機 2

1.3 研究目的 3

1.4 預期貢獻 4

1.5 研究流程 5

第二章 文獻探討 6
2.1 研發支出的差異性 6
2.2 公司治理 7
2.3 公司價值的衡量 13
2.4 公司治理、研發支出與公司價值之關聯性 14
2.4.1 研發支出對公司價值之影響 14
2.4.2 公司治理對研發支出之影響 16
2.4.3 公司治理對公司價值之影響 17
2.4.4 公司治理對研發支出與公司價值的調節效果 18
第三章 研究方法 20
3.1 研究架構 20
3.2 研究假說 21
3.3 變數定義與衡量 24
3.4 實證模型 26
3.5 樣本選取與資料來源 28
3.6 資料分析方法 28
第四章 實證結果分析 30
4.1 樣本結構分析 30
4.2 敘述統計分析 31
4.3 相關係數分析 34
4.4 樣本差異分析 39
4.5 迴歸結果分析 40
4.5.1 研發支出對公司價值之影響 40
4.5.2 公司治理對研發支出之影響 41
4.5.3 公司治理對公司價值之影響 43
4.5.4 公司治理對研發支出與公司價值的調節效果 45
第五章 研究結論與建議 56
5.1 研究結論 56
5.2 管理意涵 60
5.3 研究限制 61
5.4 研究建議 61
參考文獻 63
中文部分 63
英文部分 66
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