研發支出與經營績效─研發強度、證券市場與激勵薪酬之影響

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姓名

葉佳原(Chia-yuan Yeh) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

研發支出與經營績效─研發強度、證券市場與激勵薪酬之影響
(R&D Expenditure and Operating Performance: The Impact of R&D Intensity, Stock Exchange and Incentive Compensation)

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摘要(中)

本文主要研究目的為分析研發強度、證券交易市場類別與激勵薪酬對於研發投入與經營績效間的影響程度。實證結果發現，企業研發支出將對經營績效產生正面遞延效益，進一步研究顯示，相較於低研發強度企業，高研發強度企業之研發活動績效較佳；選擇於那斯達克交易所上市的企業，其研發投入對於績效之創造將會比於紐約證券交易所上市的企業高；使用股票選擇權作為員工激勵薪酬之企業，研發支出對於企業績效表現之加值效益更勝於使用限制型股票的企業。值得說明的是，若企業同時採用股票選擇權與限制型股票作為激勵薪酬，其研發活動對於經營績效之正面遞延效益高於僅使用單一激勵薪酬的企業。本研究之意涵為提供企業於制定研發創新策略與經濟資源配置之建議，公司之研發活動應將研發強度、證券交易市場及激勵薪酬納入考量。

摘要(英)

This study aims to focus on how the R&D intensity, stock exchange, and incentive compensation influence the relationship between R&D expenditure and operating performance. We find R&D expenditures have positive and lagged effects on operating performance. Furthermore, the paper finds that, on average, the performance resulted from R&D activities in high R&D intensity firms is better than that in lows’. R&D expenditures can contribute more for performance when firms’ stocks trade on national association of securities dealers automated quotation instead of New York stock exchange. The value-added effect to operating performance of R&D investments by a firm using option compensations rather than using restricted stocks will be better. There′s something supposed to be further explained. The paper finds that compared with using option compensations or restricted stocks separately, R&D activities can led to more for performance when firms adopt the hybrid type. We provide the suggestion on the R&D strategy and allocation of resources. Company should consider the factors this paper explores into consideration when establishing the R&D planning.

關鍵字(中)

★ 研發支出
★ 經營績效
★ 研發強度
★ 激勵薪酬

關鍵字(英)

★ R&D expenditure
★ Operating performance
★ R&D intensity
★ Incentive compensation

論文目次

摘要 i
Abstract ii
致謝 iii
目錄 iv
圖目錄 vi
表目錄 vii

第一章、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 3
1-3 研究架構 4

第二章、文獻探討與研究假說 5
2-1 研發投入與績效 5
2-2 美國證券交易市場 7
2-3 激勵薪酬 8

第三章、研究設計 12
3-1 研究期間與選樣標準 12
3-2 實證模型 12
3-3 變數定義與衡量 14

第四章、實證結果 16
4-1 敘述性統計與變數相關係數分析 16
4-2 實證分析結果 23

第五章、結論 29

參考文獻 30

參考文獻

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[英文部分]
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指導教授

王曉雯(Hsiao-wen Wang)

審核日期

2015-6-30

推文