博碩士論文 102430001 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:23 、訪客IP:3.95.131.208
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)
相關論文
★ 以房養老貸款政策-由台灣金融業之觀點論析★ 企業導入電子商務對經營績效之影響-以N公司為例
★ 台灣網通業應收帳款管理-論析信用保險之功能★ 蘋果概念股金屬機殼產業之投資分析
★ 由鑑識會計角度偵測公司之舞弊-以某個案公司為例★ 企業流程再造-以某食品原料加工公司之報價作業流程為例
★ 企業資源規劃系統導入之關鍵成功因素與效益評估-以某個案公司為例★ 企業組織再造之分析-以某醫材業公司為例
★ 金融機構執行共同申報及盡職審查作業辦法之影響★ 中美貿易戰對台灣企業之影響 -以某公司為例
★ 集團企業資本支出宣告之資訊內涵與資訊移轉效果★ 雙邊掛牌與公司治理
★ 中國股權分置改革與公司經營績效-論析審計品質之影響★ 雙邊掛牌與審計公費-以中國上市公司為例
★ 公司多角化、研發支出與公司績效★ 多角化與公司價值-析論所有權型態之影響
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   至系統瀏覽論文 ( 永不開放)
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 [中文部分]
[1] 王曉雯、王泰昌與吳明政,2008。企業經營型態與研發活動績效,管理學報,第二十五卷第二期,173-193。

[2] 許崇源與陳昭蓉,2008。員工分紅、公司治理與未來績效,中山管理評論,第十六卷第四期,671-701。

[英文部分]
[1] Aboody, D. and Lev, B., 2001. R&D productivity in the chemical industry, Measuring Up: Research & Development Counts for the Chemical Industry, Working paper.

[2] Balkin, D. B. and Gomez‐Mejia, L. R., 1987. Toward a contingency theory of compensation strategy, Strategic management journal, 8 (2), 169-182.

[3] Brown, L. D. and Lee, Y. J., 2010. The relation between corporate governance and CEOs’ equity grants, Journal of accounting and Public Policy, 29 (6), 533-558.

[4] Bryan, S., Hwang, L. and Lilien, S., 2000. CEO Stock-Based Compensation: An Empirical Analysis of Incentive-Intensity, Relative Mix, and Economic Determinants, The Journal of Business, 73 (4), 661-693.

[5] Cheng, S., 2004. R&D expenditures and CEO compensation, The Accounting Review, 79 (2), 305-328.

[6] Core, J. E., Holthausen, R. W. and Larcker, D. F., 1999. Corporate governance, chief executive officer compensation, and firm performance, Journal of financial economics, 51 (3), 371-406.

[7] Cuny, C. J., Martin, G. S. and Puthenpurackal, J. J., 2009. Stock options and total payout, Journal of Financial and Quantitative Analysis, 44 (2), 391-410.

[8] Dalton, D. R. and Daily, C. M., 2001. Director stock compensation: an invitation to a conspicuous conflict of interests?, Business Ethics Quarterly, 11 (1), 89-108.

[9] Doyle, P., 1990. Building successful brands: the strategic options, Journal of consumer Marketing, 7 (2), 5-20.

[10] Gatignon, H., Weitz, B. and Bansal, P., 1990. Brand introduction strategies and competitive environments, Journal of Marketing Research, 27 (4), 390-401.

[11] Goshen, Z. and Parchomovsky, G., 2006. The essential role of securities regulation, Duke Law Journal, 55 (4), 711-782.

[12] Hall, L. A. and Bagchi-Sen, S., 2002. A study of R&D, innovation, and business performance in the Canadian biotechnology industry, Technovation, 22 (4), 231-244.

[13] Hanlon, M., Rajgopal, S. and Shevlin, T., 2003. Are executive stock options associated with future earnings?, Journal of Accounting and Economics, 36 (1), 3-43.

[14] Hermalin, B. E. and Weisbach, M. S., 1991. The effects of board composition and direct incentives on firm performance, Financial management, 20 (4), 101-112.

[15] Hope, J. and Hope, T., 1997. Competing in the third wave: the ten key management issues of the information age, Harvard Business Press.

[16] Hsieh, P. H., Mishra, C. S. and Gobeli, D. H., 2003. The return on R&D versus capital expenditures in pharmaceutical and chemical industries, Engineering Management, IEEE Transactions on, 50 (2), 141-150.

[17] Huson, M. R., Tian, Y., Wiedman, C. I. and Wier, H. A., 2011. Compensation committees′ treatment of earnings components in CEOs′ terminal years, The Accounting Review, 87 (1), 231-259.

[18] Irving, J. H., Landsman, W. R. and Lindsey, B. P., 2011. The valuation differences between stock option and restricted stock grants for US firms, Journal of Business Finance and Accounting, 38 (3‐4), 395-412.

[19] Johanson, U., Mårtensson, M. and Skoog, M., 2001. Measuring to understand intangible performance drivers, European Accounting Review, 10 (3), 407-437.

[20] Landsman, W., Lang, M. and Yeh, S., 2007. Governance and the split of options between executive and nonexecutive employees, Journal of Accounting, Auditing and Finance, 22 (2), 109-138.

[21] Lehn, K. M., Patro, S. and Zhao, M., 2009. Determinants of the Size and Composition of US Corporate Boards: 1935‐2000, Financial Management, 38 (4), 747-780.

[22] Lev, B. and Sougiannis, T., 1996. The capitalization, amortization, and value-relevance of R&D, Journal of accounting and economics, 21 (1), 107-138.

[23] Lin, B. W. and Chen, J. S., 2005. Corporate technology portfolios and R&D performance measures: a study of technology intensive firms, R&D Management, 35 (2), 157-170.

[24] Lin, B. W., Lee, Y. and Hung, S. C., 2006. R&D intensity and commercialization orientation effects on financial performance, Journal of Business Research, 59 (6), 679-685.

[25] Mairesse, J. and Mohnen, P., 2005. The importance of R&D for innovation: a reassessment using French survey data, Springer US, 129-143.

[26] Megna, P. and Klock, M., 1993. The impact of intangible capital on Tobin′s q in the semiconductor industry, The American Economic Review, 83 (2), 265-269.

[27] Milkovich, G. T., 1987. A strategic perspective on compensation management, CAHRS Working Paper Series, 444.

[28] Morbey, G. K, 1989. R&D expenditures and profit growth, Research Technology Management, 32 (3), 20.

[29] Morbey, G. K. and Reithner, R. M., 1990. How R&D Affects Sales Growth, Productivity And Profitabilit, Research Technology Management, 33 (3), 11.

[30] O′connell, V., 2006. The impact of accounting conservatism on the compensation relevance of UK earnings, European Accounting Review, 15 (4), 627-649.

[31] Papaconstantinou, G. and Polt, W., 1997. Policy evaluation in innovation and technology: an overview, Policy Evaluation in Innovation and Technology, Capítulo, 1.

[32] Quinn, J. B., 1999. Strategic outsourcing: leveraging knowledge capabilities. MIT Sloan Management Review, 40 (4), 9.

[33] Quinn, J. B. and Hillmer, F. G., 1995. Strategic outsourcing, The McKinsey Quarterly, 1 (1), 48.

[34] Ryan, H. E. and Wiggins, R. A., 2001. The influence of firm-and manager-specific characteristics on the structure of executive compensation, Journal of Corporate Finance, 7 (2), 101-123.

[35] Scherer, F. M., 2001. The link between gross profitability and pharmaceutical R&D spending, Health Affairs, 20 (5), 216-220.

[36] Sher, P. J. and Yang, P. Y., 2005. The effects of innovative capabilities and R&D clustering on firm performance: the evidence of Taiwan′s semiconductor industry, Technovation, 25 (1), 33-43.

[37] Sheremata, W. A., 2000. Centrifugal and centripetal forces in radical new product development under time pressure, Academy of management review, 25 (2), 389-408.

[38] Shortridge, R. T., 2004. Market Valuation of Successful versus Non‐successful R&D Efforts in the Pharmaceutical Industry, Journal of Business Finance and Accounting, 31 (9‐10), 1301-1325.

[39] Sougiannis, T., 1994. The accounting based valuation of corporate R&D, Accounting review, 69 (1), 44-68.

[40] Sullivan, P. H., 2000. Value driven intellectual capital: how to convert intangible corporate assets into market value, John Wiley & Sons, Inc..

[41] Wang, H. W. and Wu, M. C., 2012. Business type, industry value chain, and R&D performance: Evidence from high-tech firms in an emerging market, Technological Forecasting and Social Change, 79 (2), 326-340.
指導教授 王曉雯(Hsiao-wen Wang) 審核日期 2015-6-30
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明