金融風暴對廠商出口和研發活動的影響

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姓名

簡雅珮(Ya-Pei Chien) 查詢紙本館藏

畢業系所

產業經濟研究所

論文名稱

金融風暴對廠商出口和研發活動的影響

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至系統瀏覽論文 (2026-1-26以後開放)

摘要(中)

本研究之資料來源為台灣經濟新報(Taiwan Economy Journal, TEJ) 中2005年到2010年台灣製造業上市和上櫃公司的廠商資料。以雙元probit模型分析影響廠商投入外銷市場或研發的決定因素，以及廠商內部或外部財務因素如何影響廠商的出口和研發決策。並且分別以pooled OLS模型和固定效果模型，探討在2008年的全球金融風暴，對廠商出口和研發活動是否帶來衝擊，並進一步探究，財務體質較佳的廠商，是否能減輕金融風暴對企業出口和研發活動的潛在負面影響。
實證結果發現，台灣製造業廠商的外銷和研發活動之間有正向的關係，研發投入會提高廠商從事出口的機率；出口金額越高，廠商進行研發的機率也較高。廠商投入研發的決策，和廠商的財務因素有關。廠商的內部財務因素會提高其投入研發的機率；然而，外部因素則會降低廠商進行研發的機率。對於台灣個別的製造業廠商而言，金融風暴對出口金額和研發支出都有明顯的負向影響。在金融風暴發生之際，持有較多現金的廠商，抵禦外生衝擊的能力越強，可以減緩金融風暴所帶來的負面影響；然而，金融風暴時期，財務槓桿則會強化金融風暴對出口值與研發支出所帶來的負面衝擊。

摘要(英)

This study applies the manufacturer′s firm-level data of Taiwanese manufacturing listed and OTC companies from 2005 to 2010 in the Taiwan Economy Journal. By conducting a bivariate Probit model, this paper investigates the determinants that affect companies to invest in overseas markets or R&D, and how internal or external financial factors impact on the strategies of exporting and R&D. The other purpose of this paper is to examine the effect of the global financial crisis in 2008 on the exports and R&D activities of manufacturing firms and explores whether the firms that have better financial status could mitigate the negative impact on their exporting and R&D investments under the recession.

The empirical result shows that there is a complementary relationship between the activities of exporting and R&D. The R&D investment will increase the probability of engaging in export and vice versa. Moreover, there is a correlation between the firm’s decision to invest in R&D and its financial factors. The internal financial factors will increase the probability of investing R&D; however, the external financial factors will decrease it. In terms of the individual manufacturer, the financial crisis has a negative influence on total export and R&D input significantly. When facing financial turmoil, cash holdings made firms have a stronger ability to withstand external shocks, mitigating the negative influence. Nevertheless, financial leverage worsens the total export and R&D inputs.

關鍵字(中)

★ 出口
★ 研發
★ 金融風暴

關鍵字(英)

★ export
★ R&D
★ financial crisis

論文目次

中文摘要 III
Abstract IV
誌謝辭 V
第一章緒論 1
1.1 研究動機與目的 1
1.2 研究架構 6
第二章文獻回顧 7
2.1 金融風暴對廠商出口及研發活動的影響 7
2.2 出口和研發活動的交互影響 8
2.3 財務因素在廠商的出口和研發活動中扮演的角色 9
第三章資料來源與實證模型 12
3.1資料來源 12
3.2實證模型 13
第四章實證結果 20
4.1 變數基本統計量 20
4.2 出口和研發活動決策因素之實證結果 22
4.3 金融風暴對廠商出口和研發活動之實證結果 27
4.3.1 Pooled OLS方法之估計結果 28
4.3.2 廠商固定效果模型之估計結果 32
第五章結論與建議 37
5.1 結論 37
5.2 研究限制與建議 38
參考文獻 39

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指導教授

鄒孟文(Meng-Wen Tsou)

審核日期

2021-1-21

推文