研發活動對權益資金成本之影響－以台灣半導體業為例

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劉宏楨(Hong-Chen Liu) 查詢紙本館藏

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會計研究所

論文名稱

研發活動對權益資金成本之影響－以台灣半導體業為例
(The impact of R&D activity on the cost of equity capital: An example of listing stocks of the semiconductor industry in Taiwan)

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摘要(中)

摘要
本文主要探討研發活動對公司權益資金成本之影響，以及研發活動相關之敘述性揭露可讀性的調節效果。此研究將找出研發活動、研發活動相關之敘述性揭露可讀性以及權益資金成本三者的關聯。本研究以 2010 年到 2018 年台灣半導體業上市(櫃) 117 家公司為樣本資料，經由實證結果發現，研發活動對公司權益資金成本有顯著的正向關聯，本文推測企業執行研發計畫將提高內外部資訊不對稱問題，投資人將面臨較高估計風險並提高風險貼水進而影響公司權益資金成本。而研發活動相關之敘述性揭露可讀性對公司權益資金成本則有顯著負向關係，顯示公司提高研發活動相關之敘述性揭露可讀性確實能降低權益資金成本。此外，本研究也表示，研發活動相關之敘述性揭露可讀性對研發活動與權益資金成本之關聯具有顯著調節效果，亦即研發活動相關之敘述性揭露可讀性能顯著減緩研發密度對權益資金成本的正向影響。因此，透過實證結果指出，在台灣半導體公司樣本之下，研發活動與研發活動相關之敘述性揭露可讀性各別對權益資金成本有顯著影響，且研發活動相關之敘述性
揭露可讀性顯著影響研發活動對權益資金成本之關聯。

摘要(英)

ABSTRACT
This essay investigates the relation between R&D activity and the cost of equity
capital, and attempts to find the moderating effect of the readability of narrative
disclosure from R&D disclosures. Additionally, this study examines the relations
among R&D activity, narrative disclosure from R&D disclosures, and the cost of equity
capital, and conjectures the possible reasons behind their relations.
A sample of 117 listed firms from 2010 to 2018 in semiconductor industry was
used and other variables were also controlled. This paper finds that firms with higher
R&D activity will have higher the cost of equity capital. We conjecture that executing
R&D plans will intensify the problem of information asymmetry. Thus, investor will
rise their estimated risk and companies will face higher cost of equity capital. The
readability of narrative disclosure from R&D disclosures negatively associates with the
cost of equity capital, which means that the readability of narrative disclosure from
R&D disclosures truly influences overall value of firm. Then, this paper discovers the
moderate effect of the readability of narrative disclosure from R&D disclosures on the
relation between R&D activity and the cost of equity capital is significant, thus meaning
that the readability of R&D disclosures will significantly mitigate the positive relation
between R&D activity and the cost of equity capital. Therefore, through empirical
analysis from Taiwan semiconductor industry, this paper points out R&D activity and
the readability of narrative disclosure from R&D respectively have significant influence
on the cost of equity capital, while the readability of narrative disclosure from R&D
significantly impact the relation between R&D activity and the cost of equity capital.

關鍵字(中)

★ 研發活動
★ 可讀性
★ 研發支出
★ 權益資金成本

關鍵字(英)

★ R&D activity
★ Readability
★ R&D expenditure
★ The cost of equity capital

論文目次

目錄
摘要........................................................................................................................... i
ABSTRACT.............................................................................................................. ii
誌謝......................................................................................................................... iii
目錄......................................................................................................................... iv
表目錄...................................................................................................................... v
第一章緒論............................................................................................................. 1
第二章文獻探討與假說發展.................................................................................. 4
第一節研發活動與權益資金成本 .................................................................. 4
第二節可讀性與權益資金成本...................................................................... 6
第三節研發活動、可讀性與權益資金成本................................................... 9
第三章研究設計................................................................................................... 10
第一節樣本選取與資料來源........................................................................ 10
第二節實證模型與變數衡量.........................................................................11
第四章實證結果分析........................................................................................... 17
第一節敘述統計與相關係數........................................................................ 17
第二節迴歸結果........................................................................................... 18
第五章敏感性測試............................................................................................... 21
第一節依變數改以當期權益資金成本進行衡量......................................... 21
第二節依變數改以超額權益資金成本進行衡量......................................... 22
第三節共線性............................................................................................... 23
第四節加入上中下游控制變數 (LEVEL) 進行探討.................................. 24
第五節反向驗證........................................................................................... 25
第六章結論與建議............................................................................................... 26
第一節研究結論........................................................................................... 26
第二節研究限制與建議................................................................................ 27
參考文獻 ................................................................................................................ 48
-v表目錄
表一半導體公司分布表 .................................................................................................10
表二樣本選取表............................................................................................................. 11
表三敘述統計表.............................................................................................................28
表四相關係數表.............................................................................................................29
表五研發密度對權益資金成本之影響 ..........................................................................31
表六研發活動敘述性揭露之可讀性對權益資金成本影響............................................32
表七研發密度對權益資金成本影響－以可讀性為調節效果........................................33
表八研發密度對當年度權益資金成本之影響...............................................................34
表九研發活動敘述性揭露之可讀性對當年度權益資金成本影響 ................................35
表十研發密度對當年度權益資金成本影響－以可讀性為調節效果.............................36
表十一研發密度對超額權益資金成本之影響...............................................................37
表十二研發活動敘述性揭露之可讀性對超額權益資金成本影響 ................................38
表十三研發密度對超額權益資金成本影響－以可讀性為調節效果.............................39
表十四研發密度對權益資金成本影響－以可讀性為調節效果:以平減效果處理 ........40
表十五研發密度對權益資金成本影響－以可讀性為調節效果:以平減效果處理 ........41
表十六研發密度對權益資金成本影響－以可讀性為調節效果:以標準化處理............42
表十七研發密度對權益資金成本影響－以可讀性為調節效果:以標準化處理............43
表十八研發密度對權益資金成本之影響.......................................................................44
表十九研發活動敘述性揭露之可讀性對權益資金成本影響........................................45
表二十研發密度對當年度權益資金成本影響－以可讀性為調節效果.........................46
表二十一研發密度對當年度權益資金成本影響－以可讀性為調節效果.....................47

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指導教授

王曉雯(Hsiao-Wen Wang)

審核日期

2020-7-14

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