在財務限制下集團企業特性對創新活動影響之研究

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李宜君(Yi-Giun Li) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

在財務限制下集團企業特性對創新活動影響之研究

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摘要(中)

投資與融資行為兩者存在密不可分的關係，融資行為端視不同投資標的與特性而有所不同。在創新投資的探討中，過去文献在考量創新投資高風險特性下，大多支持創新投資較依賴於內部資金(Bloch, 2005；Ozkan, 2002)。由於台灣隸屬新興經濟體國家，資本市場相對不健全下，本研究加入考量集團的角色對創新投資之影響。利用Maestro et al.(2001)的財務限制模型與Almeida(2004)的Logit指標，以較嚴格的方法將樣本分類成財務限制公司與非財務限制公司，再進行實證分析。實證結果支持研究假說，即集團對創新投資有正向刺激效果，以及相對於非財務限制公司，集團可以明顯降低財務受到限制的公司，其內部資金對創新投資的依賴程度。本結果支持集團在內部資本市場與創新基礎建設上，對於創新投資在實質上的貢獻。

摘要(英)

There exists an inseparable relationship between investing and financing. The behavior of financing depends on the types and characteristics of investments. An extensive literature has suggested that R&D investments are more sensitive to retained earnings because of the characteristics of R&D investments. This paper shows how the business groups in emerging economies influence R&D investments under consideration of financial constraints. We separate firms with financial constraints from those without by using strict methods, a dichotomic separation model and logit analysis. After applying two approaches to overcome the problems that empirical researches argued about methods of the financial constraint separation, the results support our hypotheses. The business groups can encourage firms to invest more R&D for innovation because of the innovation infrastructures. They also can help financially constrained firms to mitigate the dependence on the cash flow for financing R&D investments. Our research highlights the role of business groups in the R&D investment process.

關鍵字(中)

★ 財務限制
★ 集團企業
★ 創新投資

關鍵字(英)

論文目次

論文提要及內容 I
Abstract II
致謝辭 III
壹、緒論 1
貳、文獻探討與假說 4
一、集團企業 4
二、集團企業與創新投資 5
(一) 集團企業之創新基礎建設 8
(二) 集團企業之進入障礙 10
三、集團企業在資本市場與創新投資的角色 12
(一) 外部資本市場 12
(二) 內部資本市場 14
參、研究設計 15
一、樣本篩選 15
二、樣本分類 17
(一) 財務限制模型 18
(二) Logit分析 21
三、實證模式 21
四、實證方法 25
五、變數之操作性定義 25
肆、實證結果與分析 29
一、樣本敘述統計 29
二、以現金支付率及負債比率分類之實證結果 32
三、基本實證結果 36
(一) 全體樣本 36
(二) 樣本分類(財務限制/非財務限制) 39
四、流動性變數之存量考量 45
伍、結論 47
陸、研究限制 50
柒、未來研究建議 51
參考文獻 52
附表 58

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2006-7-3

推文