研發揭露可讀性對權益資金成本之影響－以臺灣上市資訊電子業為例

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黃亮堂(Liang-Tang Huang) 查詢紙本館藏

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會計研究所

論文名稱

研發揭露可讀性對權益資金成本之影響－以臺灣上市資訊電子業為例
(The Impact of R&D Disclosure Readability on the Cost of Equity Capital：An Empirical Analysis of the Information and Electronic Industry in Taiwan)

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至系統瀏覽論文 (2025-7-1以後開放)

摘要(中)

本篇論文主要係為探討公司年報研發揭露可讀性及其會計穩健性與權益資金成本之關聯，並檢測研發揭露可讀性是否具調節效果，亦即研發揭露可讀性越高是否能增強會計穩健性對權益資金成本之負向關係，本研究推測年報研發揭露可讀性越佳、會計穩健性越高之公司，將可有效降低公司與外部投資人之間的資訊不對稱，進而降低外部投資人對公司要求之風險貼水，使公司籌資成本降低，因此，預期年報研發揭露可讀性、會計穩健性對權益資金成本之關聯均為負向相關，而樣本選取方面，本篇論文以 2010 至 2019 年臺灣上市資訊電子業當年度有發布英文版年報之公司為樣本，共計公司家數為 162 家，有效之樣本筆數為 566 筆。
實證結果證明，公司年報研發活動之敘述性揭露可讀性越佳，將可有效降低公司之權益資金成本，此外，公司之會計穩健性越高，亦將能有效降低公司之權益資金成本，最後，檢驗研發揭露可讀性是否具調節效果方面，結果同樣顯示公司年報研發揭露可讀性越佳，將可有效增強會計穩健性對權益資金成本之負向關係，因此，本篇論文所提出之三項假說，均獲得支持。

摘要(英)

This paper is mainly to explore the relationship between the readability of R&D disclosure and the cost of equity capital, and the relationship between accounting conservatism and the cost of equity capital. And then to test whether the readability of R&D disclosure has the moderating effect, that is, whether the higher the readability of R&D disclosure can enhance the negative relationship between accounting conservatism and the cost of equity capital. This paper speculates that the better the readability of the company’s R&D disclosure or the higher its accounting conservatism, it will effectively reduce the information asymmetry between the company and external investors, thereby reducing the risk premium required by external investors on the company and reduce the company’s financing costs. Therefore, this paper expects that the readability of R&D disclosure and accounting conservatism are negatively related to the cost of equity capital. The sample of this paper is based on the information and electronic industry listed in Taiwan from 2010 to 2019 and that company must issue the English version of the annual report in that year. The total number of companies is 162, and the number of valid samples is 566.
The empirical results prove that the better readability of R&D disclosures will effectively reduce the company′s cost of equity capital. In addition, the higher the company’s accounting conservatism will also effectively reduce the company’s cost of equity capital. Finally, we test whether the readability of R&D disclosure has the moderating effect. The results also show that the better the readability of R&D disclosure, it will effectively enhance the negative relationship between accounting conservatism and the cost of equity capital. Therefore, the three hypotheses proposed in this paper are all supported.

關鍵字(中)

★ 可讀性
★ 會計穩健性
★ 權益資金成本
★ 資訊電子業
★ 英文版年報

關鍵字(英)

★ Readability
★ Accounting conservatism
★ Cost of equity capital
★ Information and electronic industry
★ English version of annual report

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章緒論 1
第二章文獻探討與假說發展 5
第一節研發揭露可讀性與權益資金成本 5
第二節會計穩健性與權益資金成本 8
第三節研發揭露可讀性、會計穩健性與權益資金成本 10
第三章研究設計 11
第一節樣本選取與資料來源 11
第二節實證模型 13
第三節變數衡量 15
第四章實證結果 19
第一節敘述性統計分析 19
第二節相關係數分析 20
第三節迴歸分析 21
第五章敏感性測試 28
第一節權益資金成本之衡量方式改變 28
第二節以不同控制變數衡量 33
第六章結論與建議 40
第一節研究結論與貢獻 40
第二節研究限制與建議 41
參考文獻 42

參考文獻

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指導教授

王曉雯(Hsiao-Wen Wang)

審核日期

2021-6-30

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