研發支出、公司治理與財務因素對出口比例之影響

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Title:	研發支出、公司治理與財務因素對出口比例之影響
Authors:	許梅君;Shiu, Mei-Chun
Contributors:	產業經濟研究所
Keywords:	出口比例;研發;公司治理;槓桿比率;Export Ratio;R&D;Corporate Governance;Leverage Ratio
Date:	2025-06-23
Issue Date:	2025-10-17 12:10:59 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究使用 2008 年至 2023 年台灣上市櫃製造業公司資料，探討研發支出、公司治理與財務結構對出口比例的影響，納入研發支出與公司治理結構及財務因素之交乘項以檢視調節效果，並進一步使用分量回歸分析。 Pooled OLS 結果顯示，平均而言，研發支出、家族企業、獨立董事比例與槓桿比率較高者，出口比例顯著較高。而董事會規模較小有助於提升出口。控制變數中，勞動生產力與設立較久的企業具正向影響，而規模較大的企業則為負向。調節效果進一步指出，家族企業與獨立董事能強化研發對出口的影響，而高槓桿比率則產生削弱效果。公司固定效果模型中，在控制企業長期不變特性後，研發支出對出口比例的正向關係依然成立，且此效果會隨董事會規模擴大與獨立董事比例提升而增強。最後，分量迴歸模型中，研發支出對低出口比例企業影響最為顯著。家族企業在中高等出口比例表現較佳。而董事會規模過大則在中高出口企業中產生決策效率障礙。整體而言，獨立董事比例越多、槓桿比率越高、公司規模越小及勞動生產力較高的企業，普遍對出口具正向影響。而設立較久的企業在低中出口比例具正向影響，至高出口比例轉為負向。;This study uses data from listed manufacturing companies in Taiwan from 2008 to 2023 to examine the impact of R&D expenditure, corporate governance, and financial structure on export ratio. Interaction terms between R&D expenditure and corporate governance structure and financial factors are included to investigate mediating effects, and quantile regression analysis is further employed. Pooled OLS results show that higher R&D, family business, more independent directors, and higher leverage raise export ratios; smaller boards also help. Labor productivity and firm age have positive effects, while larger firms show negative ones. Mediation analysis finds that family business and independent directors enhance R&D’s effect; high leverage weakens it. Firm Fixed Effects results confirm R&D’s positive role after controlling for firm traits, strengthened by larger boards and more independent directors. Quantile regression shows R&D has the strongest impact on low-export firms. Family business perform better in mid-to-high quantiles, while large boards reduce efficiency. Overall, a higher proportion of independent directors, higher leverage, smaller firm size, and higher labor productivity are generally associated with higher export ratios. Older firms exhibit a positive effect in the low to middle quantiles, which turns negative in the highest export quantile.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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