研發資本與企業長期績效：機構投資人與ETF持股的調節效果;R&D Capital and Firm Performance: The Moderating effect of Institutional and ETF Ownership

NCUIR > School of Management at National Central University > Research institute of accounting > Electronic Thesis & Dissertation > Item 987654321/98086

Please use this identifier to cite or link to this item: https://ir.lib.ncu.edu.tw/handle/987654321/98086

Title:	研發資本與企業長期績效：機構投資人與ETF持股的調節效果;R&D Capital and Firm Performance: The Moderating effect of Institutional and ETF Ownership
Authors:	陳欣儀;Chen, Hsin-Yi
Contributors:	會計研究所
Keywords:	研發支出;長期績效;機構投資人;ETF異質性;調節效果;R&D expenditure;long-term performance;institutional investors;ETF heterogeneity;moderating effect
Date:	2025-08-09
Issue Date:	2025-10-17 12:19:57 (UTC+8)
Publisher:	國立中央大學
Abstract:	本研究以台灣2014至2024年上市電子業為樣本，實證檢驗研發支出對企業長期績效的影響，並分析不同類型投資人（傳統機構投資人與ETF）在其中的調節角色。研究結果顯示：第一，企業研發支出與長期績效之間具有顯著正向關聯；第二，當機構投資人持股比例較高時，此正向效果更為顯著；第三，ETF雖為重要持股來源，但其對研發與績效關係的調節效果相對薄弱；第四，進一步分析ETF異質性後發現，成長型ETF相較於高股息型ETF，對研發與績效關係具有更強的正向調節效果。本研究填補台灣市場中關於研發支出、長期績效與外部投資人互動關係的實證缺口，提供企業理解股東結構對研發效益之影響，亦為政策制定者評估 ETF 對本土創新與資本市場效率的影響提供重要參考。;This study investigates the impact of R&D expenditure on long-term corporate performance using a sample of publicly listed electronics companies in Taiwan from 2014 to 2024. It further examines the moderating roles of different types of investors—namely, traditional institutional investors and Exchange-Traded Funds (ETFs). The empirical results show that: (1) R&D expenditure has a significant positive relationship with long-term corporate performance; (2) this positive effect is more pronounced when institutional ownership is higher; (3) although ETFs represent an important source of ownership, their moderating effect on the relationship between R&D and performance is relatively weak; and (4) further analysis of ETF heterogeneity reveals that growth-oriented ETFs exhibit a stronger positive moderating effect than high-dividend ETFs. This study fills an empirical gap in the Taiwanese market regarding the interaction between R&D investment, long-term performance, and external investor types. The findings offer valuable insights for firms in understanding how ownership structure influences the effectiveness of R&D, and provide important implications for policymakers in evaluating the role of ETFs in promoting domestic innovation and capital market efficiency.
Appears in Collections:	[Research institute of accounting ] Electronic Thesis & Dissertation

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML	3	View/Open

社群 sharing

Loading...