| dc.description.abstract | This paper mainly explores the correlation between R&D expenses on the company′s growth (Tobin’s Q) and stock price returns, and takes Taiwan′s semiconductor industry as the research scope, the data scope period is 1987~2023, covering 174 individual stocks, and is divided into IC design, wafer foundry, IDM, packaging and testing, other related manufacturing equipment and services according to the operation mode of the sub-industry. Due to the R&D deferral effect, the relevant financial explanatory variables are deferred for one period. The study finds that R&D expenses have a significant positive correlation with the company′s growth only in a single stock wafer foundry TSMC, and the rest of the sub-industries and the whole data of semiconductors are significantly negatively correlated, except for the correlation of stock price remuneration except wafer foundry + IDM, packaging and testing, the explanatory power is not statistically significant, and the rest of the IC design sub-industries, other related manufacturing equipment and services, and the total data of semiconductors are all significantly positively correlated. R&D expenses have a significant positive correlation with the company′s growth value, but there is no structural change in stock price compensation, indicating that after the implementation of the industry and innovation regulations, R&D expenses will help the growth of Taiwan′s semiconductor industry. | en_US |