研發費用對股利政策之影響

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姓名

黃瑋庭(Wei-Ting Huang) 查詢紙本館藏

畢業系所

產業經濟研究所

論文名稱

研發費用對股利政策之影響

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摘要(中)

本研究採用台灣經濟新報(Taiwan Economy Journal)在2013年至2023年台灣上市櫃公司資料，探討研究發展費用對於企業股利政策間的關係。本文將股利政策分為增加股利、減少股利、股利不變、省略股利四種，並將其兩兩配對，設定為六組二元間斷變數，將之代表股利政策傾向；而研究發展政策則以研究發展費密度衡量。本研究亦依據研究發展密度、盈利能力進行子樣本分析，也利用年度分群探討總體經濟影響，另也針對產業別進行探討。
實證結果顯示，在減少股利及增加股利配對子樣本中，研究發展密度越高與減少股利政策具正向關係。在子樣本分析中，發現上述關係僅出現在高研發密度及低盈利能力公司。對於年度分析當中，發現於經濟情況較差時(2022年及2023年)，研發密度及減少股利政策呈現正向關係。產業別分析當中，僅電子工業樣本下研發密度與股利政策具有相當顯著性。

摘要(英)

This study uses data from the Taiwan Economy Journal (TEJ) on listed companies in Taiwan from 2013 to 2023 to explore the relationship between research and development (R&D) expenses and corporate dividend policies. The dividend policies are categorized into four types: dividend increase, dividend decrease, unchanged dividend, and dividend omission. These are paired two by two to create six groups of binary dummy variables representing dividend policy tendencies, while R&D policy is measured by R&D expenditure intensity. This study also conducts subsample analysis based on R&D intensity and profitability, examines the impact of macroeconomic conditions through yearly clustering, and analyzes by industry sector.
The empirical results show that in the subsample paired with dividend decreases and dividend increases, higher R&D intensity is positively related to a dividend decrease policy. In the subsample analysis, this relationship is found only in companies with high R&D intensity and low profitability. During the yearly analysis, it is observed that in poorer economic conditions (2022 and 2023), R&D intensity is positively related to the dividend decrease policy. In the industry-specific analysis, the relationship between R&D intensity and dividend policy is notably significant only in the electronics industry.

關鍵字(中)

★ 股利政策
★ 研究發展費
★ 研究發展密度

關鍵字(英)

★ dividend policy
★ R&D expenditure
★ R&D intensity

論文目次

摘要 I
Abstract II
誌謝 III
目錄 IV
第一章緒論 1
1-1 研究動機 1
1-2 研究目的 2
1-3 研究架構 3
第二章研究背景 5
2-1 臺灣產業現金股利發放概況 5
2-2 臺灣產業研究發展費支出概況 6
2-3 各產業股利發放及研發費用比較 7
第三章文獻回顧 9
3-1 股利與公司的市場價值 9
3-2 研究發展與創新 10
3-3 經濟衝擊與股利政策 11
3-4 股利政策與研究發展費 12
第四章資料說明與實證模型 13
4-1 資料來源 13
4-2 變數定義及說明 15
4-2-1 應變數 15
4-2-2 解釋變數 16
4-3 實證模型 17
第五章實證結果 20
5-1 樣本敘述及統計分析 20
5-2 解釋變數間之相關係數 23
5-3 實證結果 23
5-3-1 研究發展密度與股利政方向之估計結果 23
5-3-2 異質性分析---以公司特徵區分子樣本 26
5-3-3 年度別影響估計效果 27
5-3-4 產業別分類估計結果 28
第六章結論與研究限制 30
6-1結論 30
6-2 研究限制 31
參考文獻 32
中文文獻 32
英文文獻 33

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指導教授

鄒孟文(Meng-Wen Tsou)

審核日期

2024-12-16

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