研發投資對公司價值影響之研究－以LCD產業為例

Abstract

隨著知識經濟時代的來臨，研究與發展是技術創新中最主要的核心，唯有透過不斷的研發與創新，才能維持產業的競爭優勢，提升國際競爭力。本研究透過企業管理當局與股東及債權人之間的資訊不對稱的角度，根據代理理論與訊息理論，探討我國面板產業之研發投資對公司價值的影響。 研究結果顯示，雖然公司進行研發投資可以提昇創新能力與產業競爭力，但會因為公司未來成長機會、負債政策與高階主管持股比例的不同，因此研發支出對公司價值有截然不同程度和方向的影響。本研究依公司未來成長機會高低、負債政策與高階主管持股比例不同，將研究樣本公司分類為六個子樣本，實證結果發現，在未來成長機會高的公司中，研發密度對公司價值的影響，呈現顯著正相關；在未來成長機會低的公司中，研發密度對公司價值呈現負相關，但是未達顯著水準；企業在負債比例高的情形下，研發支出能創造公司價值，呈現顯著正相關；企業在負債比例低的情形下，公司價值隨著研發密度的增加而降低，呈現顯著負相關；此外，面對高階主管的持股比例高低不同的公司，研發投資對公司價值的影響皆呈現正相關，但未達顯著水準。

With the advancement of knowledge economy, research and development play the key role in innovative activities. The firms can sustain the competitive advantage only through continuous research activities. This study investigates the influence of research and development （R＆D） expenditure on corporate value in LCD industry, applying the agency theory and signaling theory. Though a firm could elevate its innovation and competitive advantage with investment in research and development, the impact on corporate value is greatly affected by a firm’s opportunity for future growth, its debt policy, and insider ownership. So, we further divide the sample firms into six sub-groups and use regression analysis to test the influence. The empirical results show that the R＆D intensity has significantly positive correlation with Tobin’s Q in high-growth firms. However, Tobin’s Q decreases insignificantly with the higher R＆D intensity in low-growth firms. In a firm with higher debt ratio, the higher R＆D intensity significantly increases Tobin’s Q, while in a low debt ratio firm, the increase of R＆D intensity results in significant decrease of Tobin’s Q. Moreover, while considering the insider ownership, no significant difference is found between the R&D intensity and Tobin’s Q.