臺灣博碩士論文加值系統

本研究欲探討不同的企業資產流動性以及企業特徵對其研究發展支出的影響，以「臺灣公司治理100指數」、「臺灣50指數」以及「臺灣中型100指數」之成分股為樣本，樣本期間為2010年1月至2020年9月；研究發現，臺灣企業資產流動性分數越高，其投入研發之意願越大，且市值較大的企業對於研發支出的意願普遍大於市值較小的企業。更進一步的研究發現，通貨膨脹雖不會直接影響企業的研究發展支出，但會透過改變企業資產結構，進而影響其研發決策；另一方面，企業持有自用性不動產會減少其可投入研發的資金、持有投資性不動產會使企業增加投入研發；本研究延伸探討企業資產流動性對其投資活動之影響，研究發現，相比現金資產，非現金資產持有量增加，會使企業增加更多投資支出。

The research intends to examine the impact of different firm’s asset liquidity and characteristics on its innovation investment. We use the index constituents of " FTSE ISS Corporate Governance Indexes", " FTSE TWSE Taiwan 50 Index" and " FTSE TWSE Taiwan Mid-Cap 100 Index" as a sample, the sample period is from January 2010 to September 2020. We found that consistent with the previous literature, the higher the liquid assets of Taiwanese firm hold, the greater their willingness to invest in R&D, and firm with larger market capitalizations are usually more willing to spend on R&D. In further research, it is found that inflation does not directly affect the R&D, but changes the firm’s asset structure, which in turn affects firm’s R&D investment decisions. On the other hand, firm holding real estate for own use will reduce the funds that can be invested in R&D but holding investment property will increase the firm’s willingness to invest in R&D. We also explore the impact of firm’s asset liquidity on its investment activities. The study found that although the holding of cash will increase the firm’s investment activities, then the holding of non-cash assets will greatly increase its willingness to invest in investment activities.

摘 要 i
Abstract ii
誌 謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第壹章、緒論 1
第一節　研究背景 1
第二節　研究目的 4
第三節　研究流程 5
第貳章、文獻回顧 7
第一節　影響企業研究發展支出的相關文獻 7
第二節　企業特徵與研發創新相關文獻 9
第三節　通貨膨脹及持有不動產影響相關文獻 10
第參章、研究方法 12
第一節　理論分析 12
第二節　數值模擬 13
第三節　迴歸分析 15
一、 標準模型 15
二、 納入通貨膨脹變數 16
三、 納入企業持有不動產因素 17
四、 指數成分股的影響 17
五、 以「投資活動之現金流量」替換應變數 18
第四節　資料 19
第肆章、實證分析與結果 22
第一節　敘述性統計與相關係數檢定 22
第二節　實證結果 25
一、　標準模型之實證結果 25
二、　納入通貨膨脹之實證結果 27
三、　持有不動產對企業研發支出的影響 32
四、　探討企業市值對其投入研發支出之影響 38
五、　以企業投資活動之現金流量作為應變數 41
第伍章、結論與建議 43
第一節　結論 43
第二節　建議 43
參考文獻 44

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