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題名 創新創業市場與資源錯置：以創投投資電子產業研發效率為例
Resource Misallocation in New Ventures : The Case of Innovation Investment in ICT Industry作者 陳郁喬
Chen, Yu-Chiao貢獻者 李文傑<br>王信實
Lee, Wen-Chieh<br>Wang, Shinn-Shyr
陳郁喬
Chen, Yu-Chiao關鍵詞 創新創業
創業投資
研發投入
資源錯置
公開發行
New Venture
R&D Investment
Venture Capital
Resource Misallocation日期 2017 上傳時間 3-Jan-2018 16:22:30 (UTC+8) 摘要 隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。
Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs.參考文獻 王平、李文傑，(2012)，「台灣經濟發展之過去現在與未來」，李誠(主編)，《後ECFA時代的台灣經濟發展政策》，遠流出版，頁23-60。陳東升，(2003)，「積體網路：台灣高科技產業的社會學分析」，台北：群學出版社。Acemoglu, D., Robinson, J. A., & Verdier, T. (2012). Can`t We All Be More Like Scandinavians?Asymmetric Growth and Institutions in an Interdependent World. NBER Working Paper, No. 18441. Aspinwall, M., & Greenwood, J. (2013). Collective Action in The European Union: Interests and The New Politics of Associability. London: Routledge.Bartelsman, E., Haltiwanger, J., & Scarpetta, S. (2013). Cross-Country Differences in Productivity: The Role of Allocation and Selection. The American Economic Review, 103(1), 305-334. Begg, I. (1999). Cities and Competitiveness. Urban Studies, 36(5-6), 795-809. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239-253. Buera, F. J., Kaboski, J. P., & Shin, Y. (2011). Finance and Development: A Tale of Two Sectors. The American Economic Review, 101(5), 1964-2002. Chan, L. K., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. The Journal of Finance, 56(6), 2431-2456. Gompers, P. A., Mukharlyamov, V., & Xuan, Y. (2016). The Cost of Friendship. Journal of Financial Economics, 119(3), 626-644. Hall, B. H., Jaffe, A. B., & Trajtenberg, M. (2001). The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools. NBER Working Paper, No. 8498. Hall, R. E., & Jones, C. I. (1999). Why Do Some Countries Produce So Much More Output per Worker than Others? The quarterly journal of economics, 114(1), 83-116. Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271. Hopenhayn, H., & Rogerson, R. (1993). Job Turnover and Policy Evaluation: A General Equilibrium Analysis. Journal of political economy, 101(5), 915-938. Hsieh, C. T., & Klenow, P. J. (2009). Misallocation and Manufacturing TFP in China and India. The quarterly journal of economics, 124(4), 1403-1448. Hsieh, C. T., & Klenow, P. J. (2014). The Life Cycle of Plants in India and Mexico. The quarterly journal of economics, 129(3), 1035-1084. Huang, G., & Song, F. M. (2005). The Financial and Operating Performance of China`s Newly Listed H-firms. Pacific-Basin Finance Journal, 13(1), 53-80. Jain, B. A., & Kini, O. (2008). The Impact of Strategic Investment Choices on Post-Issue Operating Performance and Survival of US IPO Firms. Journal of Business Finance & Accounting, 35(3‐4), 459-490. Jang, S. L., & Huang, G. G. (2005). Public R&D and Industrial Innovations at the Project Levels: An Exploration of Taiwans Public Research Projects. Contemporary Economic Policy, 23(4), 636-646. Johnson, P. (1986). New firms: An Economic Perspective. London: Allen and Unwin. Lagos, R. (2006). A Model of TFP. The Review of Economic Studies, 73(4), 983-1007. Lanjouw, J. O., & Schankerman, M. (2004). Patent Quality And Research Productivity: Measuring Innovation With Multiple Indicators. The Economic Journal, 114(495), 441-465. Lerner, J. (2009). Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It. Princeton University Press.Lucas , R. (1978). On the Size Distribution of Business Firms. The Bell Journal of Economics, 9(2), 508-523.McConnell, J. J., & Muscarella, C. J. (1985). Corporate Capital Expenditure Decisions and the Market Value of the Firm. Journal of Financial Economics, 14(3), 399-422. Megginson, W. L., Nash, R. C., & Randenborgh, M. (1994). The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. The Journal of Finance, 49(2), 403-452. Mikkelson, W. H., Partch, M. M., & Shah, K. (1997). Ownership and Operating Performance of Companies that Go Public. Journal of Financial Economics, 44(3), 281-307. Mundlak, Y. (1978). Pooling of Time Series and Cross Section Data. Econometrica, 46(1), 69-85. Prescott, E. C. (1998). Lawrence R. Klein lecture 1997: Needed: A theory of total factor productivity. International economic review, 39(3), 525-551. Ravenscraft, D., & Scherer, F. M. (1982). The Lag Structure of Returns to Research and Development. Applied economics, 14(6), 603-620. Robinson, J. A., & Acemoglu, D. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown.Romer, P. M. (1986). Increasing Returns and Long-Run Growth. Journal of political economy, 94(5), 1002-1037. Saxenian, A. (1999). Silicon Valley`s New Immigrant Entrepreneurs. San Francisco: Public Policy Institute of California. Scherer, F. M. (1965). Firm Size, Market Structure, Opportunity, and the Output of Patented Inventions. The American Economic Review, 55(5), 1097-1125. Schumpeter, J. A. (1939). Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. New York: McGraw-Hill. 描述 碩士
國立政治大學
財政學系
104255023資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104255023 資料類型 thesis dc.contributor.advisor 李文傑<br>王信實 zh_TW dc.contributor.advisor Lee, Wen-Chieh<br>Wang, Shinn-Shyr en_US dc.contributor.author (Authors) 陳郁喬 zh_TW dc.contributor.author (Authors) Chen, Yu-Chiao en_US dc.creator (作者) 陳郁喬 zh_TW dc.creator (作者) Chen, Yu-Chiao en_US dc.date (日期) 2017 en_US dc.date.accessioned 3-Jan-2018 16:22:30 (UTC+8) - dc.date.available 3-Jan-2018 16:22:30 (UTC+8) - dc.date.issued (上傳時間) 3-Jan-2018 16:22:30 (UTC+8) - dc.identifier (Other Identifiers) G0104255023 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/115474 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 104255023 zh_TW dc.description.abstract (摘要) 隨著經濟全球化的發展，創新創業在國際競爭的地位越來越重要，創新不僅是國家經濟增長的動力，也是企業長期競爭力的關鍵。我國創業投資在電子產業快速發展進程中，扮演緩解新創企業融資障礙的重要角色。近期各項經濟數據均顯示，伴隨國家產業創新政策，電子新創企業在研發投入過程中有嚴重的資源錯置問題。本研究以台灣創投投資電子產業之研發效率為例，研究結果證實電子新創企業於首次公開發行期間具研發效率不足現象，主要原因為企業致力於美化財報，提高資本支出以利當期產出反應高財務績效，而抑制研發投入作為上市（櫃）經營策略。 zh_TW dc.description.abstract (摘要) Innovation activities have long been accredited by its crucial role to sustain continuous long-term economic growth. Recent studies nonetheless suggested severe problems of input misallocation associated with innovation investment. This research measures input misallocations of venture capital supported business and identified significant underinvestment of new ventures right before their initial public offerings (IPOs). This is because new ventures have the incentives to adjust the reported earnings by cutting the R&D investment that is supposed to cut the current expense but not to affect short-term operational performance in the market. Therefore, new ventures would typically incur underinvestment in innovation activities right before IPOs. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究背景 1第二節 研究動機及研究目的 5第三節 研究架構 9第貳章 理論基礎與文獻回顧 10第一節 創新系統與創業投資理論 10第二節 生產力與資源錯置關係 13第三節 電子新創企業研發產出以專利衡量 16第參章 資料描述及資料來源 17第一節 資料說明 17第二節 資料搜集 18第肆章 研究方法 21第一節 專利價值指標模型介紹 21第二節 資源配置模型介紹 23第三節 實證結果研發效率及資源錯置離散程度 28第伍章 IPO效果對企業研發決策的影響 31第一節 實證模型設定 31第二節 變數定義及樣本選擇 36第三節 變數敘述性統計 39第四節 實證結果 44第陸章 結論與建議 47第一節 結論 47第二節 未來研究方向 48參考文獻 49附錄一 專利分類表 55附錄二 台灣960家IPO企業名單 61 zh_TW dc.format.extent 3019243 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104255023 en_US dc.subject (關鍵詞) 創新創業 zh_TW dc.subject (關鍵詞) 創業投資 zh_TW dc.subject (關鍵詞) 研發投入 zh_TW dc.subject (關鍵詞) 資源錯置 zh_TW dc.subject (關鍵詞) 公開發行 zh_TW dc.subject (關鍵詞) New Venture en_US dc.subject (關鍵詞) R&D Investment en_US dc.subject (關鍵詞) Venture Capital en_US dc.subject (關鍵詞) Resource Misallocation en_US dc.title (題名) 創新創業市場與資源錯置：以創投投資電子產業研發效率為例 zh_TW dc.title (題名) Resource Misallocation in New Ventures : The Case of Innovation Investment in ICT Industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王平、李文傑，(2012)，「台灣經濟發展之過去現在與未來」，李誠(主編)，《後ECFA時代的台灣經濟發展政策》，遠流出版，頁23-60。陳東升，(2003)，「積體網路：台灣高科技產業的社會學分析」，台北：群學出版社。Acemoglu, D., Robinson, J. A., & Verdier, T. (2012). Can`t We All Be More Like Scandinavians?Asymmetric Growth and Institutions in an Interdependent World. NBER Working Paper, No. 18441. Aspinwall, M., & Greenwood, J. (2013). Collective Action in The European Union: Interests and The New Politics of Associability. London: Routledge.Bartelsman, E., Haltiwanger, J., & Scarpetta, S. (2013). Cross-Country Differences in Productivity: The Role of Allocation and Selection. The American Economic Review, 103(1), 305-334. Begg, I. (1999). Cities and Competitiveness. Urban Studies, 36(5-6), 795-809. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239-253. Buera, F. J., Kaboski, J. P., & Shin, Y. (2011). Finance and Development: A Tale of Two Sectors. The American Economic Review, 101(5), 1964-2002. Chan, L. K., Lakonishok, J., & Sougiannis, T. (2001). The Stock Market Valuation of Research and Development Expenditures. The Journal of Finance, 56(6), 2431-2456. Gompers, P. A., Mukharlyamov, V., & Xuan, Y. (2016). The Cost of Friendship. Journal of Financial Economics, 119(3), 626-644. Hall, B. H., Jaffe, A. B., & Trajtenberg, M. (2001). The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools. NBER Working Paper, No. 8498. Hall, R. E., & Jones, C. I. (1999). Why Do Some Countries Produce So Much More Output per Worker than Others? The quarterly journal of economics, 114(1), 83-116. Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271. Hopenhayn, H., & Rogerson, R. (1993). Job Turnover and Policy Evaluation: A General Equilibrium Analysis. Journal of political economy, 101(5), 915-938. Hsieh, C. T., & Klenow, P. J. (2009). Misallocation and Manufacturing TFP in China and India. The quarterly journal of economics, 124(4), 1403-1448. Hsieh, C. T., & Klenow, P. J. (2014). The Life Cycle of Plants in India and Mexico. The quarterly journal of economics, 129(3), 1035-1084. Huang, G., & Song, F. M. (2005). The Financial and Operating Performance of China`s Newly Listed H-firms. Pacific-Basin Finance Journal, 13(1), 53-80. Jain, B. A., & Kini, O. (2008). The Impact of Strategic Investment Choices on Post-Issue Operating Performance and Survival of US IPO Firms. Journal of Business Finance & Accounting, 35(3‐4), 459-490. Jang, S. L., & Huang, G. G. (2005). Public R&D and Industrial Innovations at the Project Levels: An Exploration of Taiwans Public Research Projects. Contemporary Economic Policy, 23(4), 636-646. Johnson, P. (1986). New firms: An Economic Perspective. London: Allen and Unwin. Lagos, R. (2006). A Model of TFP. The Review of Economic Studies, 73(4), 983-1007. Lanjouw, J. O., & Schankerman, M. (2004). Patent Quality And Research Productivity: Measuring Innovation With Multiple Indicators. The Economic Journal, 114(495), 441-465. Lerner, J. (2009). Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It. Princeton University Press.Lucas , R. (1978). On the Size Distribution of Business Firms. The Bell Journal of Economics, 9(2), 508-523.McConnell, J. J., & Muscarella, C. J. (1985). Corporate Capital Expenditure Decisions and the Market Value of the Firm. Journal of Financial Economics, 14(3), 399-422. Megginson, W. L., Nash, R. C., & Randenborgh, M. (1994). The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. The Journal of Finance, 49(2), 403-452. Mikkelson, W. H., Partch, M. M., & Shah, K. (1997). Ownership and Operating Performance of Companies that Go Public. Journal of Financial Economics, 44(3), 281-307. Mundlak, Y. (1978). Pooling of Time Series and Cross Section Data. Econometrica, 46(1), 69-85. Prescott, E. C. (1998). Lawrence R. Klein lecture 1997: Needed: A theory of total factor productivity. International economic review, 39(3), 525-551. Ravenscraft, D., & Scherer, F. M. (1982). The Lag Structure of Returns to Research and Development. Applied economics, 14(6), 603-620. Robinson, J. A., & Acemoglu, D. (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown.Romer, P. M. (1986). Increasing Returns and Long-Run Growth. Journal of political economy, 94(5), 1002-1037. Saxenian, A. (1999). Silicon Valley`s New Immigrant Entrepreneurs. San Francisco: Public Policy Institute of California. Scherer, F. M. (1965). Firm Size, Market Structure, Opportunity, and the Output of Patented Inventions. The American Economic Review, 55(5), 1097-1125. Schumpeter, J. A. (1939). Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. New York: McGraw-Hill. zh_TW
