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題名 資訊不對稱對企業研發投資的影響
The Impact of Information Asymmetry on Corporate R&D Investment
作者 劉宗翰
Liu, Zong-Han
貢獻者 盧敬植
劉宗翰
Liu, Zong-Han
關鍵詞 資訊不對稱
市場競爭
研發投資
Information asymmetry
Market competition
R&D investments
日期 2024
上傳時間 5-Aug-2024 13:43:16 (UTC+8)
摘要 本研究探討資訊不對稱與企業研發投資的關聯，以買賣價差(spread)和不流動比率(illiquidity ratio)做為資訊不對稱的代理變數，分析資訊不對稱是否會影響企業的研發投入，因資訊不對稱將使企業的資金成本提高。實證結果顯示，不論是以買賣價差或不流動比率做為代理變數，資訊不對稱越嚴重的公司，研發活動投入就越低。 然而，本研究認為即使資訊不對稱的情況嚴重，使公司融資成本提升，位於高度競爭市場的公司仍會為了保持競爭優勢和獲得高報酬而增加研發投入，故加入赫芬達爾-赫希曼指數(Herfindahl-Hirschman Index)與買賣價差、不流動比率的交乘項，探討資訊不對稱與企業研發投資之間的關聯，是否會因市場競爭程度的不同而有所改變。實證結果顯示赫芬達爾-赫希曼指數與買賣價差、不流動比率的交乘項皆與研發投資呈現正相關。
This study investigates the relationship between information asymmetry and corporate R&D investment, using the bid-ask spread and the illiquidity ratio as proxies for information asymmetry, and analyzes whether information asymmetry affects corporate R&D investment because information asymmetry increases the cost of capital for firms. The empirical results indicate that, regardless of whether the bid-ask spread or the illiquidity ratio is used as the proxy variable, companies with more severe information asymmetry tend to invest less in R&D activities. However, even under severe information asymmetry, firms operating in highly competitive markets will increase their R&D investments to maintain their competitive advantage and achieve high returns. Therefore, the study incorporates interaction terms between the Herfindahl-Hirschman Index (HHI) and the bid-ask spread, as well as between HHI and the illiquidity ratio, to explore whether the relationship between information asymmetry and corporate R&D investment varies with the degree of market competition. The empirical results show that the interaction terms between HHI and the bid-ask spread, as well as between HHI and the illiquidity ratio, are positively correlated with R&D investment.
參考文獻 中文文獻 王貞靜, 張瑀珊, & 謝昇樺. (2011). 企業資訊不對稱的衡量與應用：來自台灣的證據. 淡江大學會計學系暨研究所會議論文. 陳嘉惠, 劉玉珍, & 林炯圭. (2003). 公開市場股票購回影響因素分析. 東吳經濟商學學報, 61, 67-108. 鄭舜仁. (2004). 探討影響股票流動性的因素-以時間數列橫斷面探討公司規模、股權結構與資訊不對稱. 管理科學與決策統計, 1(1), 85-97. 菅瑞昌, & 闕河士. (2011). 資訊不對稱如何影響股利政策？信號發射或融資順位. 亞太經濟管理評論, 15(1), 83-110. 菅瑞昌, 闕河士, & 邱志偉. (2009). 金融控股公司之設立、擴充與資訊不對稱程度. 管理研究學報, 9, 45-74. 英文文獻 Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and Innovation: an Inverted-U Relationship. The Quarterly Journal of Economics, 120(2), 701-728. Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and Institutional Ownership. American Economic Review, 103(1), 277-304. Aktas, N., de Bodt, E., Declerck, F., & Van Oppens, H. (2007). The PIN anomaly around M&A announcements. Journal of Financial Markets, 10(2), 169-191. Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56. Aslan, H., Easley, D., Hvidkjaer, S., & O'Hara, M. (2011). The characteristics of informed trading: Implications for asset pricing. Journal of Empirical Finance, 18(5), 782-801. Bessler, W., Drobetz, W., & Grüninger, M. C. (2011). Information Asymmetry and Financing Decisions. International Review of Finance, 11(1), 123-154. Bhagat, S., & Welch, I. (1995). CORPORATE RESEARCH-AND-DEVELOPMENT INVESTMENTS - INTERNATIONAL COMPARISONS. Journal of Accounting & Economics, 19(2-3), 443-470. Botosan, C. A., & Plumlee, M. A. (2007). Are Information Attributes Priced?. Journal of Business Finance & Accounting, 40(9-10), 1045-1067. Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709. Chan, S. H., Martin, J. D., & Kensinger, J. W. (1990). CORPORATE RESEARCH-AND-DEVELOPMENT EXPENDITURES AND SHARE VALUE. Journal of Financial Economics, 26(2), 255-276. Cho, S. Y., Lee, C., & Pfeiffer, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83. Clarke, J., & Shastri, K. (2001). On Information Asymmetry Metrics. Working paper, University of Pittsburgh. Coad, A., & Rao, R. (2010). Firm growth and R&D expenditure. Economics of Innovation and New Technology, 19(2), 127-145. Coles, J., Daniel, N., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468. Collin-Dufresne, P., & Fos, V. (2015). Do Prices Reveal the Presence of Informed Trading? Journal of Finance, 70(4), 1555-1582. Datta, S., Iskandar-Datta, M., & Patel, A. (2000). Some evidence on the uniqueness of initial public debt offerings. Journal of Finance, 55(2), 715-743. Derrien, F., Kecskés, A., & Mansi, S. A. (2016). Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances. Journal of Corporate Finance, 39, 295-311. Easley, D., Hvidkjaer, S., & O'Hara, M. (2010). Factoring Information into Returns. Journal of Financial and Quantitative Analysis, 45(2), 293-309. Easley, D., Kiefer, N. M., & Ohara, M. (1996). Cream-skimming or profit-sharing? The curious role of purchased order flow. Journal of Finance, 51(3), 811-833. Easley, D., & O'Hara, M. (2005). Information and the Cost of Capital. The Journal of Finance, 59(4), 1553-1583. Fuhrmann, S., Ott, C., Looks, E., & Guenther, T. W. (2017). The contents of assurance statements for sustainability reports and information asymmetry. Accounting and Business Research, 47(4), 369-400. Glosten, L. R., & Milgrom, P. R. (1985). BID, ASK AND TRANSACTION PRICES IN A SPECIALIST MARKET WITH HETEROGENEOUSLY INFORMED TRADERS. Journal of Financial Economics, 14(1), 71-100. Gu, L. F. (2016). Product market competition, R&D investment, and stock returns. Journal of Financial Economics, 119(2), 441-455. Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). Effects of innovation types on firm performance. International Journal of Production Economics, 133(2), 662-676. Guth, W., Krahnen, J. P., & Rieck, C. (1997). Financial markets with asymmetric information: A pilot study focusing on insider advantages. Journal of Economic Psychology, 18(2-3), 235-257. Harris, L. E. (1994). Minimum Price Variations, Discrete Bid-Ask Spreads, and Quotation Sizes. Review of Financial Studies, 7(1), 149-178. Hasbrouck, J. (1991). MEASURING THE INFORMATION-CONTENT OF STOCK TRADES. Journal of Finance, 46(1), 179-207. He, W. P., Lepone, A., & Leung, H. (2013). Information asymmetry and the cost of equity capital. International Review of Economics & Finance, 27, 611-620. Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are Overconfident CEOs Better Innovators? The Journal of Finance, 67(4), 1457-1498. Hou, K. W., Hsu, P. H., Wang, S. H., Watanabe, A., & Xu, Y. (2022). Corporate R&D and Stock Returns: International Evidence. Journal of Financial and Quantitative Analysis, 57(4), 1377-1408. Hughes, J. S., Liu, J., & Liu, J. (2007). Information asymmetry, diversification, and cost of capital. Accounting Review, 82(3), 705-729. Khatali, A. (2020). Identifying Effects of Information Asymmetry on Firm Performance. International Journal of Economics, Finance and Management Sciences, 8(2). Kyle, A. S. (1985). Continuous Auctions and Insider Trading. Econometrica, 53(6). Lai, Y. L., Lin, F. J., & Lin, Y. H. (2015). Factors affecting firm's R&D investment decisions. Journal of Business Research, 68(4), 840-844. Lee, C. Y. (2009). Competition favors the prepared firm: Firms' R&D responses to competitive market pressure. Research Policy, 38(5), 861-870. Leuz, C., & Verrecchia, R. E. (2005). Firms' Capital Allocation Choices, Information Quality, and the Cost of Capital. Working paper, University of Pennsylvania. Lev, B., & Sougiannis, T. (1996). The capitalization, amortization, and value-relevance of R&D. Journal of Accounting & Economics, 21(1), 107-138. Lu, S. A. (2020). The explanatory power of R&D for the stock returns in the Chinese equity market. Pacific-Basin Finance Journal, 62, 16. Miller, M. H., & Rock, K. (1985). Dividend Policy under Asymmetric Information. Journal of Finance, 40(4), 1031-1051. Muller, K. A., Riedl, E. J., & Sellhorn, T. (2011). Mandatory Fair Value Accounting and Information Asymmetry: Evidence from the European Real Estate Industry. Management Science, 57(6), 1138-1153. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. Ozkan, N. (2010). Effects of financial constraints on research and development investment: an empirical investigation. Applied Financial Economics, 12(11), 827-834. Parcharidis, E. & Varsakelis, N. C. (2007) Investments in R&D and business performance. Evidence from the Greek market. Working paper, Aristotle University of Thessaloniki. Park, Y., Shin, J., & Kim, T. (2010). Firm size, age, industrial networking, and growth: a case of the Korean manufacturing industry. Small Business Economics, 35(2), 153-168. Peyer, U. C., & Shivdasani, A. (2001). Leverage and internal capital markets: evidence from leveraged recapitalizations. Journal of Financial Economics, 59(3), 477-515. Salim, R. A., & Bloch, H. (2009). Business expenditures on R&D and trade performances in Australia: is there a link? Applied Economics, 41(3), 351-361. Shefer, D., & Frenkel, A. (2005). R&D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25-32. Sher, P. J., & Yang, P. Y. (2005). The effects of innovative capabilities and R&D clustering on firm performance: the evidence of Taiwan's semiconductor industry. Technovation, 25(1), 33-43. Shroff, N., Sun, A. X., White, H. D., & Zhang, W. N. (2013). Voluntary Disclosure and Information Asymmetry: Evidence from the 2005 Securities Offering Reform. Journal of Accounting Research, 51(5), 1299-1345. Singh, M., & Faircloth, S. (2005). The impact of corporate debt on long term investment and firm performance. Applied Economics, 37(8), 875-883. Tian, Y. (2024). Information Asymmetry and Firm-level Cash Holdings During COVID-19 Pandemic PeriodAn Analysis Based on Chinese Listed Companies. Advances in Economics, Management and Political Sciences, 76(1), 15-26. Tingvall, P. G., & Poldahl, A. (2007). Is there really an inverted U-shaped relation between competition and R&D? Economics of Innovation and New Technology, 15(2), 101-118. Tsai, K. H., & Wang, J. C. (2004). The R&D performance in Taiwan's electronics industry: a longitudinal examination. R & D Management, 34(2), 179-189. Verdi, R. S. (2005). Information Environment and the Cost of Equity Capital. Working paper, University of Pennsylvania. Xu, M., and C. Zhang. (2004). The Explanatory Power of R&D for the Cross-Section of Stock Returns: Japan 1985-2000. Pacific Basin Finance Journal, 12(3), 245–269.
描述 碩士
國立政治大學
財務管理學系
111357024
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357024
資料類型 thesis
dc.contributor.advisor 盧敬植zh_TW
dc.contributor.author (Authors) 劉宗翰zh_TW
dc.contributor.author (Authors) Liu, Zong-Hanen_US
dc.creator (作者) 劉宗翰zh_TW
dc.creator (作者) Liu, Zong-Hanen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:43:16 (UTC+8)-
dc.date.available 5-Aug-2024 13:43:16 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:43:16 (UTC+8)-
dc.identifier (Other Identifiers) G0111357024en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152726-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 111357024zh_TW
dc.description.abstract (摘要) 本研究探討資訊不對稱與企業研發投資的關聯，以買賣價差(spread)和不流動比率(illiquidity ratio)做為資訊不對稱的代理變數，分析資訊不對稱是否會影響企業的研發投入，因資訊不對稱將使企業的資金成本提高。實證結果顯示，不論是以買賣價差或不流動比率做為代理變數，資訊不對稱越嚴重的公司，研發活動投入就越低。 然而，本研究認為即使資訊不對稱的情況嚴重，使公司融資成本提升，位於高度競爭市場的公司仍會為了保持競爭優勢和獲得高報酬而增加研發投入，故加入赫芬達爾-赫希曼指數(Herfindahl-Hirschman Index)與買賣價差、不流動比率的交乘項，探討資訊不對稱與企業研發投資之間的關聯，是否會因市場競爭程度的不同而有所改變。實證結果顯示赫芬達爾-赫希曼指數與買賣價差、不流動比率的交乘項皆與研發投資呈現正相關。zh_TW
dc.description.abstract (摘要) This study investigates the relationship between information asymmetry and corporate R&D investment, using the bid-ask spread and the illiquidity ratio as proxies for information asymmetry, and analyzes whether information asymmetry affects corporate R&D investment because information asymmetry increases the cost of capital for firms. The empirical results indicate that, regardless of whether the bid-ask spread or the illiquidity ratio is used as the proxy variable, companies with more severe information asymmetry tend to invest less in R&D activities. However, even under severe information asymmetry, firms operating in highly competitive markets will increase their R&D investments to maintain their competitive advantage and achieve high returns. Therefore, the study incorporates interaction terms between the Herfindahl-Hirschman Index (HHI) and the bid-ask spread, as well as between HHI and the illiquidity ratio, to explore whether the relationship between information asymmetry and corporate R&D investment varies with the degree of market competition. The empirical results show that the interaction terms between HHI and the bid-ask spread, as well as between HHI and the illiquidity ratio, are positively correlated with R&D investment.en_US
dc.description.tableofcontents 第一章 緒論 1 第二章 文獻回顧 4 第一節 公司從事研發投資的動機 4 第二節 資訊不對稱定義 5 第三節 資訊不對稱與資金成本之關聯 7 第四節 本章小結 8 第三章 研究設計 9 第一節 資料來源 9 第二節 資料處理 10 第三節 研究方法與實證模型 11 第四章 實證結果 19 第一節 敘述統計量 19 第二節 資訊不對稱與研發投資 23 第三節 市場競爭、資訊不對稱與研發投資 27 第五章 穩健性測試 32 第一節 延長樣本期間並將R&D遺失值以0替代 32 第六章 結論與建議 38 第一節 研究結論 38 第二節 研究限制與後續建議 39 參考文獻 41 中文文獻 41 英文文獻 41zh_TW
dc.format.extent 3382021 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357024en_US
dc.subject (關鍵詞) 資訊不對稱zh_TW
dc.subject (關鍵詞) 市場競爭zh_TW
dc.subject (關鍵詞) 研發投資zh_TW
dc.subject (關鍵詞) Information asymmetryen_US
dc.subject (關鍵詞) Market competitionen_US
dc.subject (關鍵詞) R&D investmentsen_US
dc.title (題名) 資訊不對稱對企業研發投資的影響zh_TW
dc.title (題名) The Impact of Information Asymmetry on Corporate R&D Investmenten_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻 王貞靜, 張瑀珊, & 謝昇樺. (2011). 企業資訊不對稱的衡量與應用：來自台灣的證據. 淡江大學會計學系暨研究所會議論文. 陳嘉惠, 劉玉珍, & 林炯圭. (2003). 公開市場股票購回影響因素分析. 東吳經濟商學學報, 61, 67-108. 鄭舜仁. (2004). 探討影響股票流動性的因素-以時間數列橫斷面探討公司規模、股權結構與資訊不對稱. 管理科學與決策統計, 1(1), 85-97. 菅瑞昌, & 闕河士. (2011). 資訊不對稱如何影響股利政策？信號發射或融資順位. 亞太經濟管理評論, 15(1), 83-110. 菅瑞昌, 闕河士, & 邱志偉. (2009). 金融控股公司之設立、擴充與資訊不對稱程度. 管理研究學報, 9, 45-74. 英文文獻 Aghion, P., Bloom, N., Blundell, R., Griffith, R., & Howitt, P. (2005). Competition and Innovation: an Inverted-U Relationship. The Quarterly Journal of Economics, 120(2), 701-728. Aghion, P., Van Reenen, J., & Zingales, L. (2013). Innovation and Institutional Ownership. American Economic Review, 103(1), 277-304. Aktas, N., de Bodt, E., Declerck, F., & Van Oppens, H. (2007). The PIN anomaly around M&A announcements. Journal of Financial Markets, 10(2), 169-191. Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56. Aslan, H., Easley, D., Hvidkjaer, S., & O'Hara, M. (2011). The characteristics of informed trading: Implications for asset pricing. Journal of Empirical Finance, 18(5), 782-801. Bessler, W., Drobetz, W., & Grüninger, M. C. (2011). Information Asymmetry and Financing Decisions. International Review of Finance, 11(1), 123-154. Bhagat, S., & Welch, I. (1995). CORPORATE RESEARCH-AND-DEVELOPMENT INVESTMENTS - INTERNATIONAL COMPARISONS. Journal of Accounting & Economics, 19(2-3), 443-470. Botosan, C. A., & Plumlee, M. A. (2007). Are Information Attributes Priced?. Journal of Business Finance & Accounting, 40(9-10), 1045-1067. Brown, J. R., & Petersen, B. C. (2011). Cash holdings and R&D smoothing. Journal of Corporate Finance, 17(3), 694-709. Chan, S. H., Martin, J. D., & Kensinger, J. W. (1990). CORPORATE RESEARCH-AND-DEVELOPMENT EXPENDITURES AND SHARE VALUE. Journal of Financial Economics, 26(2), 255-276. Cho, S. Y., Lee, C., & Pfeiffer, R. J. (2013). Corporate social responsibility performance and information asymmetry. Journal of Accounting and Public Policy, 32(1), 71-83. Clarke, J., & Shastri, K. (2001). On Information Asymmetry Metrics. Working paper, University of Pittsburgh. Coad, A., & Rao, R. (2010). Firm growth and R&D expenditure. Economics of Innovation and New Technology, 19(2), 127-145. Coles, J., Daniel, N., & Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79(2), 431-468. Collin-Dufresne, P., & Fos, V. (2015). Do Prices Reveal the Presence of Informed Trading? Journal of Finance, 70(4), 1555-1582. Datta, S., Iskandar-Datta, M., & Patel, A. (2000). Some evidence on the uniqueness of initial public debt offerings. Journal of Finance, 55(2), 715-743. Derrien, F., Kecskés, A., & Mansi, S. A. (2016). Information asymmetry, the cost of debt, and credit events: Evidence from quasi-random analyst disappearances. Journal of Corporate Finance, 39, 295-311. Easley, D., Hvidkjaer, S., & O'Hara, M. (2010). Factoring Information into Returns. Journal of Financial and Quantitative Analysis, 45(2), 293-309. Easley, D., Kiefer, N. M., & Ohara, M. (1996). Cream-skimming or profit-sharing? The curious role of purchased order flow. Journal of Finance, 51(3), 811-833. Easley, D., & O'Hara, M. (2005). Information and the Cost of Capital. The Journal of Finance, 59(4), 1553-1583. Fuhrmann, S., Ott, C., Looks, E., & Guenther, T. W. (2017). The contents of assurance statements for sustainability reports and information asymmetry. Accounting and Business Research, 47(4), 369-400. Glosten, L. R., & Milgrom, P. R. (1985). BID, ASK AND TRANSACTION PRICES IN A SPECIALIST MARKET WITH HETEROGENEOUSLY INFORMED TRADERS. Journal of Financial Economics, 14(1), 71-100. Gu, L. F. (2016). Product market competition, R&D investment, and stock returns. Journal of Financial Economics, 119(2), 441-455. Gunday, G., Ulusoy, G., Kilic, K., & Alpkan, L. (2011). 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