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題名 公司治理、研發投入與企業價值-以台灣電子業為例
Corporate Governance, R&D and Corporate Value- Evidence of Electronic Firms in Taiwan作者 林鈺真
Lin, Yu Chen貢獻者 詹凌菁
Chan, Ling Ching
林鈺真
Lin, Yu Chen關鍵詞 單一家族主導
公司治理
創新投入
企業價值
family firms
corporate governance
innovation investment
corporate value日期 2011 上傳時間 2-Sep-2013 15:28:56 (UTC+8) 摘要 本研究探討在單一家族主導之企業其公司治理對企業價值之影響。本文利用台灣經濟新報社（TEJ）資料庫，選取2008年至2011年期間之台灣上市上櫃電子業公司作為研究樣本。實證結果顯示，單一家族主導之電子企業，對（1）創新活動之投入而言，最終控制股東超額持股比率及管理階層持股比率越高，越有助於企業創新投入之強度；（2）企業價值而言，創新投入後，最終控制股東超額持股比率、董監事持股及管理階層之持股比率提高時，並不能提升企業價值。
This study examines the association between corporate governance, R&D investments, and corporate value in family firms. The sample comprises of listed electronic companies in Taiwan from years 2008-2011. The empirical results suggest that family firms with greater ultimate owners’ excess shareholdings and managers’ shareholdings are more intensive innovation investments. However, R&D investments do not enhance corporate value if family firms have greater ultimate owners’ excess shareholdings, directors’ and supervisors’ shareholdings, and managers’ shareholdings.參考文獻 IBM全球企業諮詢服務事業群，2007，軟性製造，商周出版。天下雜誌，2012.5.1，【2012年1000大調查】鴻海營收破三兆佔台灣GDP 2成。台灣半導體產業協會出版刊物，2009，台灣半導體產業對國家貢獻-摘要。行政院國家科學委員會，2010，中華民國科學技術統計要覽。吳佳穎，2001，「台灣資訊電子產業研究發展活動與公司經營績效之研究」，國立交通大學科技管理研究所碩士班碩士論文。 李建然、廖秀梅與廖益興，2003，股權結構、董事獨立性與企業經營績效之研究，會計理論與實務研討會。李柏廷，2012，「外資投資決策與創新效率─以中國上市公司為例」，國立政治大學會計學系碩士班碩士論文。周淑卿、吳欽杉與陳安琳，2004，電子資訊產業與非電子資訊產業之研究發展支出、股權結構與公司績效之關聯性研究，臺北科技大學學報，第37之2期：267-288。林灼榮、鄒季博與蕭莉芃，2007，台灣IC 設計產業公司治理、技術效率與利潤結構之攸關性研究，台灣管理學刊，第7卷，第2期：187-207。林宜勉，1999，盈餘資訊性與管理者股權之關聯性研究，企銀季刊，第23期：175-193。林宛瑩、汪瑞芝與游順合，2012，研發支出、內部董事與經營績效，會計審計論叢，第2卷，第1期：61-90。林敬穎，2009。研究發展支出與廣告支出對於企業價值攸關性之探討：以台灣公司為例，國立成功大學會計研究所未出版碩士論文。 金成隆、林修葳與紀信義，2004，專利權價值攸關性之研究：以企業生命週期論析，管理學報，第21卷，第2期（4月）：175-197。 金成隆、林修葳與邱煒恒，2005，研究發展支出與資本支出的價值攸關性：以企業生命週期論析，中山管理評論，第13卷，第2期：617-643。金成隆與陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第23卷，第1期：99-124。俞海琴與陳慧娟，1999，我國上市公司成長、槓桿與托賓Q之研究，風險管理學報，第1卷，第1期：81-101。洪榮華、陳香如與柯璟瑩，2004，從代理理論的角度探討董事會特性、股權結構與負債之關聯性，管理與系統，第12卷，第4期(10月)：3-53。高莉華，2004，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計研究所碩士論文。張君豪，1999，研究發展成本、現金流量及盈餘對股價報酬之研究，中原大學會計學系研究所未出版碩士論文。 屠美亞與陳姿挺，2001，銀行借款、股權結構與公司監管機制，華信金融季刊，第15期：43-54。曹壽民、黃仲賢與劉正良，2004，應計項目與非財務指標異常現象之探討，2004第十三屆會計理論與實務研討會論文集，國立政治大學會計學系。 曹壽民、記信義與劉正良，2007，股市對創新活動的評價是否具有效率性？從研發效率與內部人交易論析，會計評論，第45期（7月）：27-55。許珮蓉，2007，從企業型態探討創新活動行為─以家族與集團企業為例，國立中央大學，企業管理研究所碩士論文。陳忠民，1997，本國產業研究發展經費與利潤、營業額之關連性，交通大學管理科學研究所未出版碩士論文。陳威廷，2000，研究發展支出與市場價值關聯性之實證研究，私立中國文化大學會計研究所未出版碩士論文。 黃雅琪，1997，台灣電子業品質認證與研究發展經營績效之影響，國立政治大學會計研究所碩士論文。 楊幼梅，2002，研究發展支出與未來股票報酬之關連性研究，中原大學會計學系未出版碩士論文。 楊朝旭，2004，產品市場競爭可否降低公司內部治理機制不佳所導致的代理成本， 管理學報，第21卷，第2期：153-173。經濟部智慧財產局，專利法相關法規。葉金標，2009，股權分散對公司利潤影響－理論模型之應用，法制論叢，第43期（1月）：1-27。葉銀華與邱顯比，1996，資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論，台大管理論叢，第7卷，第2期：57-90。詹錦宏與楊麗弘，2001，臺灣上市公司股權結構與經營績效之研究－產業特性與股權質押之觀點，臺灣銀行季刊，第52期：202-220。劉正田，1997，研究發展支出之效益及其資本化會計資訊對股票評價攸關性之研究，國立政治大學會計研究所未出版博士論文。 劉正田，2001，無形資產、成長機會與股票報酬關係之研究，會計評論，第35期（7月）：1-29。 歐進士，1998，我國企業研究發展與經營績效關聯之實證研究，中山管理評論，第6卷，第2期：257-385。 鄭雯馨，2004，研究發展與專利權對於股票報酬影響之探討，國立政治大學會計研究所未出版碩士論文。 謝蕙如，2009，智慧資本轉換能力與企業績效之關聯性研究，國立政治大學會計學系未出版碩士論文。 蘇明信，2002，高科技產業研究發展支出對企業價值之攸關性，國立中山大學財務管理研究所未出版碩士論文。 Aboody, D., and B. 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國立政治大學
會計研究所
100353048
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353048 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.advisor Chan, Ling Ching en_US dc.contributor.author (Authors) 林鈺真 zh_TW dc.contributor.author (Authors) Lin, Yu Chen en_US dc.creator (作者) 林鈺真 zh_TW dc.creator (作者) Lin, Yu Chen en_US dc.date (日期) 2011 en_US dc.date.accessioned 2-Sep-2013 15:28:56 (UTC+8) - dc.date.available 2-Sep-2013 15:28:56 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2013 15:28:56 (UTC+8) - dc.identifier (Other Identifiers) G0100353048 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/59257 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計研究所 zh_TW dc.description (描述) 100353048 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 本研究探討在單一家族主導之企業其公司治理對企業價值之影響。本文利用台灣經濟新報社（TEJ）資料庫，選取2008年至2011年期間之台灣上市上櫃電子業公司作為研究樣本。實證結果顯示，單一家族主導之電子企業，對（1）創新活動之投入而言，最終控制股東超額持股比率及管理階層持股比率越高，越有助於企業創新投入之強度；（2）企業價值而言，創新投入後，最終控制股東超額持股比率、董監事持股及管理階層之持股比率提高時，並不能提升企業價值。 zh_TW dc.description.abstract (摘要) This study examines the association between corporate governance, R&D investments, and corporate value in family firms. The sample comprises of listed electronic companies in Taiwan from years 2008-2011. The empirical results suggest that family firms with greater ultimate owners’ excess shareholdings and managers’ shareholdings are more intensive innovation investments. However, R&D investments do not enhance corporate value if family firms have greater ultimate owners’ excess shareholdings, directors’ and supervisors’ shareholdings, and managers’ shareholdings. en_US dc.description.tableofcontents 中文摘要 IABSTRACT II圖目錄 IV表目錄 V第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的與觀念性架構 3第二章 文獻探討 6第一節 公司治理機制與經營績效關聯性 6第二節 創新與經營績效關聯性 13第三節 公司治理與創新之關聯性 17第三章 研究設計 21第一節 研究假說發展 21第二節 研究模型之建立及研究方法 29第三節 變數定義與衡量 33第四節 資料來源與研究樣本選取 43第四章 實證分析 49第一節 單一家族主導對創新投入強度之影響 49第二節 單一家族主導對企業價值之影響 61第五章 研究結論與建議 72第一節 研究結論 72第二節 研究建議 74參考文獻 76 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353048 en_US dc.subject (關鍵詞) 單一家族主導 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 創新投入 zh_TW dc.subject (關鍵詞) 企業價值 zh_TW dc.subject (關鍵詞) family firms en_US dc.subject (關鍵詞) corporate governance en_US dc.subject (關鍵詞) innovation investment en_US dc.subject (關鍵詞) corporate value en_US dc.title (題名) 公司治理、研發投入與企業價值-以台灣電子業為例 zh_TW dc.title (題名) Corporate Governance, R&D and Corporate Value- Evidence of Electronic Firms in Taiwan en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) IBM全球企業諮詢服務事業群，2007，軟性製造，商周出版。天下雜誌，2012.5.1，【2012年1000大調查】鴻海營收破三兆佔台灣GDP 2成。台灣半導體產業協會出版刊物，2009，台灣半導體產業對國家貢獻-摘要。行政院國家科學委員會，2010，中華民國科學技術統計要覽。吳佳穎，2001，「台灣資訊電子產業研究發展活動與公司經營績效之研究」，國立交通大學科技管理研究所碩士班碩士論文。 李建然、廖秀梅與廖益興，2003，股權結構、董事獨立性與企業經營績效之研究，會計理論與實務研討會。李柏廷，2012，「外資投資決策與創新效率─以中國上市公司為例」，國立政治大學會計學系碩士班碩士論文。周淑卿、吳欽杉與陳安琳，2004，電子資訊產業與非電子資訊產業之研究發展支出、股權結構與公司績效之關聯性研究，臺北科技大學學報，第37之2期：267-288。林灼榮、鄒季博與蕭莉芃，2007，台灣IC 設計產業公司治理、技術效率與利潤結構之攸關性研究，台灣管理學刊，第7卷，第2期：187-207。林宜勉，1999，盈餘資訊性與管理者股權之關聯性研究，企銀季刊，第23期：175-193。林宛瑩、汪瑞芝與游順合，2012，研發支出、內部董事與經營績效，會計審計論叢，第2卷，第1期：61-90。林敬穎，2009。研究發展支出與廣告支出對於企業價值攸關性之探討：以台灣公司為例，國立成功大學會計研究所未出版碩士論文。 金成隆、林修葳與紀信義，2004，專利權價值攸關性之研究：以企業生命週期論析，管理學報，第21卷，第2期（4月）：175-197。 金成隆、林修葳與邱煒恒，2005，研究發展支出與資本支出的價值攸關性：以企業生命週期論析，中山管理評論，第13卷，第2期：617-643。金成隆與陳俞如，2006，公司治理與專利權：台灣新興市場，管理學報，第23卷，第1期：99-124。俞海琴與陳慧娟，1999，我國上市公司成長、槓桿與托賓Q之研究，風險管理學報，第1卷，第1期：81-101。洪榮華、陳香如與柯璟瑩，2004，從代理理論的角度探討董事會特性、股權結構與負債之關聯性，管理與系統，第12卷，第4期(10月)：3-53。高莉華，2004，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計研究所碩士論文。張君豪，1999，研究發展成本、現金流量及盈餘對股價報酬之研究，中原大學會計學系研究所未出版碩士論文。 屠美亞與陳姿挺，2001，銀行借款、股權結構與公司監管機制，華信金融季刊，第15期：43-54。曹壽民、黃仲賢與劉正良，2004，應計項目與非財務指標異常現象之探討，2004第十三屆會計理論與實務研討會論文集，國立政治大學會計學系。 曹壽民、記信義與劉正良，2007，股市對創新活動的評價是否具有效率性？從研發效率與內部人交易論析，會計評論，第45期（7月）：27-55。許珮蓉，2007，從企業型態探討創新活動行為─以家族與集團企業為例，國立中央大學，企業管理研究所碩士論文。陳忠民，1997，本國產業研究發展經費與利潤、營業額之關連性，交通大學管理科學研究所未出版碩士論文。陳威廷，2000，研究發展支出與市場價值關聯性之實證研究，私立中國文化大學會計研究所未出版碩士論文。 黃雅琪，1997，台灣電子業品質認證與研究發展經營績效之影響，國立政治大學會計研究所碩士論文。 楊幼梅，2002，研究發展支出與未來股票報酬之關連性研究，中原大學會計學系未出版碩士論文。 楊朝旭，2004，產品市場競爭可否降低公司內部治理機制不佳所導致的代理成本， 管理學報，第21卷，第2期：153-173。經濟部智慧財產局，專利法相關法規。葉金標，2009，股權分散對公司利潤影響－理論模型之應用，法制論叢，第43期（1月）：1-27。葉銀華與邱顯比，1996，資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論，台大管理論叢，第7卷，第2期：57-90。詹錦宏與楊麗弘，2001，臺灣上市公司股權結構與經營績效之研究－產業特性與股權質押之觀點，臺灣銀行季刊，第52期：202-220。劉正田，1997，研究發展支出之效益及其資本化會計資訊對股票評價攸關性之研究，國立政治大學會計研究所未出版博士論文。 劉正田，2001，無形資產、成長機會與股票報酬關係之研究，會計評論，第35期（7月）：1-29。 歐進士，1998，我國企業研究發展與經營績效關聯之實證研究，中山管理評論，第6卷，第2期：257-385。 鄭雯馨，2004，研究發展與專利權對於股票報酬影響之探討，國立政治大學會計研究所未出版碩士論文。 謝蕙如，2009，智慧資本轉換能力與企業績效之關聯性研究，國立政治大學會計學系未出版碩士論文。 蘇明信，2002，高科技產業研究發展支出對企業價值之攸關性，國立中山大學財務管理研究所未出版碩士論文。 Aboody, D., and B. 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