English  |  正體中文  |  简体中文  |  Items with full text/Total items : 88295/117812 (75%)
Visitors : 23405723      Online Users : 172
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/24488
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/24488


    Title: 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
    Other Titles: The Value-Relevance of R&D and Capital Expenditure: A Test of the Life Cycle Hypothesis
    Authors: 金成隆;林修葳;邱偉橫
    Chin, Chen-Lung;Lin, Hsiou-Wei William;Chiou, Woei-Herng
    Keywords: 研究發展支出;資本支出;生命週期;Research and development expense;capital expenditure;life cycle
    Date: 2005-09
    Issue Date: 2009-01-13 15:29:41 (UTC+8)
    Abstract: 本研究旨在探討企業處在不同的生命週期階段時,資本市場對於各期的研究發展支出會有不同的評價。本文援引Anthony and Ramesh (1992)的方法,選定股利、銷貨成長、資本支出與公司成立年數為生命週期的判斷因子。本文使用Ohlson (1995)的會計評價模式,以盈餘、市值、資本支出與研究發展支出,設定為迴歸模型檢驗生命週期係數差異假說。實證結果發現,研究發展支出與股價之間呈現顯著的正向關係,當進一步考慮不同的生命週期階段時,發現在成長期的研發支出,對於股價的影響顯著大於成熟期及衰退期。此外,成長期的資本支出,對於股價的攸關性也顯著大於成熟期及衰退期。進一步發現,在成長期研究發展支出的反應係數顯著大於資本支出,在衰退期則否,因此實證結果支持研究假說:研發支出與資本支出二者相對應的反應係數的差異幅度,也會隨著生命週期而有不同。
    The objective of this paper is to investigate whether market response to research and development expense (hereafter R&D) varies across firms' life cycle stages. We hypothesize that response coefficients of firms' R&D decrease from the growth to the stagnant portfolios. We divided samples into various life cycle portfolios based on methods developed by Anthony and Ramesh (1992). Consistent with our hypothesis, we documents that, like capital expenditure, a monotonic decline in the response coefficients of R&D cost from the growth to the stagnant stages. Furthermore, the findings also support the notion that the response coefficients of R&D are significantly greater than those of capital expenditures at the stage of growth compared to the stage of stagnant. Finally, we also find that difference in the coefficients between R&D and capital expenditures decreases from the growth stages to the stagnant stages. These findings are robust to control for size and risk effects.
    Relation: 中山管理評論,13(3),617-643
    Data Type: article
    Appears in Collections:[會計學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    617643.pdf2178KbAdobe PDF789View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback