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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31718

    Title: 總經理持股比率對企業研發支出影響之實證研究 : 以國內上市櫃公司為例
    Other Titles: The impact of CEO stock ownership on R&D expenditures : evidence from Taiwan's listing companies
    Authors: 劉盈伶;Liou, Ying-ling
    Contributors: 淡江大學財務金融學系碩士班
    路祥琛;Lu, Cheung-sum
    Keywords: 總經理持股率;企業成長機會;組織寬裕資源;負債比率;研發支出;CEO stock ownership;MTB;slack resources;Debt ratio;R&D
    Date: 2009
    Issue Date: 2010-01-11 01:10:26 (UTC+8)
    Abstract: 在現今知識經濟時代,研發創新儼然成為企業提升自我價值與市場競爭力的最佳途徑,而研發費用的支出取決於公司管理者之決策,故本文以國內上市櫃公司研發支出水準為研究主軸,探討公司總經理持股比率與公司現有條件:企業價值與成長機會、組織寬裕資源與負債比率共四項變數對公司研發支出決策之影響關係,旨在探討總經理在自利動機與公司績效考量下,對研發投資水準之決策考量,並進一步探討在不同的公司型態與條件下,是否具有差異性。
    In a knowledge economy, the research and development (R&D) has become the best way for an enterprise to prosper and gain market power. Executives are the ones who decide the amount of capital a firm puts into R&D activities. This study takes the agency perspective to investigate the relationship between CEO stock ownership and a firm''s R&D expenditures. This study investigate the impact of the CEO stock ownership, firm growth opportunity, slack resources, and debt ratio on R&D expenditures. The purpose is to determine whether CEO stock ownership would affect CEO’s decision on R&D expenditures. We further investigate the effects of a firm’s listing statue, industry type, and CEO dual role statue on R&D expenditure.
    The data comes from TEJ database and the market observation post system, and multiple regression analysis is used to carry on the investigation. As a whole, this study shows that CEO stock ownership and debt ratio are negatively associated with a firm’s R&D expenditures, and firm growth opportunity and slack resources are positively associated with a firm’s R&D expenditures. The increasing in shareholding of CEO will increase CEO’s fear of downside risk. As a result, CEO may reduce the long term risky investment in R&D to avoid the lose. When a firm’s CEO isn’t also the firm’s chairman of the board, only firm growth opportunity and debt ratio have the significant effect on a firm’s R&D expenditures.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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