一廠商欲促速技術升級，可行之途徑不外乎自先進國家引進他廠商已開發完成之技術，或自行投資研究發展活動以獲得新技術。然而關鍵技術為各廠商之高度商業機密，取得不易，欲使技術升級之根本之計，惟有廠商本身投入研發活動，以己力獲得新技術。然而，廠商從事研發活動雖可獲得新技術，但同時也承受極高之失敗風險，換言之，研發活動之結果為成功，代表廠商投入之研發費用可創造更多廠商之未來價值；但若結果為失敗，則廠商所投入之研發資金如同石沉大海。由上述得知，廠商之研發支出對於衡量其經營績效時，實為重要之考量因素，亦為值得吾人探討之議題。 為了評估廠商所支出之研發費用對其經營績效之影響，本文以1999年至2003年間設籍於台北市並投入研發支出費用之71家廠商之資料，以追蹤資料迴歸模型—固定效果模型探討可能對廠商毛利率造成影響之因素。實證結果顯示：（一）就全部產業而言，研發支出密集度、速動比率及營收總額對廠商之毛利率呈正向關係，研發支出密集度平方及負債比率對廠商之毛利率呈負向關係。（二）就電子業及非電子業而言，研發支出密集度、速動比率及營收總額對廠商之毛利率呈正向關係。電子業方面研發支出密集度平方之結果未達顯著標準，非電子業研發支出密集度平方對廠商之毛利率呈現負向關係。在負債比率方面，電子業及非電子業呈現相反之結果（電子業呈負向關係，非電子業呈正向關係），經分析之原因應與產業結構有關。

生技產業是一個具有豐富無形資產之產業，需透過研發活動創造無形資產，以增進產業價值。因此，生技公司所投入之研發費用係生技產業發展的重要關鍵因素。 本研究旨在探討生技公司所投入之研發費用與其股價報酬間之關係。本研究選取2003至2007年台灣40家上市櫃、興櫃之生技公司及美國76家NASDAQ之生技公司為樣本，將股價報酬作為生技公司績效之衡量變數。本研究運用敘述性統計、Pearson相關係數和複迴歸分析以達到研究之目的。 實證結果顯示，不論台灣或美國之生技公司，其研發費用、研發密度、研發生產力、市場佔有率及員工分紅，皆與股價報酬具有顯著正相關。研究結果亦證實，生技公司研發活動確實會影響股價報酬。此外，本研究亦發現，市場佔有率與研發密度之交乘項，以及員工分紅與研發密度之交乘項，皆與股價報酬呈現顯著相關。 / The biotechnology industry has abundance of intangible assets. It creates intangible assets through research and development activities to add value. Therefore, R&D plays a key role in the development of the biotechnology industry. This research aims to explore whether R&D is associated with stock returns of biotechnology companies in Taiwan and in the United States. The sample consists of 40 Taiwanese and 76 NASDAQ biotechnology companies with data from 2003 to 2007. The empirical results are as follows. R&D, patents, market shares, and employee bonus are all significantly associated with stock returns both in Taiwan and in the United States, suggesting that R&D activities of biotechnology companies affect their stock returns. In addition, the interaction of market shares and R&D intensity and that of employee bonus and R&D intensity are both significantly associated with stock returns in Taiwan and in the United States.

分析師扮演著公司與投資大眾之間的資訊中介者角色。本文旨在探討企業研發支出對分析師預測品質的影響，以及企業聘雇屬於產業專家會計師是否能夠緩和研發支出所引發的盈餘管理及代理問題，並進而改善分析師預測品質。本文援引Balsam (2003)之定義，計算會計師事務所於各產業之市場佔有率(auditor industry market share)。作為產業專家之代理變數。實證結果發現：(1)分析師離散性與整合分析師間私有利益的程度，與公司研發費用多寡有關。研發費用愈高的公司，分析師的離散程度及整合分析師間的私有利益也愈高；(2)透過產業專家查核，可以緩和研發費用支出所引發的盈餘操縱及代理問題，因此研究發展費用透過產業專家會計師查核，可以提升企業的會計盈餘資訊品質，以降低分析師盈餘預測的離散程度及降低分析師間整合私有資訊的利益。 / Analysts, as an informational intermediary, produce research reports that include forecasts of future earnings, thus fulfill an important role in capital market. The objective of this paper is to investigate the association between analyst forecast’s quality and firm’s R&D expenditure. Recent work has hypothesized that intangible assets affect analyst forecast’s quality. Extending this literature, we hypothesized that firm seek to reduce the degree of earnings’ management and agency’s cost from R&D expenditure by retaining high quality auditor firms, auditor industry expertise, and then increase analyst forecast’s quality. We measure auditor industry expertise based on Balsam (2003). We find that more R&D expenditure increases analyst forecast’s dispersion and enhances the benefits of aggregating individual analysts’ forecasts. Consistent with our hypothesis, we document that auditor industry expertise can mitigate the degree of earnings’ management and agency’s cost from R&D expenditure. We also find that firms retaining auditor industry expertise are more likely to enhance the accounting information quality, decrease analyst forecast’s dispersion, and eliminate the benefits of aggregating individual analysts’ forecasts.

生技產業乃二十一世紀的十大重要產業之第一位，而台灣雄厚電子產業的發展根基，非常適合發展生物科技領域中之醫療器材產業，而電子醫療器材產品與一般電子產品最大的不同處，在於產品開發期較長，尤其在驗證與確效上的作業最為繁複，往往臨床驗證所花費的資源比實際開發設計工作更多，除少數家用電子醫療器材產品外，皆具少量多樣之產品特性，以台灣在電子產業研發技術的實力，加上業界快速應變能力，公、私部門若能投入更多資源，則產業榮景可期。 基於產業特性之不同，歷年來有許多有關作業基礎成本制產業別適用性之研究，但卻少有對醫療器材產業之適用有深入的研究。因此本研究將經由個案實例，建構與導入作業基礎成本制度，確認作業基礎成本制度是否適用於醫療器材產業，並探討醫療器材產業研發部門導入作業基礎成本制度時之相關事項。 本研究擬以國內某一上市櫃之醫療電子廠商為研究對象，以個案研究之方式，探討以下主題: 1. 作業基礎成本制度是否適用於醫療器材產業。 2. 為個案公司研發管理流程建構作業基礎成本制度。 3. 經由建構與導入作業基礎成本制度嘗試分析找出最佳動因之方法與相關應注意事項。 4. 經由建構與導入作業基礎成本制度分析動因選定與資料收集效率之間的平衡取捨。 / Biotechnology is at the apex of the top-ten industries list of the 21st century. The profound foundation of electronics in Taiwan is suitable for the development of medical equipment industry in the field of biotechnology. Long product development time is the trait that separates electronic medical products from electronics (consumer, IT ,etc) , especially, the complicated and lengthy validation and certification process. The process of clinical testing consumes more resources in comparison to actual product development and design. Except for homecare device, medical equipment is small in volume and big in diversity. In addition to R&D capability and quick response to market, Taiwan’s electronics industry will be able to achieve more if additional resources are invested. Each industry is unique in its own way. There are many studies furnished on activity-based costing system of various industries ,but they are lacking for medical equipment industry. It is the attempt of this research to construct and introduce activity-based costing system with a case study in order to confirm whether the activity-based costing system is applicable for medical equipment industry and what the influences of activity-based costing system on medical equipment industry. 1. Whether the activity-based costing system is applicable for medical equipment industry or not? 2. Construct an activity-based costing system for R&D management procedure of the subject in this research. 3. Try to analyze and seek for the best driver by constructing and introducing an activity-based costing system. 4. Try to analyze the balance between driver selection and data collection efficiency by constructing and introducing an activity-based costing system.

This study explores various drivers of Internet stock prices. This study extends the previous work on Internet stock valuation along two dimensions: (1) the separation of Internet firms into web-related and non-web-related groups. (2) the incorporation of consideration for the effect of Internet shakeout on value drivers identified in this study. The primary findings are as follows. First, this study finds evidence that contradicts the claims made by some analysts that web traffic metrics are no longer important. The findings show that web-traffic remains value-relevant to Internet stock price for the period Oct 1998 to May 2003. Second, this study documents evidence against the “common wisdom”, as represented in the business press, that traditional financial statement information has limited usefulness in pricing of Internet stocks. The variable “revenues” is significantly positively associated with the stock price in the pre- and post-shakeout period for all Internet firms. Third, consistent with prior research on other intangibles-intensive industries, this study finds that, in particular, product development (R&D) appears to be capitalized as assets by investors in their assessment of values of web firms during the testing period, including period subsequent to the industry shakeout in the spring of 2000. This research thus provides preliminary evidence of the value-relevance of R&D expense of the shakeout and maturation of the B2C Internet sector. Fourth, with respect to the inquiry of the potential effect of difference in web-traffic on the pricing of Internet stock, the empirical results demonstrate the importance of this consideration. The findings indicate that raw web-traffic variable is not value-relevant for non-web firms, while it is value-relevant for web firms. Finally, the market condition of Internet stocks appears to be influential in explaining the pricing of Internet share. The empirical result shows that the share prices of Internet stocks are higher before the market correction, when holding other variable as controlled.

我國自民國87年起實施「未分配盈餘加徵10%營所稅」，已有多位學者研究兩稅合一稅制與企業投資之關係，但針對未分配盈餘加徵稅負對企業投資意願的影響，迄今尚未有以『實際加徵之稅負資料』進行實證研究探討。本研究以未分配盈餘加徵稅負對企業投資支出之影響為主軸，並進一步分析當『產業』不同或『公司規模』大小不同時，未分配盈餘加徵稅負與企業投資的關係。除此之外，將企業投資分為固定資產總額投資、固定資產淨額投資及研究發展支出。 實證結果發現：(1) 未分配盈餘加徵稅負與固定資產投資及研究發展支出之迴歸係數為負值，且當投資為固定資產投資總額及固定資產投資淨額時，達統計上的顯著性。且由數據發現，電子產業研發費用較非電子產業高出5倍之多，因其仰賴高額研發支出，故需較多保留盈餘以因應投資需求；實施未分配盈餘加徵稅負後，電子產業實際加徵之未分配盈餘稅負較非電子產業為高，因此當政府增加未分配盈餘加徵稅負之制度，對電子產業衝擊較大。 (2) 由樣本超過200間的五大產業中發現，其投資支出與未分配盈餘加徵稅負的迴歸係數大致呈負值，且電機機械業、電子產業及建材營造業的迴歸結果達統計上的顯著性。(3) 本研究將企業依總資產規模不同分為四大組，發現當公司規模最小與公司規模最大時，此兩個組的企業，未分配盈餘加徵之稅負愈高，其固定資產投資之金額愈低。上述未分配盈餘稅負與投資的關係，可發現多數企業視未分配盈餘租稅成本為重要之投資決策考量因素，此一研究結果可提供政府制定稅務政策之參考。