None

本文的研究意旨在於探討企業所投入的研究發展支出及資本支出對經營績效及股價報酬產生何種影響，希望能提供給企業經營者在決定研發政策或資本支出決策時參考。 本論文以國內上市櫃公司（除金融服務業外）作為研究樣本，並以2001年至2011年間為實證期間，進行迴歸模型分析，探討研發支出、資本支出等重大支出對於公司經營績效及股價報酬所產生的效果，並探討國內電子次產業如半導體產業、光電產業、電腦周邊產業及電子零組件產業在研發與資本支出對經營績效與股價報酬的影響差異度；本論文在公司經營績效及市場價值的衡量指標，係以公司之資產報酬率、股東權益報酬率、營業毛利率、營業淨利率、營收成長率及公司Tobin’s Q值與股價報酬等作為衡量指標。 實證結果發現： 一、 就全體產業而言，研究發展支出對於企業之營業毛利率、營業淨利率及Tobin’s Q值有顯著正相關，但對於企業之營收成長率、資產報酬率、股東權益報酬率以及公司股價報酬率等項目並未出現顯著相關性；資本支出對企業之資產報酬率及股東權益報酬率則出現顯著負相關，同時資本支出對企業Tobin’s Q值及股價報酬率出現顯著負相關，但對於企業之營收成長率、營業毛利率、營業淨利率等未出現顯著相關性。 二、 針對電子次產業實證結果： 1. 針對半導體產業實證發現，研究發展支出對於公司資產報酬率出現顯著正相關，資本支出對於公司Tobin’s Q值及股價報酬率則呈現顯著負相關。 2. 針對光電產業的實證發現，研究發展支出對於企業經營績效指標包括公司營收成長率、營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等，全數呈現顯著正相關；而資本支出對於公司Tobin’s Q值或股價報酬率呈現顯著正相關，但對於營業毛利率、營業淨利率、資產報酬率及股東權益報酬率等則呈現顯著負相關。 3. 針對電腦週邊產業的實證發現，研究發展支出對於公司營收成長率、營業淨利率、資產報酬率、股東權益報酬率及公司Tobin’s Q值等皆呈現顯著正相關；而資本支出則對於公司營收成長率出現顯著正相關。 4. 針對零組件產業的實證發現，研究發展支出對於公司營收成長率、營業毛利率、營業淨利率、資產報酬率、股東權益報酬率、公司Tobin’s Q值及股價報酬率等全數呈現顯著正相關；而資本支出對於公司營業毛利率、資產報酬率及股東權益報酬率等出現顯著負相關。 / This research mainly examines the related effect of R&D expenditure and capital investment on corporate performance and company’s stock price. The results of this study are trying to offer reference opinions to corporate executive officers that will make R&D or capital investment decisions. In this study, the database includes the listed companies in Taiwan Stock exchange except the finance industry from 2001 to 2011. We adopt R&D expenditure and capital investment as the independent variables of evaluating of corporate performance and company’s stock price, and also choose the growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price as the dependent variables. The results of this investigation could be summarized as follows: 1. For all targeted industries, R&D expenditure had positive, significant influence on the operating margin ratio, the net profit margin ratio and Tobin's Q Ratio. Capital investment had negative, significant influence on the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. 2. For Semiconductor industry, R&D expenditure had positive, significant influence on the return on total assets. Capital investment had negative, significant influence on Tobin's Q Ratio and company’s stock price. 3. For Optoelectronics industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity. Capital investment had positive, significant influence on Tobin's Q Ratio and company’s stock price. 4. For Computer peripheral industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, and Tobin's Q Ratio. Capital investment had positive, significant influence on the growth rate of sales. 5. For Electronic components/material industry, R&D expenditure had positive, significant influence on growth rate of sales, the operating margin ratio, the net profit margin ratio, the return on total assets, the return on equity, Tobin's Q Ratio and company’s stock price. Capital investment had negative, significant influence on the operating margin ratio, the return on total assets and the return on equity.