碩士 / 元智大學 / 會計學系 / 92 / Abstract
Since 1980’s, Taiwanese electronic industry played an important role both in the domestic economy and global high-technology. To persevere in changing is a key factor for the high competition of the knowledge intensive industry. With this trend, most enterprises raised up the higher intensity of R&D activities. They consequentially faced with another question-Are they have a great quantity of resources to put in? In the light of communications in international capital market are more and more frequently, the objective of this study is to empirically examine the relationship between R&D activities and firm value before and after foreign financing.
Accordingly, data samples were selected from electronic industry issuing Depositary Receipts(DR) before September 30, 2003. First study the relationship between R&D activities and firm value are significant difference before and after issuing Depositary Receipts. In the study, R&D activities comprise three components: R&D spending, approved patent and marginal profit. Secondly, the study further to analysis whether the increase in research and development originated from foreign financing. The empirical results as follows:
R&D Spending:
1. There is not significant among current R&D spending, time
lag of R&D spending and current Tobin's q before issuing.
But after issuing, the relationship of current R&D spending,
time lag of R&D spending and current Tobin's q are
significantly negative and positive.
2. There is not significant between R&D spending growth rate
and stock market value growth rate before issuing, but
significantly and positively after issuing.
Approved Patent:
1. There is not significant between approved patent and current
Tobin's q. After issuing, the relationship turned to
significantly positive.
2. Before or after issuing, there is not significant between
the increase of approved patent and stock market value g
rowth rate.
Marginal Profit:
1. Before or after issuing, the relationship of marginal profit
is positively but not significant with current Tobin's q.
2. There is not significant between marginal profit growth rate
and stock market value growth rate before or after issuing.
| Identifer | oai:union.ndltd.org:TW/092YZU00385004 |
| Date | January 2004 |
| Creators | Chia-Yen Ho, 何佳燕 |
| Contributors | Chia-Ying Ma, Tasi-Yen Chung, 馬嘉應, 鍾彩焱 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 78 |
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