研發費用率與股利之關聯－以台灣製藥業及生技業為例

Abstract

本研究探討台灣製藥業及非製藥生技業研發費用率與現金股利發放的關係，並探討高研發費用率又能發放較高現金股利之製藥公司特性。資料涵蓋2010～2018年的台灣製藥與非製藥生技公司，並採用每股現金股利做為應變數。結果顯示(1)高研發費用率的製藥公司增加研發費用率將減少現金股利發放，(2)較高的股東權益報酬率及較高的獨立董事佔比為能發放較高現金股利的高研發費用率製藥公司的特性。本研究發現獨立董事可以有效發揮公司治理的效果，提升公司的現金股利發放，避免管理者侵害股東的權益。

This paper examines the relationship between cash dividend payout and R&D expense ratio of pharmaceutical industry and non-pharmaceutical biotech industry in Taiwan during 2010 to 2018. This paper also discusses why some of the pharmaceutical companies with high R&D expense ratio could pay more cash dividends. The results are as follows. (1)There is negative relationship between cash dividend payout and R&D expense ratio for the high R&D expense ratio pharmaceutical companies. (2)Higher ROE and higher independent director ratio are the characteristics of high R&D expense ratio pharmaceutical companies that could pay more cash dividends. This paper finds that independent directors could fulfill the role in corporate governance, reduce conflicts of interest between managers and investors, and encourage firms to pay more cash dividends.