以公司治理角度探討研發活動對企業價值之影響

Abstract

在過去探討研發活動對企業價值影響之文獻中，較少有文獻研究公司治理對研發活動與企業價值關聯性之影響。本論文以台灣上市上櫃電子產業為研究對象探討此議題。文中以經理人及大股東持股結構、席次盈餘偏離差、法人及外資持股結構三大公司治理層面作為公司治理的代理變數。實證結果顯示，若經理人及大股東持股比率愈高，則研發活動對企業市場價值的正面影響越大；若席次盈餘偏離差愈大，則研發活動對企業市場價值的正面影響越小；若法人及外資持股比率愈高，則研發活動對企業市場價值的正面影響越大。此外，本論文分群樣本的實證結果顯示，在資訊不對稱程度較高的企業，公司治理較能提高研發活動對企業市場價值的正面影響。整體來看，好的公司治理有助於減緩代理問題，減少研發活動過程中的不必要支出，提高研發活動對企業市場價值的正面影響。

The effect of corporate governance on the relationship between research and development (R D) expenditures and firm value remains much unexplored in prior studies. This paper examines the influence of corporate governance on the relationship between R D expenditures and firm value by using the sample of Taiwan’s electronics industry. We employ three aspects of empirical proxies for corporate governance: (1) manager and blockholder ownership structure; (2) the deviation between board seat-control rights and cash flow rights, and (3) institution and foreign ownership structure. Our empirical findings show that manager and blockholder ownership will increase the market valuation of innovation activities. The deviation between board seat-control rights and cash flow rights will decrease the market valuation of innovation activities. Institution and foreign ownership will increase the market valuation of innovation activities. In addition, the empirical results from subsample indicate that corporate governance is associated with higher market valuation for innovation activities in high degree of information asymmetry firms. Better corporate governance can alleviate agency problem and impede unnecessary expenditure during innovation activities, which is associated with higher market value.