研究發展費用與資本支出對股票報酬之交互作用效應探討

Abstract

本篇論文欲研究研發費用和資本支出的交互作用關係，本文以1981-2014年的台灣上市公司樣本進行研究(排除金融產業)，並利用Fama-Macbeth(1973)迴歸模型檢測此兩個變數是否存在顯著的正向交互作用關係。實證結果發現，研發費用和資本支出存在顯著的正向交互作用效果，公司增加資本支出會增強研發費用對公司股票報酬正向的影響。

This paper studies the interaction effect between research & development expenditures and capital expenditures on future stock returns. I adopt the Fama-Macbeth (1973) cross-sectional regressions to examine the samples which consist of all exchange listed firms in Taiwan from 1981 to 2014 excluding financial industry firms. The empirical results indicate that there exists a significant positive interaction effect between research & development expenditures and capital expenditures. Therefore, I conclude that increases of the capital expenditures would strengthen the effect of research & development expenditures on stock returns.