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標題: | 虧損公司是否濫行研究發展投資? Do Loss Firms Abuse R&D Investments? |
作者: | Shang-Yi Yu 游上逸 |
指導教授: | 王全三 |
關鍵字: | 虧損,研究發展投資,公司行為理論,展望理論,展望動機,展望動機所誘發的研究發展投資, Losses,R&D,Behavioral Theory of Firm,Prospect Theory,Prospect Incentive,Prospect-Based R&D, |
出版年 : | 2012 |
學位: | 碩士 |
摘要: | 盈餘虧損頻率與研究發展投資均逐年上升,但虧損與研究發展投資的關係尚未被完全釐清。本研究以公司行為理論說明虧損公司增加研究發展投資的動機,另以展望理論分析虧損公司的風險偏好,並分析虧損對研究發展投資決策與此類投資決策對未來盈餘的影響。研究結果發現,相較於獲利公司,虧損公司有較多的研究發展投資,與公司行為理論相符。虧損公司的研究發展投資,並隨虧損擴大而增加,符合展望理論。換言之,展望動機是'虧損所誘發的研究發展投資'的重要因素。從未來盈餘績效來看,研究結果顯示展望動機所誘發的研究發展投資與未來盈餘成負向關聯,而高品質的財務報導能減少虧損公司過度投資(研究發展計劃),進而紓緩因展望動機所誘發的無效率研究發展投資。 Both the frequency of negative earnings and R&D investment have been increasing. However, the relation between these two variables has not been fully explored. This study uses the behavioral theory of firm to explain loss firms' motivation to increase R&D and prospect theory to analyze loss firms' risk attitudes in terms of their R&D decision and the future financial performance of the loss-induced R&D. Results show that negative earnings induce firms to invest more in R&D, consistent with the behavioral theory. Further, R&D investment increases as firms' earnings become more negative, as proposed by the prospect theory. In other words, the prospect incentive is a critical factor of the “loss-induced” R&D. As regarding future operating performance, results indicate that prospect-based R&D is negatively associated with future earnings, and I further find that higher financial reporting quality curbs such unproductive activities by reducing loss firms' overinvestment in R&D. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/6781 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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