高自由現金流量與高研發支出對公司績效之影響

Abstract

過去有許多文獻探討當公司有高額自由現金流量時，會產生代理問題並對公司績效產生負面影響；而公司如果投入資金到研究發展上，對於公司的未來發展與績效則多為正面影響。本文欲探討當公司同時擁有高自由現金流量與高研發支出的特性時，高額研發支出是否可以減輕高自由現金流量所帶來的代理問題，使公司可以向投資人投射出正面信號，表示公司並無浪費資金在不適當的投資計畫上。實證結果顯示，當公司同時擁有高自由現金流量與高研發支出的特性時，其公司績效明顯較其他無此特性公司佳，表示高額研發支出可以減輕高自由現金流量所帶來的代理問題，且當公司屬於高科技產業時，此結果更為顯著；而擁有低自由現金流量與高研發支出特性的公司績效明顯劣於其他公司樣本。

In the past, there were many literatures discussing that when a company has a high amount of free cash flow, it will generate agency problems and negatively affect the company's performance; and if the company invests money in research and development, it will have a positive impact on the company's future development and performance. This article wants to discuss whether when the company has the characteristics of high free cash flow and high R&D expenditure, whether high R&D expenditure can reduce the agency problem caused by high free cash flow. The company can thus project a positive signal to investors, indicating that the company did not waste funds on inappropriate investment plans. The empirical results show that when the company has both the characteristics of high free cash flow and high R&D expenditure, its company performance is significantly better than other companies without such characteristics, indicating that high R&D expenditure can alleviate the agency problems caused by high free cash flow. When the company belongs to the high-tech industry, this result is more significant; while the performance of companies with low free cash flow and high R&D expenditure characteristics is significantly inferior to other company samples.