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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民(Yao-Min Chiang) | |
| dc.contributor.author | I-Chen Wu | en |
| dc.contributor.author | 吳宜臻 | zh_TW |
| dc.date.accessioned | 2021-06-07T17:28:29Z | - |
| dc.date.copyright | 2020-07-15 | |
| dc.date.issued | 2020 | |
| dc.date.submitted | 2020-05-26 | |
| dc.identifier.citation | 1. Agrawal, Anup, and Narayanan Jayaraman. 'The dividend policies of all‐equity firms: A direct test of the free cash flow theory.' Managerial and decision economics 15.2 (1994): 139-148.
2. Baber, William R., Patricia M. Fairfield, and James A. Haggard. 'The effect of concern about reported income on discretionary spending decisions: The case of research and development.' Accounting Review (1991): 818-829. 3. Bange, Mary M., and Werner FM De Bondt. 'R&D budgets and corporate earnings targets.' Journal of Corporate Finance 4.2 (1998): 153-184 4. Brush, Thomas H., Philip Bromiley, and Margaretha Hendrickx. 'The free cash flow hypothesis for sales growth and firm performance.' Strategic Management Journal 21.4 (2000): 455-472. 5. Bushee, Brian J. 'The influence of institutional investors on myopic R&D investment behavior.' Accounting Review (1998): 305-333. 6. Chan, Su Han, John D. Martin, and John W. Kensinger. 'Corporate research and development expenditures and share value.' Journal of Financial Economics 26.2 (1990): 255-276. 7. Ciftci, Mustafa, and William M. Cready. 'Scale effects of R&D as reflected in earnings and returns.' Journal of Accounting and Economics 52.1 (2011): 62-80. 8. Dechow, Patricia M., Scott A. Richardson, and Richard G. Sloan. 'The persistence and pricing of the cash component of earnings.' Journal of Accounting Research 46.3 (2008): 537-566. 9. Eberhart, Allan C., William F. Maxwell, and Akhtar R. Siddique. 'An examination of long‐term abnormal stock returns and operating performance following R&D increases.' The Journal of Finance 59.2 (2004): 623-650. 10. Grabowski, Henry G., and Dennis C. Mueller. 'Industrial research and development, intangible capital stocks, and firm profit rates.' The Bell Journal of Economics (1978): 328-343. 11. Graham, John R., Campbell R. Harvey, and Shiva Rajgopal. 'The economic implications of corporate financial reporting.' Journal of Accounting and Economics 40.1-3 (2005): 3-73. 12. Jensen, Michael C. 'Agency costs of free cash flow, corporate finance, and takeovers.' The American Economic Review 76.2 (1986): 323-329. 13. Lang, Larry HP, and Robert H. Litzenberger. 'Dividend announcements: Cash flow signalling vs. free cash flow hypothesis?.' Journal of Financial Economics 24.1 (1989): 181-191. 14. Lev, Baruch, and Theodore Sougiannis. 'The capitalization, amortization, and value-relevance of R&D.' Journal of Accounting and Economics 21.1 (1996): 107-138. 15. Lichtenberg, Frank R. R&D investment and international productivity differences. No. w4161. National Bureau of Economic Research, 1992. 16. Osma, Beatriz Garcia, and Steven Young. 'R&D expenditure and earnings targets.' European Accounting Review 18.1 (2009): 7-32. 17. Perry, Susan, and Robert Grinaker. 'Earnings expectations and discretionary research and develop.' Accounting Horizons 8.4 (1994): 43. 18. Richardson, Scott. 'Over-investment of free cash flow.' Review of Accounting Studies 11.2-3 (2006): 159-189. 19. Szewczyk, Samuel H., George P. Tsetsekos, and Zaher Zantout. 'The valuation of corporate R&D expenditures: Evidence from investment opportunities and free cash flow.' Financial Management (1996): 105-110. 20. Titman, Sheridan, KC John Wei, and Feixue Xie. 'Capital investments and stock returns, forthcoming.' Journal of Financial and Quantitative Analysis (2003). 21. Wang, Jiann-Chyuan, and Kuen-Hung Tsai. 'Productivity growth and R&D expenditure in Taiwan's manufacturing firms.' Growth and Productivity in East Asia, NBER-East Asia Seminar on Economics, Volume 13. University of Chicago Press, 2004. 22. 罗婷, 朱青, and 李丹. '解析 R&D 投入和公司价值之间的关系.' 金融研究 6 (2009): 100-110. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15201 | - |
| dc.description.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。 | zh_TW |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-07T17:28:29Z (GMT). No. of bitstreams: 1 ntu-109-R07723058-1.pdf: 1621769 bytes, checksum: 5d37b2213ebae9c8ddfef4dc2ee44695 (MD5) Previous issue date: 2020 | en |
| dc.description.tableofcontents | 中文摘要 4
Abstract 5 目錄 6 表目錄 7 第一章 緒論 8 第一節 研究動機與目的 8 第二節 研究架構 10 第二章 文獻探討與假說建立 11 第一節 自由現金流量與公司績效相關文獻 11 第二節 研究發展支出與公司績效相關文獻 12 第三節 假說建立 13 第三章 研究方法與樣本 16 第一節 樣本選取與資料來源 16 第二節 研究模型 16 第三節 研究變數定義 17 第四節 敘述統計分析 20 第四章 實證結果與分析 23 第一節 高(低)自由現金流量與高(低)研發支出對公司績效影響迴歸結果 23 第二節 高自由現金流量公司中，高與低研發支出公司績效迴歸結果 27 第三節 高研發支出公司中，高與低自由現金流量公司績效迴歸結果 29 第四節 低自由現金流量公司中，高與低研發支出公司績效迴歸結果 31 第五節 低研發支出公司中，高與低自由現金流量公司績效迴歸結果 33 第六節 高科技產業中，高自由現金流量與高研發支出公司績效迴歸結果 35 第五章 結論 37 參考文獻 39 | |
| dc.language.iso | zh-TW | |
| dc.subject | 公司績效 | zh_TW |
| dc.subject | 自由現金流量 | zh_TW |
| dc.subject | 研究發展支出 | zh_TW |
| dc.subject | research and development expenditure | en |
| dc.subject | company performance | en |
| dc.subject | free cash flow | en |
| dc.title | 高自由現金流量與高研發支出對公司績效之影響 | zh_TW |
| dc.title | The impact of high free cash flow and high R&D expenditure on company performance | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 108-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 張邦茹(Bang-Ru Chang),黃柏凱(Po-Kai Huang) | |
| dc.subject.keyword | 自由現金流量,研究發展支出,公司績效, | zh_TW |
| dc.subject.keyword | free cash flow,research and development expenditure,company performance, | en |
| dc.relation.page | 41 | |
| dc.identifier.doi | 10.6342/NTU202000882 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2020-05-27 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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