前瞻性研究發展費用揭露的影響因素與市場反應

Abstract

本研究主要探討影響國內企業自願性揭露預計未來研發費用之因素，以及該自願性揭露是否可提高股價的資訊內涵。本文為國內首篇針對未來研究發展費用進行探討之研究，以西元2004年起至2012年止共計九個年度之台灣上市、上櫃公司為研究樣本進行分析。研究結果顯示，當公司存在較低之私有資訊成本、盈餘表現較佳、盈餘波動性較小、股份盈餘偏離倍數較低時，公司將傾向揭露其預計未來研發費用之資訊，或揭露的明確度較高，此實證結果符合本研究之預期；然而，外部融資需求將增加揭露行為之假說並未能獲得實證結果支持。另外，本研究發現，自願性揭露預計未來研發費用以及揭露資訊之明確度可提高次期之未來盈餘反應係數，也就是說能增進股票報酬與未來盈餘之間的關係，即提高股價的資訊內涵。

The objective of this research is to investigate the determinants and market consequences of disclosure of forward-looking R&D expenditures. This study is the first domestic research aimed to focus specifically on future R&D expenditures. This research examines the annual reports identified from the Market Observation Post System for listed and OTC companies in Taiwan, from 2004 to 2012. The empirical results show that firms with lower proprietary information costs, better earnings performance, lower earnings volatility, and smaller divergence between voting rights and cash flow rights tend to voluntarily disclose the information of forward-looking R&D expenditures, and their disclosures tend to be more specific (precise). However, the results do not support the hypothesis regarding the needs for external financing. Moreover, further tests indicate that both voluntary disclosure of forward-looking R&D expenditures and its disclosure precision contribute to enhancing the association between current stock returns and future earnings, that is, higher future earnings response coefficient (FERC).