研究及發展費用對未來淨利影響的變化

Abstract

有鑑於研發支出的經濟意義，讓財務報表使用者了解研發支出對未來淨利的影響非常重要。本研究透過觀察台灣公司研發支出與未來淨利之間的關係，瞭解台灣公司研發支出的盈利能力是否有隨時間改變 。 研究結果顯示隨著時間的推移，平均研發支出盈利能力在統計上有顯著的提升。本研究透過分析及測試不同方面的影響，嘗試解釋研發盈利能力隨時間提升的原因。1. 利率的變動: 由於在研發支出以外的其他投資類型中沒有看到盈利能力隨時間上升的情況，因此利率的變動無法解釋研發盈利能力的提升。2. 法規的變動: 台灣2010年研發投資抵減辦法的設立以及2017年營利事業所得稅查核準則的修正為研發投資相關的稅務優惠政策，這可能解釋了一部分盈利能力的提升。3. 公司類型組成的變動: 透過實證研究發現台灣公司類型的組成正發生變動，且占比增加的公司類型有較高的研發盈利能力，因此公司類型組成的變動可以做為研發盈利能力上升的解釋之一。4. 邊際效益遞增: 在本研究的樣本期間內，研發支出總額和強度不斷增加，要滿足邊際效益遞增的條件是知識資源的投入，而研發支出在本質上就是一種知識資源的投資，因此邊際效益的遞增也可以做為研發盈利能力上升的解釋之一。 總體來說，本研究透過四種不同的面向嘗試解釋為何台灣公司研發盈利能力會有所提升，從法規的變動、樣本組成的改變以及邊際效益遞增的理論一窺研發盈利能力發生的可能原因，希望可以讓財務報表使用者更加瞭解台灣研發支出的趨勢以及改變的原因。

Given the economic significance of research and development (R&D) expenditures, it is crucial for financial statement users to understand the impact of R&D spending on future profitability. This study aims to examine whether the profitability of R&D expenditures in Taiwanese companies undergoes changes over time by observing the relationship between R&D spending and future net profit. The research result indicates a significant improvement in the average profitability of R&D expenditures over time. Through analyzing and testing various factors, this study attempts to explain the reasons behind the increasing R&D profitability over time. (1) Changes in tax rates: There is no observed increase in profitability for other investment types outside of R&D expenditures. Therefore, changes in interest rates cannot explain the rise in R&D profitability. (2) Changes in regulations: The establishment of Taiwan's R&D investment deduction measures in 2010 and the amendments to the corporate income tax audit criteria in 2017 related to R&D investment are examples of tax incentives that may partly explain the increased profitability of R&D. (3) Changes in the composition of company types: Empirical research has shown that the composition of company types in Taiwan is undergoing changes, with an increasing proportion of companies with higher R&D profitability. Thus, changes in the composition of company types can be considered one of the explanations for the rise in R&D profitability. (4) Increasing marginal benefits: During the sample period of this study, the amount of R&D expenditures have been continuously increasing. To achieve increasing marginal benefits, it requires the investment of knowledge resources. Therefore, the increasing marginal benefits can also be considered one of the explanations for the rise in R&D profitability. Overall, changes in regulations, shifts in sample composition, and the theory of increasing marginal benefits explain the reasons behind the improvement in R&D profitability. By exploring these potential factors, the aim is to provide financial statement users with a better understanding of the trends and underlying reasons for the changes in R&D expenditures in Taiwan.