企业研发投资对融资丶股利政策与成长机会之影响──以电子资讯产业为例.pdf

風險管理學報 第五卷 第三期 2003 年 11 月 Journal of Risk Management Vol.5 No.3 Nov. 2003 pp.319-339 企業研發投資對融資、股利政策與成長機會之影響 ──以電子資訊產業為例* The Impact of Research and Development Outlays on Debt, Dividend Policy and Growth Opportunity －－ A Study of Electronic Information Companies ** *** 林祝英（Chu-Inn Lin ） 劉正義（Cheng-Yi Liu ） 摘 要 本文根據企業管理當局與債權人之資訊不對稱性所引起之代理理論與融資順位 理論，探討我國電子資訊廠商之研發投資、融資與股利政策，以及成長機會之關係。 實證結論為：研發密度較高的企業，負債水準顯著的較低，股利支付率亦較低，但 不顯著。企業負債水準與成長機會呈正相關，高研發密度企業此關係較低；企業現 金股利支付率與企業成長機會呈負相關，高研發密度企業未有明顯差異。 關鍵詞：研究發展、融資順位理論、融資政策、股利政策、成長機會。 Abstract Based on the pecking order theory and the agency theory raised by the information asymmetry between the corporate owner-managers and debt holders, this study investigates the relationship and interaction among research and development (RD) outlays, debt and dividend policy, and growth opportunity of electronic information companies. The results are as following. First, significantly, the higher RD intensity (RD/sales) indicates the lower debt ratio. The higher RD intensity shows the lower payout ratio with non-significance. Second, debt policy associates positively with growth opportunity, however, debt policy and RD policy interactively associates negatively with growth opportunity; payout ratio associates negatively with growth opportunity, and payout ratio and RD policy interactively associates unsignificantly with growth opportunity. Keywords: Research and Development (RD), Pecking Order Theory, Debt Policy, Divi