政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/123310
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 114501/145531 (79%)
造訪人次 : 53378845      線上人數 : 1186
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/123310


    題名: 研發支出與人力資本對企業價值之影響
    The Effects of R&D Expenditure and Human Capital on Business
    作者: 汪瑞芝
    吳志成
    丁綉娟
    貢獻者: 政大智慧財產評論　
    關鍵詞: Business valuation
    日期: 2004-10
    上傳時間: 2019-05-10 10:30:44 (UTC+8)
    摘要: 本研究以Collins, Maydew and Weiss (1997)所採用之實證模式為基礎,探討我國上市公司民國85年至91年度,研發支出與人力資本對企業價值之影響。本研究係以研究發展費用率作為研發活動之投入指標,同時以專利權數作為研發活動之產出指標,探討研發支出對企業價值的影響。在股價評價模式下,實證結果顯示,我國電子產業之專利權數與企業價值呈正相關;而非電子產業則以研究發展費用率與企業價值呈正相關。此外,關於人力資本對企業價值之影響方面,經實證分析得知,員工紅利保留盈餘比與企業價值呈正相關。員工年齡及服務年資與企業價值呈負相關。本研究亦針對研發支出與人力資本交互效果作分析,實證結果發現,研究發展費用率與每人營收之交互效果對企業價值的影響呈顯著正相關,且專利權數與每人營收之交互效果對企業價值之影響亦呈顯著正相關。因此,本研究實證結果顯示,企業從事研發活動的投入必須結合員工對公司的貢獻,才能提高企業的價值。
    This research, based on the model adapted by Collin, Maydew and Weiss (1997), discusses the impact of R&D expenditure and human capital on business value by using 1996-2002 financial statement data of Taiwan`s listed companies. We take the R&D expenditure ratio as input index and the number of patents as output index to measure the impact of the R&D expenditure on business value. Under stock price valuation model, the empirical evidences show that the number of patents are positively related with business value in electronic industries and the R&D expenditure ratio are positively related with business value in non-electronic industries, ceteris paribus.In addition to, this paper examines the impact of human capital related variables on business value. The empirical analysis indicates that the stock bonus-to-retain earnings ratio for employees is positively related with business value; the employees` average age and the employees` service years are negatively related with business value, ceteris paribus.Finally, the interactive impact on business value between R&D expenditure and human capital is tested. The results show that the interactive impact between R&D expenditure and net sales per employee are significant positively related with business value, and the interactive impact between the number of patents and net sales per employee are also significant positively related with business value, ceteris paribus. The findings of this study suggest that only if the process of R&D activity incorporates the contribution of employee, will the business value be enhanced.
    關聯: 政大智慧財產評論, 2(2), 81-108
    資料類型: article
    顯示於類別:[智慧財產評論] 期刊論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    index.html0KbHTML2286檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋