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| Title: | 研發投入與公司價值:ESG 之調節效果
Research and Developement Investment and Firm Value: The Moderating Effect of ESG |
| Authors: | 施皓翔
Shih, Hao-Xiang |
| Contributors: | 林宛瑩
施皓翔
Shih,Hao-Xiang |
| Keywords: | 環境社會治理
研究發展
公司價值
Enviromental
Social and Governance
Firm Value
R&D |
| Date: | 2024 |
| Issue Date: | 2024-08-05 12:21:38 (UTC+8) |
| Abstract: | 隨著環境、社會、治理(ESG)蔚為風潮，投資者對可補充企業永續發展的非財務資訊的需求日益增加。要提升企業的可持續性發展，研發創新(以下簡稱R&D)即是重要的手段之一。但研發投資具有風險高、效益不確定性高等特質，研發可能為企業帶來利益，亦可能帶來鉅額虧損，因此研發是投資人判斷公司價值時的重要決策資訊。本研究以台灣上市(櫃)公司為研究樣本，探討 ESG 表現對企業 R&D 投入和公司價值間關聯性的調節作用。具體而言，本研究有以下發現：(1) ESG 和企業 R&D 投入密度對於公司價值皆具有影響效果；(2)相對於 ESG 表現較差的企業，ESG 表現較好的企業其 R&D 投入與公司價值間具有較強的顯著正向關聯性；(3)在高 R&D 投入密度之下，較好的 ESG 表現提升較多的公司價值，ESG 對於高 R&D 投入密度和公司價值的關聯性具有調節效果。
As the environmental, social, and governance (ESG) notion become increasingly prominent, investors are much more demanding for non-financial information that is supplementary to sustainable developments of companies. Research and development(R&D) has been perceived as a crucial means to firm sustainability. However, R&D investments are characterized by high risk and high uncertainty of returns. While successful R&D activities can bring substantial benefits to a company, failed R&D can
result in significant financial losses. Therefore, R&D-related information is essential for investors when assessing the value of company.
This study aims to explore the moderating effect of ESG performance on the relationship between corporate R&D investment and company value. Specifically, this study has the following findings: (1) both ESG and the intensity of R&D investment have impacts on company value; (2) companies with better ESG performance show a stronger positive correlation between R&D investment and company value as compared to those with poorer ESG performance; (3) for companies with high R&D intensity, better ESG performance significantly enhances company value, demonstrating a
moderating effect of ESG performance. |
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| Description: | 碩士
國立政治大學
會計學系
111353031 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111353031 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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