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| Title: | 資訊不對稱對企業研發投資的影響
The Impact of Information Asymmetry on Corporate R&D Investment |
| Authors: | 劉宗翰
Liu, Zong-Han |
| Contributors: | 盧敬植
劉宗翰
Liu, Zong-Han |
| Keywords: | 資訊不對稱
市場競爭
研發投資
Information asymmetry
Market competition
R&D investments |
| Date: | 2024 |
| Issue Date: | 2024-08-05 13:43:16 (UTC+8) |
| Abstract: | 本研究探討資訊不對稱與企業研發投資的關聯，以買賣價差(spread)和不流動比率(illiquidity ratio)做為資訊不對稱的代理變數，分析資訊不對稱是否會影響企業的研發投入，因資訊不對稱將使企業的資金成本提高。實證結果顯示，不論是以買賣價差或不流動比率做為代理變數，資訊不對稱越嚴重的公司，研發活動投入就越低。
然而，本研究認為即使資訊不對稱的情況嚴重，使公司融資成本提升，位於高度競爭市場的公司仍會為了保持競爭優勢和獲得高報酬而增加研發投入，故加入赫芬達爾-赫希曼指數(Herfindahl-Hirschman Index)與買賣價差、不流動比率的交乘項，探討資訊不對稱與企業研發投資之間的關聯，是否會因市場競爭程度的不同而有所改變。實證結果顯示赫芬達爾-赫希曼指數與買賣價差、不流動比率的交乘項皆與研發投資呈現正相關。
This study investigates the relationship between information asymmetry and corporate R&D investment, using the bid-ask spread and the illiquidity ratio as proxies for information asymmetry, and analyzes whether information asymmetry affects corporate R&D investment because information asymmetry increases the cost of capital for firms. The empirical results indicate that, regardless of whether the bid-ask spread or the illiquidity ratio is used as the proxy variable, companies with more severe information asymmetry tend to invest less in R&D activities.
However, even under severe information asymmetry, firms operating in highly competitive markets will increase their R&D investments to maintain their competitive advantage and achieve high returns. Therefore, the study incorporates interaction terms between the Herfindahl-Hirschman Index (HHI) and the bid-ask spread, as well as between HHI and the illiquidity ratio, to explore whether the relationship between information asymmetry and corporate R&D investment varies with the degree of market competition. The empirical results show that the interaction terms between HHI and the bid-ask spread, as well as between HHI and the illiquidity ratio, are positively correlated with R&D investment. |
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| Description: | 碩士
國立政治大學
財務管理學系
111357024 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111357024 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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