研發人力資本對公司價值之影響：以台灣上市櫃電子業為例;The Effects of R&D Human Capital on Firm Value：Evidence from Taiwanese Electronic Industry

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Title:	研發人力資本對公司價值之影響：以台灣上市櫃電子業為例;The Effects of R&D Human Capital on Firm Value：Evidence from Taiwanese Electronic Industry
Authors:	盧志隆;LU, CHIH-LUNG
Contributors:	會計與資訊科技研究所
Keywords:	公司價值;研發投資;人力資本;Firm Value;R&D Investment;Human Capital
Date:	2017
Issue Date:	2019-07-17
Publisher:	會計與資訊科技研究所
Abstract:	本研究目的係以探討台灣上市櫃電子業面對新經濟環境下的經營能力，因為公司未來的轉型及跨業發展惟有依賴創新「人才」的注入，才能將核心能力培養與延伸成為新的典範。再者，根據過去文獻對創新多以整體研究發展費用衡量創新活動對公司價值影響，卻忽略人才所帶來的實際效益，是故本研究透過人工方式，逐步檢視樣本各年度之財務報告，以蒐集研究發展費用明細表中，所提供攸關人力資源投入之要素。實證結果發現，研發人力資源投入對資產報酬率（ROA）有正向顯著效果，進一步說明小規模公司較大規模公司更具有效果，但未能從Tobin’s Q及Fama-French三因子得出相同論證。 The purpose of this study is to investigate the managerial capabilities of Taiwan’s listed and OTC firms in the new economic era. Since the transformation and cross-industry development of the corporation depends on creative employees, it can cultivate and extend core abilities to the new paradigm. Moreover, prior studies use total R&D expense to examine firm value. However, they ignore the actual benefit that human can create. Thus, this paper examines financial reports by gathering and analyzing relevant human resource inputs from operating expenses of financial statements. The empirical result shows that R&D human capital is positive significantly on ROA for the small firm. However, this study finds no significant effect of R&D human capital on Tobin's Q and Fama-French three-factor alphas.
Appears in Collections:	[會計與資訊科技研究所] 學位論文

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