機構投資人、研發投資與資訊不對稱之關聯性－以綠色能源產業為例;The Relation among Institutional Investors, R&D Investments and Information Asymmetry: Evidence from the Green Energy Industry

National Chung Cheng University Institutional Repository > 管理學院 > 會計與資訊科技研究所 > 學位論文 > Item A095B0000Q/686

Please use this identifier to cite or link to this item: http://ccur.lib.ccu.edu.tw/handle/A095B0000Q/686

Title:	機構投資人、研發投資與資訊不對稱之關聯性－以綠色能源產業為例;The Relation among Institutional Investors, R&D Investments and Information Asymmetry: Evidence from the Green Energy Industry
Authors:	張家禎;CHANG, CHIA-CHEN
Contributors:	會計與資訊科技研究所
Keywords:	機構投資人;研發投資;資訊不對稱;綠色能源產業;Institutional investors;R&D investments;Information asymmetry;Green energy industry
Date:	2017
Issue Date:	2019-07-17
Publisher:	會計與資訊科技研究所
Abstract:	雖然研發投資可為企業帶來長期效益，但短視近利的公司經理人可能會透過減少研發費用來達到短期績效目標，此外，在代理理論架構下，經理人與投資者間存有資訊不對稱的問題，因此本文的主要研究目的為探討機構投資人是否可做為有效的監督者，使公司更加重視長期績效，提升對研究發展活動的投資，並且進一步探討在不同資訊不對稱程度下，是否對機構投資人與研發投資間的關係產生影響。本文主要研究對象為臺灣綠色能源產業之114家上市上櫃公司，研究期間為2009年至2016年。本研究結果顯示，機構投資人與公司研發投資間具有顯著正向關係，且在資訊不對稱程度偏高時，兩者間的正向關係更加顯著。 Although research and development (R&D) investments can bring long-term benefits to the firms, the reduction of R&D expenses can be undertaken by myopic management to achieve short-term performance goals. Moreover, there exist information asymmetry problems between management and investors under agency theory. Thus, the main purpose of this study is to explore if institutional investors can perform an effective monitoring, making firms focus more on long-term performance and increasing R&D investments. Also, this study seeks to explore if the relationship between institutional investors and R&D investments is affected with different degrees of information asymmetry. This study investigates the relationship between institutional investors and R&D investments for 114 Taiwanese listed green energy industry firms from 2009 to 2016. Empirical evidence shows that there is a significantly positive relationship between institutional investors and R&D investments, and this relationship is stronger for firms with higher degree of information asymmetry.
Appears in Collections:	[會計與資訊科技研究所] 學位論文

Files in This Item:

File	Description	Size	Format
index.html		0Kb	HTML	306	View/Open

Loading...