An Empirical Study of Relationship between R&D Expenditure and Stock Return

• Main Authors: Lee, Ya-Hui, 李雅惠
• Other Authors: Chia-Ying Ma
• Format: Others
• Language: zh-TW
• Published: 1996
• Online Access: http://ndltd.ncl.edu.tw/handle/43615788567383099038

碩士 === 東吳大學 === 會計學系 === 85 === In American stock market,some researchers find the positive relationship between the firm''s market value and its research and development (R&D) expenditure. The investor would have the unexpected return ,the difference between actual return and expected return , upon the firms with R&D expenditure. This study examines the relationship between unexpected return and R& D in the Taiwanese industries. By the methods of t test and ordinary linear regression, this study finds that the larger the size of company ,the more the intense of R&D. The larger the company, the more the unexpected investment return in Taiwanese stock market. The variance of unexpected return upon the size of companies does not show any statistics significant difference.