| Summary: | 博士 === 國立臺灣科技大學 === 企業管理系 === 92 === The basic model for this study is to apply both the Capital Asset Pricing Model by Sharpe & Linter(1964) and Arbitrage Pricing Theory by Ross(1973) to the analytical return-risk framework in corporate R & D spending by Carmichael(1981). This revised version of the Carmichael(1981) model then is applied to the empirical study of the ‘Leading Product Development Program.” during the 1991-2000 time period.
Based upon the precedent theoretical structure of Carmichael, this paper incorporates an additional factor, i.e. the government R & D subsidy (an unsystematic risk), into the original structure of considering only single factor, i.e. market risk (a systematic risk). The empirical result shows the study of the effects of government subsidy on the enterprise R&D spending. There is significant and positive relation between the enterprise R&D spending and the corporate capital as well as the government subsidy.
The empirical results show that no matter what the company size is, the self-finance funding in R & D spending of the enterprise shows positive correlation with both the corporate capital of the company and the government subsidy. There are at least two factors to influence the corporate R&D investments. One is the market factor provided by Carmichael. The other is a non-market factor, based upon the model settings in this research, which is the government R&D subsidy.
For the effects of the R&D related policies of the government, even the effects are positive regarding the government subsidy on R & D and the investment tax credit of the R&D expenditure provided by the government, however, to the enterprises, the government subsidy on R & D is more welcome than the investment tax credit of the R&D expenditure. Furthermore, it will complement each other, if these two measures are applied at the same time. But, one thing to remember, it’s not that kind of synergy of equaling one plus the other. For the dunging part, merchandise-oriented research is more popular than technology-development research.
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