| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 92 === Because science has developed rapidly and Taiwan has jointed WTO in 2002, In-dustry has been forced to face the challenges on capital and technique from foreign business. Therefore, business only has an advantage, the R&D cost, to face the competi-tion situation. The essay is based on 3 characteristics. One is that science industry’s R&D develops highly. The second is that the Accounting recognized basis of R&D cost is differed from the actual. This characteristic drives to information asymmetry and moral hazard. The last characteristic is business has different grow opportunity. Besides, the essay also researches whether the R&D develop decisions influence the financial decisions, management compensation and company’s value. The research results are followings:
First, the essay divided the growth opportunity company into 4 parts. The result of each parts relationship between R&D ability and liability ratio(LR) is the same as as-sumption. Others ratio such as current ratio(CL)、current liability ratio(SL) and man-agement compensation(MC) is the same result.
Second, the essay divided the growth opportunity company into 4 parts. The result of each parts relationship between R&D ability and seasoned equity offering (CS) is not the same as assumption. Others ratio such as cash dividend payout ratio(CDR)、dividend payout ratio(SDR) is the same result.
Third, the essay divided the growth opportunity company into 4 parts. The result of each parts relationship in company’s value and R&D ability and liability ratio(LR) is the same as assumption. Others ratio such as current liability ratio(SL)、dividend payout ratio(SDR) is the same result.
Forth, the essay divided the growth opportunity company into 4 parts. The result of each parts relationship in company’s value and R&D ability and current ratio(CL) is not the same as assumption. Others ratio such as second equity offering(CS)、cash dividend payout ratio(CDR) 、management compensation(MC) is the same result.
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