| Summary: | 碩士 === 東吳大學 === 會計學系 === 96 === The innovation has become the key survival factor from key success factor in competitive condition. Innovation uncertainties cause unsymmetric information between the enterprise operators and investors. In order to solve the problem, the best solution method is strengthens the information disclosure. The investor also may understand private information by operators’ behavior.
Accounting to Baker and Freeland (1975), the innovation uncertainties are divided into technical, commercial, and economic uncertainties. In this study, using the intense of research and development, intense of patent and sales coefficient of variation take as proxy variables. This study examine the electronic and chemical engineering industries, which listed in our nation’s stock and over-the-counter exchanges, for asymmetry of information caused by the innovation uncertainties activities. This study sample are listed companies in Taiwan from 2002 to 2007.
1.The research and development intensity or the patent intensity have not all reached significant level , but sales coefficient of variation intensity has significant positively relation of change stock holdings of insider under same time effect. The research and development intensity would have significant negatively relation of change stock holdings of insider, but the patent intensity or sales coefficient of variation intensity have significant negatively relation of change stock holdings of insider in falls behind under an issue of effect.
2.No matter the innovate timing, the research and development intensity, the patent intensity or sales coefficient of variation intensity have significant posotitively relation of change stock holdings of Institutional investors, which are foreign investment institution, investment trust ,and dealer. The foreign investment institution is in particular most obvious.
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