Summary: | 碩士 === 東吳大學 === 會計學系 === 96 === In the global economics structure changed quickly, innovation is a condition of profit for the enterprise. However, innovation exists risk. Therefore, innovation activities usually reduce the enterprise’s profit and increase degree of difficulty to raise the funds for the enterprise. In addition, credit rating and risk premium affect the enterprise to raise the funds directly. Consequently, this study discussed the effect of credit rating and risk premium under the innovation effectiveness uncertainties.
Accounting to Baker and Freeland (1975), the innovation uncertainties are divided into technical, commercial ,and economic uncertainties. In this study, using the intense of R&D, intense of patent and sales coefficient of variation take as proxy variables. This study samples which publish non-convertible bond are listed companies in Taiwan from 1994 to 2006. Besides, considering the different life-cycle of enterprises, our study divided our samples into growth and mature
The empirical results indicate follows: (1) For all samples, intense of patents are significantly positively associated with risk premium under the commercial uncertainties. It means enterprise’s commercial uncertainties is greater, risk premium is higher. (2) To further to analyze the result of life-cycle, when the enterprises are in the growth situation, intense of R&D are significantly positively associated with bond rating. It means enterprise’s technical uncertainties is greater, bond rating is higher. Besides, when the enterprises are in the growth situation, intense of patents are significantly positively associated with bond premium. It means enterprise’s commercial uncertainties is greater, bond premium is higher. Moreover, when the enterprises are in the mature situation, sales coefficient of variation are significantly negatively associated with bond rating. It means enterprise’s economic uncertainties is greater, bond rating is higher.
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