| Summary: | 碩士 === 朝陽科技大學 === 財務金融系碩士班 === 98 === R&D expenditure, tax payment and foreign investment are the important factors for corporations to pursue the long term growth. Firms obtain the productivity and competitive abilities by R&D activities which will not only raise the profits but attract foreign investors to hold shares. Moreover, firms’ tax payments will affect the incentives to involve R&D activities, and so do the incentives of foreign investors to hold shares. The objective of this study is to examine if R&D expenditure, tax payment and foreign shareholdings are endogenously determined by using the simultaneous equation model. The main results include: (1) High tax payments will invite the foreign shareholdings. (2)R&D expenditure, tax payment and foreign shareholdings influences each other endogenously. (3) The more the R&D expenditures, the higher the deductions of tax payments are. (4) Foreign shareholdings are significantly positive to R&D expenditures. The more the foreign shareholdings, the higher the incentives of R&D activities are. (5) High tax payments will discourage R&D expenditures.
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