The Impact Measure of R&D Activities andI Investors’ Holding Rate on the Institution’s Financial Performance

• Main Authors: Tang,Yi-Yu, 湯易友
• Other Authors: Chiao,Tina C.
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/11675400754745047841

碩士 === 育達商業科技大學 === 企業管理所 === 99 === Research and development is driving worldwide for the sustainable economic growth. The investigation in this study utilizes 625 respondents’ data among electronic companies in Taiwan Stock Market for measuring institution’s financial performance effect over the eleven years period of 1999 to 2009. The constituent variables for the research on institution’s ownership include: Foreign ownership ratio, Investment trust shares ratio, Dealers stake ratio. The constituent variables for the R&D activities include: R&D strength, and R&D intensity. The constituent variables for measuring institution’s financial performance, such as, “Gross marginal profit rate, Business operation profit rate, Asset benefit return rate, and Stockholder’s benefit return rate. Tobin's Q values, as well as Gathered capital volumes, Set up years, Industry/business classifications, Business listed operations”, are implemented in the multiple regression statistical analysis by using software package SPSS 14.0 version. The major findings consist that the R&D strength variable may not be an overall significant factor on institution’s financial performance. However, except on the values of Tobin’s Q, the R&D intensity variable may create significant impacts on Asset benefit return rate, Stockholder’s benefit return rate, Gross marginal profit rate, Business profit return rate. In the aspect of institution’s ownership, the foreign ownership ratios may cause significant impacts on Asset benefit return rates. For the Investment trust ownership rate, it can be a significant factor on Assets benefit return rate, Stockholder’s benefit return rate, Gross marginal profit rate. With respect to business listed electronic companies, Dealer’s stake ratio may have significant impacts on Asset benefit return rate, Stockholder’s benefit return rate. Finally, these overall indicators have revealed that the business listed electronic companies will be encouraged to conduct more intensity of R & D activities and therefore mostly likely to be able to attract foreign capital & investment trust holdings, and finally to enhance institution’s financial performance on returns and assets. Keywords：R&D strength, R&D intensity, Institution’s investors’ holding rate, Financial performance