| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 104 === This study examines the relationship between corporate life cycle and its R&D investment before and after the implementation of the Statue for Industrial Innovation. The evidences show that after the implementation of the Statue for Industrial Innovation, for the companies in the growth stage and mature stage, their R&D investment will increase. This result indicates that in order to pursue higher market share and conduct differentiation strategy, companies in the growth stage will invest in R&D expense to maintain their renovation and competition even though the Statue for Industrial Innovation reduces corporate R&D investment benefits. Moreover, companies in the mature stage with more capital still invest in R&D innovation activities to increase the product’s profitability and create a competitive advantage under the implementation of the Statue for Industrial Innovation.
This study also investigates the effect of financing costs on R&D expense decision-making before and after the implementation of the Statue for Industrial Innovation. The findings show that there is no association between corporate R&D investment and its financing costs, indicating that under accounting conservatism measured by Basu model, the corporate financing costs may not be measured effectively.
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