| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 104 === The objective was to study the effect of R＆D expenditure and capital expenditure on corporate performance in Taiwan's biotechnology medical industry. In this study, the qualitative method - case study was adopted. Before performing case-depth interviews to this company, the history and relative background of the company were understood from secondary literatures in order to prepare the interview outline. Through case-depth interviews, I looked forward to summarizing the conclusions and recommendations by the combination of interview results and literature studies. It is a fact in accountancy that there is a lack of the directly causal relation between the R＆D expenditure and the future income. Additionally, it has a more effect on net profit for a company if current expenses including R＆D expenditure, however, in capital expenditures, it has a less effect on net profit due to the evaluation by an economic amortization. The conclusions of this study are the followings: (1) R＆D expenditure or capital expenditure is a positive effect on corporate performance in Taiwanese biotechnology medical industry. (2) R＆D expenditure has a more positive effect on the stock than capital expenditure. (3) The investment in human resources has a positive effect on corporate performance. (4) R＆D expenditure (intangible assets) is more important than capital expenditure (tangible assets) in investor’s view. (5) R＆D expenditure and capital expenditure have the complementarity for each other.
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