R&D Expense, Capital Structure and Corporate Financial Performance: Evidence from listed firms in Taiwan

• Main Authors: HUNG-LIN LIN, 林宏璘
• Other Authors: Chieh-Tse Hou
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/3nr9tk

碩士 === 國立東華大學 === 財務金融學系 === 106 === The purpose of this study is to investigate the relationship between R&D expense, capital structure and corporate financial performance for a sample of Taiwanese-listed firms for the period 2008 to 2017. We used Hausman test to determine an appropriate model and report the results based on the fixed effects model. First, this study finds a significant negative correlation between lag one to four years RD and the current period of Tobin’s Q. Second, there is a significant negative correlation between lag one year DR and the current period of Tobin’s Q. Third, there is a significant negative correlation between lag one to four years RD, lag one year DR and the current period of Tobin’s Q. There is a significant negative correlation between lag one year DR and the current period of Tobin’s Q. There is a significant positive correlation between the interaction of lag two to four years RD and lag one year DR and the current period of Tobin’s Q. After we distinguish electronics industries from non-electronics industries to test whether R&D expense and capital structure of different industries affect corporate performance, this study finds a similar results as reported before.