| Summary: | 碩士 === 國立聯合大學 === 管理產業碩士專班 === 106 === The purpose of the study is to investigate the impact of research and development behaviour on firm value in low or high credit rating situation .The samples are 86 high-tech companies from 2007 to 2016.The methodology is multiple regression and we use Tobin's Q, ROA and ROE as firm value variables , and R&D expense ratio as R&D behavior variable .Furthermore , the control variables are total asset , the age of firm , debt ratio , capital and equity market value.
The study mainly finds that R&D expense ratio has significantly positive effect on Tobin's Q in high credit rating condition, and the inference is no difference in different total asset, the age of firm, debt ratio, capital and equity market value. The management practice implication is the bank could give better loan condition to the firms which are not only high credit rating but also high R&D expense ratio . And , the long-term investors also could add the firms to the portfolio. Furthermore, the high-tech companies must pay attention to increase R&D expense ratio besides promoting credit rating.
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