財務限制下集團企業對研發投資現金流量敏感度之影響

The Impact of Group Business on R&D Investment-Cash Flow Sensitivity under Financial Constraints

10.6545/JFS.2008.16(3).2

洪榮華(Jung-Hua Hung)；郭怡萍(Yi-Ping Ku)李宜君(Yi-Giun Li)

集團企業 ； 財務限制 ； 研發投資 ； Group Business ； Financial Constraints ； R&D Investment

財務金融學刊

16卷3期（2008 / 09 / 30）

47 - 75

繁體中文

臺灣隸屬新興經濟體國家，資本市場相對於已開發市場較不健全，故集團企業內、外部資本市場優勢對降低公司財務限制（financial constraints）並提高研發能力上的角色可能更為重要。本研究考量集團的角色對研發投資之影響，利用Lamont, Polk, and Saa-Requejo（2001）的財務限制模型，其可更嚴謹地區分財務限制與非財務限制公司，希望藉此改善過去使用單一指標區分財務限制公司的不一致。結果發現，集團的特性可降低公司的研發投資對現金流量的敏感度，而在財務限制下，集團企業在降低公司研發投資對現金流量敏感度上的效果比非集團企業更為顯著，但集團企業對實體投資現金流量感度的影響則不明顯。

This paper shows how the business groups in Taiwan influence R&D investment-cash flow sensitivity under situations of financial constraints. We separate firms with financial constraints following the model developed by Lamont, Polk, and Saa-Requejo (2001), which could improve the disadvantage of traditional methods. The results support the hypothesis that business groups can help financially constrained firms to mitigate the dependence on the cash flow when financing R&D investment. However, group business has an insignificant impact on physical investment-cash flow sensitivity.

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