自由現金流量對研發行為的影響

The Impact of Free Cash Flow on Research and Development

楊和利(Ho-Li Yang)；鄭琮達(Chunh-Tah Cheng)；佘彥誼(Yen-I She)

自由現金流量 ； 研發行為 ； 縱橫資料迴歸 ； free cash flow ； R&D ； panel data regression

臺灣企業績效學刊

11卷2期（2018 / 06 / 01）

177 - 192

繁體中文

本研究以2008年至2017年，台灣證券交易所上市櫃的688家公司為研究對象，利用panel data regression探討自由現金流量對研發行為的影響。本研究發現，前一期研發行為越高的情況下，注重損益及股利發放的當期自由現金流量越高，對當期研發行為有負向影響，且以上推論均不受負債比率、資產報酬率與公司規模等控制變數的大小而有所不同。在本研究中，我們收集八大電子產業的資料進行回歸，研究發現指標A在光電業、其他電子業、半導體、資訊服務業、通信網路業、電子零組件、電腦及周邊均達1%的顯著負向影響。而指標D在光電業、其他電子業、資訊服務業至少達10%以上的顯著負向影響。研發行為對電子產業的長期及整體發展至關重要，但無法在短時間內見到成效，根據本研究成果指出，前期研發已經投入的企業，若注重損益及股利發放的當期自由現金流量越高，建議將資金持續投入研發，長期而言，企業能提供更多元的產品給予市場，同時可以藉由取得新的自由現金流量來投入新的研發行為，形成良性循環，並提升企業的競爭力。

Panel data regression is used to explore the impact of free cash flow on research and development (R & D) for the 688 companies, listed on the Taiwan Stock Exchange, during the 2008-17 period. This study shows that when the former period has higher R & D level, the current period's free cash flow which focuses on profit and loss and cash dividends will have a higher level and a negative correlation to the current period's R & D level. And the result doesn't affect by control variables which including debt ratio, return on assets and firm size. The findings also display that free cash flow index A has the 1% significant negative correlation at photovoltaic industries, other electronics industries, semiconductor industries, information services industries, communication network industries, electronics components industries and computers and peripheral equipment industries. And free cash flow index D has 10% and above significant negative correlation at photovoltaic industries, other electronics industries, and information services industries. According to the study, R & D activities are very important to the progress of the industries in the long-term. The disadvantage is these activities will cost a lot of money and time to see the results. But we suggest that if the company had put resources into R & D activities and had high free cash flow which focuses on profit and loss and cash dividends at a former period, it still puts an effort into current period's R & D activities. This will make companies provide various products into the market and also makes more free cash flow to invest in R & D activities. And this decision will make a virtuous cycle of the industry.

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