研發活動敘述性揭露對供應鏈夥伴投資效率之影響-以台灣半導體業為例;The impact of R&D activities narrative disclosure on the investment efficiency of supply chain partners -Take the Taiwan′s semiconductor industry as an example

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題名:	研發活動敘述性揭露對供應鏈夥伴投資效率之影響-以台灣半導體業為例;The impact of R&D activities narrative disclosure on the investment efficiency of supply chain partners -Take the Taiwan′s semiconductor industry as an example
作者:	洪儒魁;HONG, RU-KUI
貢獻者:	會計研究所
關鍵詞:	研發活動;可讀性;資訊不對稱;投資效率;供應鏈;R&D activities;Readability;Information asymmetry;Investment efficiency;Supply chain
日期:	2021-06-30
上傳時間:	2021-12-07 12:35:15 (UTC+8)
出版者:	國立中央大學
摘要:	本研究主要探討有關企業研發活動敘述性揭露之可讀性對企業自身投資效率及其供應商投資效率的影響，以台灣半導體業 2010 至 2019 年共 116 間上市櫃公司做為研究樣本。由於目前台灣半導體業的總產值在全世界半導體業當中排行第二，顯示台灣半導體業在世界具有舉足輕重的地位，且半導體是研發密度最高的產業，因此其研發活動揭露的資訊將受到不同利害關係人做決策時所仰賴，故挑選半導體業做為本篇研究的對象。經實證結果發現，當企業提高研發活動敘述性揭露之可讀性時，能夠減緩與外部出資人間的資訊不對稱，進而提升出資人對公司的監督能力或是降低資金成本，最終將會提升企業投資效率。本研究亦發現，當客戶研發活動敘述性揭露之可讀性越高時，將提供給供應商更高品質的決策資訊，而能減緩供應商因資訊不對稱而對客戶未來需求發展產生的誤解，幫助其配合未來客戶需求而執行更適當的投資決策，因此最終能提升供應商的投資效率。本研究不但發現當企業提升研發活動敘述性揭露之可讀性將能改善企業投資效率外，亦能夠協助供應商提升其投資效率，證實了研發活動揭露會在供應鏈當中影響除了投資人以外的不同層面利害關係人之決策，且經過調整揭露年度及替換投資效率模型的敏感性分析後，仍能證實本篇研究之因果關係。;This study examines the impact of the readability of the narrative disclosure of corporate R&D activities on the investment efficiency of the companies themselves and their suppliers, a total of 116 listed companies in the semiconductor industry in Taiwan from 2010 to 2019 were used as the sample for the study. Since Taiwan′s semiconductor industry ranks second in the world in terms of total production value, which indicates that Taiwan′s semiconductor industry has a significant position in the world, and semiconductor is the industry with the highest R&D intensity, the information disclosed by its R&D activities will be relied on by different stakeholders in making decisions, therefore, the semiconductor industry is selected as the target of this study. The empirical results show that when companies improve the readability of the narrative disclosure of R&D activities, the information asymmetry with external investors can be mitigated, which in turn improves the ability of investors to monitor the company or reduces the cost of capital, which will ultimately improve the efficiency of corporate investment. This study also found that the higher the readability of the narrative disclosure of customers′ R&D activities, the higher the quality of decision information provided to suppliers, which can alleviate suppliers′ misunderstanding of customers′ future needs due to asymmetric information, and help them make more appropriate investment decisions to meet future customers′ needs, thus ultimately enhancing suppliers′ investment efficiency. This study not only found that improving the readability of the narrative disclosure of R&D activities will improve the investment efficiency of the company, but also help the suppliers to improve their investment efficiency, which confirmed that the disclosure of R&D activities would affect the decision making of stakeholders at different levels in the supply chain besides the investors, and after adjusting the disclosure year and sensitivity analysis of the replacement investment efficiency model, the causality of this study is still confirmed.
顯示於類別:	[會計研究所 ] 博碩士論文

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