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本研究将信息电子产业股东报酬与近三年研发强度相联结,探讨股东报酬与研究发展活动之间的关系,并进一步分析研发支出对股东报酬的影响。经由实证方法分析台湾地区上市(柜)信息电子产业研究发展支出与股东报酬之间关系后,获得下列结论:第一,前一期及前二期研发强度与股东报酬间并未达显著正相关,而当期研发强度与股东报酬间呈显著正向关系,显示公司投入研究发展活动着重于短期效益,研发支出并未具有递延效果。第二,当期研发强度与股东报酬间存在显著正向关系,即信息公司投入的研发支出占营业收入的比率愈高,带给股东的报酬愈高。第三,企业自筹研发支出与股东报酬之间存在显著正向关系,而台湾地区政府对于上市(柜)信息电子产业研发活动进行补助之经费仅占企业整体研发经费很小部分,与股东报酬之间并未存在显著正向关系,贡献并不明显。企业研发支出对于股东报酬所带来之增益,主要还是因为企业本身对于研发活动投入之经费所致。
In this study, the remuneration of the shareholders in the information electronics industry is linked with the R & D intensity of the past three years. The relationship between shareholder compensation and research and development activities is also discussed. The impact of R & D expenditure on shareholder compensation is further analyzed. After analyzing the relationship between research and development expenditure of listed electronics (information) industry and shareholder compensation in Taiwan, the following conclusions are obtained: First, there is no significant positive correlation between R & D intensity and shareholder compensation in the first and second periods , While the current R & D intensity and shareholder compensation showed a significant positive relationship between the company to invest in research and development activities focused on short-term benefits, R & D spending has no deferred effect. Second, there is a significant positive relationship between current R & D intensity and shareholder compensation. That is, the higher R & D expenditure invested by information companies in operating income, the higher the remuneration to shareholders. Thirdly, there is a significant positive relationship between self-financing R & D expenditures and shareholder remuneration. However, the government subsidies for the information electronics industry in the Taiwan region only account for a small part of the overall R & There is no significant positive relationship between the contribution is not obvious. Corporate R & D expenditures for shareholders’ compensation brought about by the gain, mainly because of the enterprise itself for research and development activities into the funding due.