減少研究發展費用對股價之影響──以臺灣為例

The Impacts of R&D Reduction on Stock Prices: Evidences from Taiwan

本文目的是探討減少R&D費用對股價的影響。本文實證資料取自TEJ，以1999年至2014年間，符合顯著減少R&D費用的公司為研究對象，共計56間廠商，分別使用買進持有異常報酬法（Buy-and-Hold Abnormal Returns）、三因子模型（Three-Factor Model）以及四因子模型（Four-Factor Model）計算一年、三年與五年之異常報酬。實證結果顯示，減少R&D費用後，呈現顯著的負向異常報酬，但效果逐年遞減，推測可能我國廠商在提供減少R&D費用相關資訊不完全明確，以致投資人錯誤反應所致。最後根據實證發現，建議國內上市公司在分配資源時，儘量不要刪減研發部門的預算，才能持續創新而吸引投資人，以維持股價。

This study attempted to explore the impacts of reduction in R&D on stock prices by applying the buy and hold abnormal returns method and calendar time portfolio method to the data on Taiwanese industries. The empirical results reveal significant negative abnormal returns after R&D reduction, implying insufficient information for investors to fully take actions. Based on the findings from empirical results, reduction in R&D is definitely an inappropriate investment decision for listing companies in Taiwan.