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論文名稱	公民營企業環保研發支出資本化或費用化與公司價值之比較分析
研討會開始日期	2020-06-06
研討會結束日期	2020-06-07
所有作者	曹淑琳，張菁華，謝仁和
作者順序	第一作者
通訊作者	是
研討會名稱	2020第十五屆國際綠色能源科技暨管理研討會
是否具有對外公開徵稿及審稿制度	是
研討會舉行之國家	NATTWN-中華民國
研討會舉行之城市	彰化
發表年份	2020
所屬計劃案	無
可公開文檔
可公開文檔
可公開文檔
附件	2020042501 綠色研討會 remove reference names (2).docx

[摘要] :
研究與發展活動是企業核心競爭力的源泉和持續發展的動力，其在企業各項經，活動中佔據著重要的地位，對投資者而言，研發資訊是一項對公司價值進行評估非常重要的資訊。自工業革命以來，人類對於環境的破壞日益嚴重，環境保護的議題也逐漸受到重視，過往與研發支出和公司價值間之相關文獻繁多，但鮮少有文獻針對環保研發支出與公司價值做研究，本文針對已經投入環保研發支出的四家公、民營企業(聯電、台達電、中鋼、台電)2007-2017年相關資料的搜集、整理和統計分析，檢驗了環保研發支出及其資本化支出和費用化支出，分別對公司價值的影響，以提供利害關係人與企業做參考。本文研究結果發現:(1)四家企業中只有中鋼的環保研發支出、環保研發支出資本化與公司價值呈正關係，其餘三家皆呈負關係。(2)四家企業中除了台達電外，其餘三家環保研發支出費用化與公司價值呈正關係(3)四間公司的環保研發支出對公司價值有顯著的遞延效果。

[英文摘要] :
The research and development activities are the driving force of enterprises, they are also the core competitiveness for the enterprises. The information of R&D is very important to investors to evaluate the value of the corporations. Since Industrial Revolution, the environment has been destroyed by human beings. Issues for environmental protection is getting more concerned .Many corporates expose the environmental-protected expenses to their stakeholders. This paper found many references regarding to the relationship between R&D expenses and corporate value; however, there are few references regarding to the relationship between environmental-protected expenses and corporate value. This paper analyzed the relevant statistical information of four companies(UMC, Delta, CSC, and TPC) from 207-2017. We also examined the impact of Environmental research and development expenditure, capitalized expenditure, and expensed expenditure of these four companies on their companies’ value. This paper found that:(1)the impact of environmental R&D expenditure and environmental R&D capitalized expenditure on the value of corporations are positive of CSC and the other 3 companies have the negative relationship.(2)In addition to Delta, the impact of environmental R&D expensed expenditure on the value of corporations are positive of UMC,CSC and TPC, (3)There are significant deferred effect between the environmental R&D expenditure and the corporate value among these four companies.

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