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論文名稱	新冠肺炎後研發投資與公司治理對企業獲利能力之影響- 以台灣上市電子業為例
發表日期	2022-03-21
論文收錄分類	其他
所有作者	曹淑琳，謝仁和
作者順序	第一作者
通訊作者	是
刊物名稱	台灣銀行季刊
發表卷數	第73卷
是否具有審稿制度	是
發表期數	第一期
期刊或學報出版地國別/地區	NATTWN-中華民國
發表年份	2021
發表月份	12
發表形式	紙本及電子期刊
所屬計劃案	無
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附件	20220214新冠肺炎後研發投資與公司治理對企業獲利能力之影響-以台灣上市電子業為例 (1).docx

[摘要] :
2020年新冠肺炎席捲全球，衝擊全球經濟且降低投資與消費意願；隨著病毒不斷變異，持續肆虐世界各國，影響世界經濟甚鉅；而研發投資是公司技術創新核心，是電子產業競爭力泉源與持續發展動力。因此，本文探討新冠肺炎發生後，研發投資與公司治理對台灣電子業上市公司獲利能力的影響。本文以台灣證券交易所上市之電子業共36家為對象，研究期間為2010年第一季至2021年第二季，藉由多元迴歸模型進行檢驗分析。實證結果發現，研發投資強度、技術人員投入強度、前一期研發投資強度等研發變數，對EPS、營業淨利率、ROA和ROE分別產生顯著正向影響；公司治理變數的獨立董事比例，與EPS、ROA和ROE有顯著正相關，但與營業淨利率呈現顯著負相關；在控制變數方面，負債程度與公司規模對企業獲利能力指標有顯著相關。實證研究亦發現研發投資強度、前一期研發投資強度與技術人員投入強度，在新冠肺炎爆發後呈現顯著差異性；公司治理相關變數在新冠肺炎爆發後，反而沒有顯著差異性。

[英文摘要] :
In 2020, the new crown pneumonia swept the world, impacting the global economy and reducing the willingness to invest and consume; as the virus continues to mutate, it continues to ravage countries around the world, and has a huge impact on the world economy; and R&D investment is the core of the company's technological innovation, and the source of competitiveness in the electronics industry. Sustained development momentum. Therefore, this article explores the impact of R&D investment and corporate governance on the profitability of listed companies in Taiwan's electronics industry after the outbreak of COVID-19. This article takes a total of 36 electronics companies listed on the Taiwan Stock Exchange as the object. The research period is from the first quarter of 2010 to the second quarter of 2021. The multiple regression model is used to test and analyze. The empirical results show that R&D variables such as R&D investment intensity, technical personnel investment intensity, and R&D investment intensity of the previous period have a significant positive impact on EPS, operating net profit margin, ROA and ROE respectively; the proportion of independent directors of corporate governance variables is significantly different from EPS. , ROA and ROE have a significant positive correlation, but they have a significant negative correlation with the operating net interest rate; in terms of controlling variables, the degree of debt has a significant correlation with company size and corporate profitability indicators. Empirical research also found that the R&D investment intensity, the R&D investment intensity of the previous period, and the technical personnel investment intensity showed significant differences after the outbreak of the new crown pneumonia; however, there were no significant differences in corporate governance-related variables after the outbreak of the new crown pneumonia.

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