統計數據顯示，自2006年以來，選擇發行股票股利的公司數量每年持續下降（Tzang et al, 2023）。我們推論，研發投資的增加使公司更專注於長期績效，並傾向避免迎合投資人短期主義，以免犧牲公司的長遠價值，進而降低發行股票股利的意願。本文亦發現研發支出與發行股票股利的可能性之間存在負向而且顯著的因果關係。此外，我們觀察到台灣企業發行股票股利家數的結構性下降，可能與2010年實施的《公司或有限合夥事業辦理研究發展支出適用投資抵減辦法》有關。

Statistical data show that since 2006, the number of companies choosing to issue stock dividends has decreased every year (Tzang et al., 2023). We hypothesize that increased R&D investment leads companies to reduce stock dividend payouts, as they focus more on long-term performance and aim to avoid catering to investor short-termism at the expense of long-term firm value. This paper also finds a significant and negative causal relationship between R&D and the likelihood of issuing stock dividends. Furthermore, we observe that the structural decline in the number of firms issuing stock dividends in Taiwan may be related to the implementation of the "Regulations Governing Investment Tax Credits for R&D Expenditures by Companies or Limited Partnerships" enacted in 2010.

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