本論文主要探討研發費用對公司成長性(Tobin’s Q)以及股價報酬之關聯性，並以台灣半導體產業為研究範圍，資料範圍期間為1987~2023年，涵蓋174檔個股，並依照子產業營運方式區分為IC設計、晶圓代工、IDM、封裝測試、其他相關製造設備以及服務，因考慮研發遞延效應，相關財務解釋變數資料均遞延一期，研究發現研發費用對公司成長性只有在單一個股晶圓代工台積電上有顯著正相關，其餘子產業以及半導體全資料均為顯著負相關，對於股價報酬關聯，除了晶圓代工+IDM、封裝測試解釋力不顯著，其餘IC設計子產業、其他相關製造設備以及服務以及半導體全資料均為顯著正相關，再使用台灣半導體全資料發現於產創條例施行後，研發費用對公司成長價值有結構性改變，研發費用對公司成長價值有顯著正相關，但對股價報酬沒有結構性改變，表示在產創條例實施後，研發費用對台灣半導體產業成長有助益。

This paper mainly explores the correlation between R&D expenses on the company's growth (Tobin’s Q) and stock price returns, and takes Taiwan's semiconductor industry as the research scope, the data scope period is 1987~2023, covering 174 individual stocks, and is divided into IC design, wafer foundry, IDM, packaging and testing, other related manufacturing equipment and services according to the operation mode of the sub-industry. Due to the R&D deferral effect, the relevant financial explanatory variables are deferred for one period. The study finds that R&D expenses have a significant positive correlation with the company's growth only in a single stock wafer foundry TSMC, and the rest of the sub-industries and the whole data of semiconductors are significantly negatively correlated, except for the correlation of stock price remuneration except wafer foundry + IDM, packaging and testing, the explanatory power is not statistically significant, and the rest of the IC design sub-industries, other related manufacturing equipment and services, and the total data of semiconductors are all significantly positively correlated. R&D expenses have a significant positive correlation with the company's growth value, but there is no structural change in stock price compensation, indicating that after the implementation of the industry and innovation regulations, R&D expenses will help the growth of Taiwan's semiconductor industry.

中文文獻：

1.王姿婷(2021)研究發展對於企業財務績效之影響-以半導體產業為例
2.江泰利(2021)研發投入、公司價值與經營績效-以台灣半導體公司為例
3.李慕萱、齊德彰、游尹璧(2012)研發強度與企業價值之關聯性研究
4.余芊頻(2023)研發支出對公司經營績效及公司價值之關聯以臺灣生技業及電子業為例
5.林于茜(2021)研發對公司經營績效之影響以台灣製造業上市櫃公司為例
6.周國華(2023) working paper以「營業淨利/研發支出」得到「研發利潤力」R&D Profitability
7.周賢榮、楊筑安、李臻勳、許慧琳(2008)企業價值與最佳資本結構之實證研究
8.徐偉倫(2016) R&D支出比例對公司股價報酬率影響-以台灣電子業為例
9.張淑清、呂欣樺(2015)研發支出與管理團隊特性對公司績效之影響
10.陳瑞東、彭俊揚、陳俐臻(2017)財稅研究(第46卷第3期):「投資抵減、研發支出對企業經營績效之影響－以電子業為例
11.陳瑩芳(2021)公司年齡、研發支出對企業績效的影響
12.葉一青(2012)研發支出與資本支出對公司績效及股價報酬之關聯分析
13.廖敏君(2019)研究發展支出對於公司績效之影響

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