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研究生： 黃昱霖
Yu-Lin Huang
論文名稱： The Impact of R&D Expenditures On Cash Dividend Yield: Evidence from Taiwan's Electronics Industry and the 2019 Innovation Policy Reform
指導教授： 林基財
Ji-Chai Lin
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2025
畢業學年度： 113
語文別： 英文
論文頁數： 35
中文關鍵詞： 現金股利殖利率
外文關鍵詞： Cash Dividend Yield
相關次數： 點閱：17  下載：0 
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    • 本研究針對 2013 至 2024 年期間，分析台灣電子產業中企業研發費用率對現金股利殖利率所造成的影響。研發費用率較高的公司顯傾向不發放股利。
    本研究也延伸探討 2019 年《產業創新條例》第 10-1 條、第10-2條修法實施後所產生的影響，此次修法針對研發支出提供了更優惠的租稅誘因。透過將樣本分為政策前後兩個期間，並分別進行子期間與交互作用迴歸分析，結果發現研發支出與股利殖利率之間的負向關係在政策實施後有所減弱。
    此外，研發費用率與政策虛擬變數的交互項係數為正且顯著，進一步驗證研發費用抵免的法規改革有助於緩解內部融資限制，使企業在持續進行創新投資的同時，仍能維持或提升現金股利殖利率。

    This paper investigates how R&D investment influences the cash dividend yield among Taiwanese electronics firms between 2013 and 2024. Based on firm-level panel data and fixed-effects regression models, the findings propose a negative association between R&D intensity and cash dividend yield. The results show that firms with higher R&D expenditures are significantly less likely to distribute dividends.
    The study investigates the impact of the 2019 amendment to Article 10-1 of the Industrial Innovation Act, which introduced enhanced R&D tax incentives. By dividing the sample into pre- and post-policy periods and applying both sub-period and interaction regressions, it is observed that the inverse correlation between R&D spending and dividend yield became less pronounced following the implementation of the policy.
    The interaction effect between R&D expenditure and the post-policy dummy is positive and statistically significant, confirming that the tax reform helped ease internal financing constraints and allowed firms to maintain or increase cash dividend yield while continuing innovation investment.

    中文摘要 ....................................................... i Abstract ....................................................... ii Acknowledgement ............................................... iii Contents ...................................................... iv List of tables ................................................. vi 1. Introduction ................................................. 1 2. Literature Review and Policy Background ........................ 2 2.1 Literature Review. ............................................................................................... 2 2.2. Policy Background.............................................................................................. 4 3. Hypothesis ................................................... 5 4. Data and Methodology ......................................... 6 4.1. Data Description and variable definitions. ........................................................ 6 4.2. Descriptive statistics and pairwise correlation. ................................................. 8 4.3. Baseline Regression Model. ............................................................................. 10 4.4. Policy Impact Analysis: Sub-Period and Interaction Models. ....................... 11 4.5. Alternative Dependent Variable – Cash Dividend Payout Ratio. .................. 13 4.6. Subgroup Regression by Growth Opportunities. ............................................ 14 5. Results .................................................... 15 5.1. Baseline regression result ................................................................................. 15 5.2. Policy effect analysis ........................................................................................ 17 5.3. Interaction Model: Robustness Check of Policy Impact ................................ 19 5.4. Subgroup: Growth Opportunities..................................................................... 21 5.5. Results By Using Cash Dividend Payout Ratio .............................................. 23 6. Research Contribution and Future Research Directions ........... 25 v Reference ..................................................... 27

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