短視理論的再檢驗

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/27459

Title:	短視理論的再檢驗 The test of myopia theory
Authors:	林幼君
Contributors:	國際貿易學系碩士班
Keywords:	短視理論創新資本代理問題 myopia theory intellectual capital agency problem
Date:	2006
Issue Date:	2014-06-13 09:48:32 (UTC+8)
Abstract:	近年來有愈來愈多因創新而成為產業中的佼佼者，然而，台灣企業對於創新資產的投入明顯不足，探究其原因很可能是由於短視投資行為所造成。因此本文擬以1998~2004為研究期間，針對我國上市電子業為研究對象，以公司治理機制面及企業行為財務二大構面來探討短視行為肇因，進而探討短視行為對於企業財務績效的影響，以提供短視行為較為完整的組織系絡。讓國內企業重視創新投入之重要性、協助企業擬定機制避免經理人因投資近利，而損害企業價值。研究發現下列結果： 1. 在傳統代理指標方面，獨立董事人數、金融機構持股比、董監事席次對於企業創新資本的投入具正向影響。 2. 在核心代理指標方面，各項偏離值大小對於研發投入的影響需視正誘因與侵佔因素大小而定，無一致性影響。 3. 當前期財務績效良好時，並未出現盈餘窗飾的行為。 4. 在經理人特質方面，經理人持股比例、經理人任期與研發費用呈現負向關係；經理人異動次數與研發費用呈現正向關係；經理人異動次數與廣告費用呈現負向關係。 5. 透過迴歸分析結果進一步顯示部份核心代理指標對財務績效的影響，創新資本中介效果顯著。 There have been many successful business cases these years because of their in-ventive ideas, and right after it caused “Trend of Blue Oceans.” No matter the academia or the actual industry generally agreed that the inventive operation helped to advance business values. However, business in Taiwan under in-vests intellectual capitals. The reason could be the myopia investment; therefore, during 1998 ~ 2004 the research period, the aspects treated of corporate governance and Be-havioral Finance as the causes of managerial myopia by taking the domestic listed elec-tronic industry, as the subject and offered a more complete system for the myopia in-vestment. According to the research, it would make domestic business emphasis on in-tellectual capitals and avoid the business damage which was caused by the myopia in-vestment. 1. For the traditional agency problem, the partial variable had the positive effect upon the intellectual capitals. 2. For central agency problem，when earlier Financial Performances was good, it re-duced expenses of the research instead and didn’t occur cover-up problems. 3. It showed a negative effect among the aspect of management characteristic, R&D and advertisement expenses. 4. The indexes of central agency problem target to the financial achievements influence, the intellectual capital intermediary effect significantly. That means that myopia in-vestment significantly affects enterprise finance performances.
Appears in Collections:	[Department of International Trade 7 Graduate Institute of International Trade ] Thesis

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