The Value-Relevance of R&;D Expenditure：A Test of the Credit Rating Hypothesis
| Autor: | Shu Jing-Yi, 許靜宜 |
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| Rok vydání: | 2014 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 103 The research objective of this thesis is to discuss the impact of credit ratings on the value relevance of research and development expenditure, namely, whether the company is rated as a good credit rating one and acquires a lower capital cost, the impact of research and development expenditure on stock prices is more evident accordingly. This research is targeted at Tsec-Listed and OTC-Listed Companies in Taiwan from 2004 to 2009 and uses TCRI constructed by the TEJ as the indicator for the credit ratings of whole enterprises. In this research, TCRI is divided into low, medium, and high risks for analyzing and discussing whether there is different evaluation of research and development expenditure in different credit ratings. The empirical result shows that the impact of research and development expenditure on stock prices for companies at lower risks of credit ratings is more significant than that for companies at medium and higher risks of credit ratings. Accordingly, Tsec-Listed and OTC-Listed Companies will acquire lower capital costs and the research and development expenditure invested will have positive benefits to stock prices if they are rated as companies at lower risks of credit ratings. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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