| Summary: | 碩士 === 國立東華大學 === 國際企業研究所 === 92 === Owing to the uncertainty of R&D, it is hard for investors to evaluate R&D activities. However, R&D is very important for high-tech companies to maintain competitiveness. The determinants of R&D investment are the major issue of this study. We try to provide an integrated framework to examine the relationship between ownership structures, firm’s capabilities and R&D investment about high-tech companies.
The research sample is collected from 154 public traded companies, which are engaged in OEM or ODM business among information and electronic industries. We observe three dimensions, such as stock concentration, CEO’s stock ownership and foreigner’s stock ownership to explore ownership structures while observe four dimensions, such as R&D capabilities, manufacturing capabilities, R&D-manufacturing capabilities and financial capabilities to explore firm’s capabilities.
The experimental results show that the R&D capabilities and financial capabilities have positive effects on R&D investment. We also find that stock concentration will negatively affect R&D investment. Furthermore, we find the relationships between independent variables and dependent variable that the propose model predicts will be different on the sub-samples which are categorized by R&D investment.
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