| Summary: | 碩士 === 中原大學 === 會計研究所 === 96 === Recently, the bond market is one of the primary external financing channels for the company in Taiwan, while the intangible assets become more important in the knowledge-based economy. In Taiwan, there are limited studies to examine the research and development (R&D) from the bondholders’ view of point. Therefore, this study examines the relationship among R&D intensity, capital structure, and bond risk premium.
More specifically, this study investigates the association between R&D intensity and capital structure, the association between R&D intensity and bond risk premium, as well as the performance implications of interactions between R&D intensity and capital structure. Furthermore, this study explores the impacts of business type on the aforementioned relationships. The empirical analyses are conducted by the descriptive statistics analysis, correlative coefficient analysis, and regression analysis.
The study finds that there is a negative association between R&D intensity and financial leverage. From the perspective of bondholders, a negative correlation between risk premium and R&D intensity. The lower bond risk premium results from R&D investment only to the extent that there is fit between the R&D and capital structure. The aforementioned relationships are more obvious in the family business than non-family business.
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