研發設備商報價單對於客戶企業股價之資訊內涵

Abstract

本研究主要探討特定研發費用與累積異常報酬之間的關係。相較於已反映在財務報表或已在新聞公開宣告，本篇的研發費用採用的資料來源為某研發設備商的報價單，報價單係詢價階段成立，領先市場公開資訊，且為公司內部私有資訊，故此項研發費用有其獨特的資訊內涵。從實證結果顯示，當該公司此項特定研發費用支出越多，將導致顯著正向累積異常報酬。然而此報價單並非市場公開資訊，一般投資人無法取得，因此建議主管機關可在制定有關非法內線交易的法規時，可針對與研發支出與其導致的累積異常報酬納入考量，使相關法令更完善，保障一般投資人權益。

The primarily objective of this study is to explore the relationship between specific R&D expenses and cumulative abnormal returns. In contrast to the information that has been released in financial statements or public news reports, the data source adopted for the R&D expenses in this paper is the price quote made by a R&D equipment manufacturer. The price quote is established during the inquiry phase, which is ahead of the public market information and is considered the company's internal private information. So, this R&D expense has its own unique information connotation. The empirical results indicate that when the company spends more on this specific R&D expense, it would lead to significant positive cumulative abnormal returns. However, this price quote is not public market information and cannot be obtained by ordinary investors. So, the competent authority is recommended to consider R&D expenditures and the resultant cumulative abnormal rewards when formulating regulations on illegal insider trading in order to make the provisions more comprehensive in protecting the rights and interests of general investors.