本研究旨在探討公司的研發支出波動性所造成的「資訊不對稱」，是否對於公司的權益資金成本產生影響。研發支出因為本身具有無形資產與風險性支出的特殊性，會影響企業未來的現金流量以及資產結構，故其波動性會使公司的價值在衡量上因複雜度較高，對投資人產生較高的資訊及評估風險，而公司的資訊不對稱程度又與籌資成本有正向關係，如企業的研發政策不穩定，投資人因承擔較高風險，則會要求較高的風險溢酬，進而導致公司的權益資金成本提高。本研究以台灣2000年到2019年一般產業之上市櫃公司為研究對象，並參照林彥廷等(2014)衡量研發支出波動程度，在控制研發支出水準、公司規模、成長性、槓桿程度、系統性風險、產業別與年度別等預期會影響權益資金成本的變數後，實證發現研發支出波動程度與權益資金成本呈顯著正相關，研發支出波動率每增加一單位標準差的變動，會使得公司的權益資金成本增加10.76個基點，另外本研究亦發現研發支出水準與權益資金成本存在顯著的負向關係。依據此實證結果，本研究提供學術界與實務界有別於過去文獻的參考面向，並提出相關建議以及未來後續研究者可能的研究方向。
關鍵詞：研發支出、研發支出波動程度、權益資金成本

This study is to explore the relationship between firm’s R&D volatility and the cost of equity capital. The results from the regression analysis show that R&D volatility is positively associated with the cost of equity capital and on average each increase in the former by one unit of standard deviation will increase the latter by approximately 10.76 basis points. Besides, this study also finds that there is a significantly negative relationship between the level of R&D expenditure and the cost of equity capital. These results imply the positive impacts of R&D investment on firm value; however, if the firm's R&D policy is unstable, investors will require a higher risk premium due to information asymmetry.
Keywords: R&D expenditure, R&D Volatility, Cost of Equity Capital

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