創新被認為是推動企業長期成功和提升競爭力的關鍵，但其高風險和不確定性可能提高債務融資成本。本研究探討創新活動對企業債務成本的影響，並進一步分析審計品質是否能調節創新與債務成本之間的關係。本研究以2017年至2022年台灣上市櫃公司為研究樣本，檢視在數位化轉型與人工智慧快速發展的背景下，創新對債務定價的影響是否有所不同。本研究實證結果顯示，創新活動與債務融資成本之間的關係呈顯著負相關，而高審計品質能加強創新活動與債務融資成本的負向關聯。研究結果對企業在創新投資及審計服務選擇上提供了實踐參考，並對競爭力提升與永續經營具有重要意義。

Innovation is considered a key driver of long-term business success and competitiveness; however, its high risk and uncertainty may increase the cost of debt. This study explores the impact of innovation activities on the cost of debt and further examines whether audit quality moderates the relationship between innovation and the cost of debt. Using a sample of Taiwanese listed companies from 2017 to 2022, this study investigates whether the impact of innovation on debt pricing differs in the context of digital transformation and the rapid development of artificial intelligence. The empirical results show a negative correlation between innovative activities and the cost of debt. However, high audit quality strengthens the negative relationship between innovative activities and the cost of debt. The findings provide practical references for companies' decisions on innovative investments and audit services and have significant implications for enhancing competitiveness and sustainable business practices.

林宏文（2012年8月9日）。台灣品牌落敗的四個啟示。焦點新聞。https://reurl.cc/9DOD2Y
林苑卿（2012年11月9日）。OLED良率難解　友達明年強攻4K×2K液晶面板。新電子雜誌。https://reurl.cc/QYjan9
溫慕垚（2019年12月30日）。台灣品牌出了什麼問題？。動腦新聞。https://reurl.cc/8DWDdg
Aboody, D., & Lev, B. (2000). Information asymmetry, R&D, and insider gains. The Journal of Finance, 55(6), 2747-2766.
Acharya, V. V., & Subramanian, K. V. (2009). Bankruptcy codes and innovation. The Review of Financial Studies, 22(12), 4949-4988.
Aghion, P., Bond, S., Klemm, A., & Marinescu, I. (2004). Technology and financial structure: Are innovative firms different? Journal of the European Economic Association, 2(2-3), 277-288.
Akerlof, G. A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488-500.
Altman, E. I. (1968). Financial ratios, discriminant analysis, and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589-609.
Amankwah-Amoah, J., Khan, Z., Wood, G., & Knight, G. (2021). COVID-19 and digitalization: The great acceleration. Journal of Business Research, 136, 602-611.
Anton, J. J., & Yao, D. A. (2002). The sale of ideas: Strategic disclosure, property rights, and contracting. The Review of Economic Studies, 69(3), 513-531.
Aobdia, D., Lin, C.-J., & Petacchi, R. (2015). Capital market consequences of audit partner quality. The Accounting Review, 90(6), 2143-2176.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
Barth, M., Kasznik, R., & McNichols, M. (2002). Analyst coverage and intangible assets. Journal of Accounting Research, 39, 1-34.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 71-111.
Beneish, M. D., & Press, E. (1993). Costs of technical violation of accounting-based debt covenants. The Accounting Review, 68(2), 233-257.
Benmelech, E. (2009). Asset salability and debt maturity: Evidence from nineteenth-century American railroads. The Review of Financial Studies, 22(4), 1545-1584.
Benmelech, E., Garmaise, M. J., & Moskowitz, T. J. (2005). Do liquidation values affect financial contracts? Evidence from commercial loan contracts and zoning regulation. The Quarterly Journal of Economics, 120(3), 1121-1154.
Berger, A. N., Espinosa-Vega, M. A., Frame, W. S., & Miller, N. H. (2005). Debt maturity, risk, and asymmetric information. The Journal of Finance, 60(6), 2895-2923.
Bhagat, S., & Welch, I. (1995). Corporate research & development investments: International comparisons. Journal of Accounting and Economics, 19(2–3), 443-470.
Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.
Bhattacharya, S., & Ritter, J. R. (1983). Innovation and communication: Signalling with partial disclosure. The Review of Economic Studies, 50(2), 331-346.
Blackwell, D. W., Noland, T. R., & Winters, D. B. (1998). The value of auditor assurance: Evidence from loan pricing. Journal of Accounting Research, 36(1), 57-70.
Brown, J. R., Martinsson, G., & Petersen, B. C. (2013). Law, stock markets, and innovation. The Journal of Finance, 68(4), 1517-1549.
Campello, M., & Giambona, E. (2011). Capital structure and the redeployability of tangible assets. Tinbergen Institute Discussion Paper.
Chava, S., Nanda, V., & Xiao, S. C. (2017). Lending to innovative firms. Review of Corporate Finance Studies, 6(2), 234-289.
Chen, H., Maslar, D. A., & Serfling, M. (2020). Asset redeployability and the choice between bank debt and public debt. Journal of Corporate Finance, 64, 101678.
Chen, L., & Zhao, X. (2006). On the relation between the market-to-book ratio, growth opportunity, and leverage ratio. Finance Research Letters, 3(4), 253-266.
Chow, C. W. (1982). The demand for external auditing: Size, debt and ownership influences. The Accounting Review, 57(2), 272-291.
Ciftci, M., & Cready, W. M. (2011). Scale effects of R&D as reflected in earnings and returns. Journal of Accounting and Economics, 52(1), 62-80.
Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35(1), 128-152.
Conti, A., Thursby, M., & Rothaermel, F. T. (2013). Show me the right stuff: Signals for high‐tech startups. Journal of Economics & Management Strategy, 22(2), 341-364.
Cowling, M., Ughetto, E., & Lee, N. (2018). The innovation debt penalty: Cost of debt, loan default, and the effects of a public loan guarantee on high-tech firms. Technological Forecasting & Social Change, 127, 166-176.
Cutillas Gomariz, M. F., & Sánchez Ballesta, J. P. (2014). Financial reporting quality, debt maturity, and investment efficiency. Journal of Banking & Finance, 40, 494-506.
Czarnitzki, D., & Kraft, K. (2004). Innovation indicators and corporate credit ratings: Evidence from German firms. Economics Letters, 82(3), 377-384.
Dang, T. V., & Xu, Z. (2018). Market sentiment and innovation activities. Journal of Financial and Quantitative Analysis, 53(3), 1135-1161.
Dennis, S., Nandy, D., & Sharpe, I. G. (2000). The determinants of contract terms in bank revolving credit agreements. Journal of Financial and Quantitative Analysis, 35(1), 87-110.
Eberhart, A. C., Maxwell, W. F., & Siddique, A. R. (2004). An examination of long‐term abnormal stock returns and operating performance following R&D increases. The Journal of Finance, 59(2), 623-650.
Eberhart, A., Maxwell, W., & Siddique, A. (2008). A reexamination of the tradeoff between the future benefit and riskiness of R&D increases. Journal of Accounting Research, 46(1), 27-52.
Francis, B., Hasan, I., Huang, Y., & Sharma, Z. (2012). Do banks value innovation? Evidence from US firms. Financial Management, 41(1), 159-185.
Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The Accounting Review, 80(4), 1125-1162.
Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327.
Frank, M. Z., & Goyal, V. K. (2007). Capital structure decisions: Which factors are reliably important?. Journal of Finance, 62(1), 1-39.
Guiso, L. (1998). High-tech firms and credit rationing. Journal of Economic Behavior & Organization, 35(1), 39-59.
Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. Handbook of the Economics of Innovation, 1, 609-639.
Himmelberg, C. P., & Petersen, B. C. (1994). R & D and internal finance: A panel study of small firms in high-tech industries. The Review of Economics and Statistics, 76(1), 38-51.
Hottenrott, H., Hall, B. H., & Czarnitzki, D. (2016). Patents as quality signals? The implications for financing constraints on R&D. Economics of Innovation and New Technology, 25(3), 197-217.
Hribar, P., & Jenkins, N. T. (2004). The effect of accounting restatements on earnings revisions and the estimated cost of capital. Review of Accounting Studies, 9(2-3), 337-356.
Hsu, P. H., Lee, H. H., Liu, A. Z., & Zhang, Z. (2015). Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance, 35, 329-344.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Kim, J.-B., Tsui, J. S. L., & Yi, C. H. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Journal of Accounting Research, 49(2), 507-551.
Kothari, S. P., Laguerre, T. E., & Leone, A. J. (2002). Capitalization versus expensing: Evidence on the uncertainty of future earnings from current investments in PPE and R&D. Review of Accounting Studies, 7(4), 355-382.
Kotler, P., Keller, K. L., & Chernev, A. (2022). Marketing management (16th ed.). Pearson.
Liu, Y. (2023). Does innovation success reduce the cost of financing? Evidence from private investments in public equity. Finance Research Letters, 52, 103378.
Mansi, S. A., Maxwell, W. F., & Miller, D. P. (2004). Does auditor quality and tenure matter to investors? Evidence from the bond market. Journal of Accounting Research, 42(4), 755-793.
Mishra, S., & Tripathi, A. R. (2021). AI business model: an integrative business approach. Journal of Innovation and Entrepreneurship, 10(1), 18.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Myers, S. C., and N. S. Majluf. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-175.
Ortiz-Molina, H., & Penas, M. F. (2008). Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics, 30(4), 361-383.
Pittman, J. A., & Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics, 37(1), 113-136.
Porter, M. E. (1985). Technology and competitive advantage. Journal of Business Strategy, 5(3), 60-78.
Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. The Accounting Review, 73(4), 459-474.
Shleifer, A., & Vishny, R. W. (1992). Liquidation values and debt capacity: A market equilibrium approach. Journal of Finance, 47(4), 1343-1366.
Sikochi, A. (2020). Corporate legal structure and bank loan spread. Journal of Corporate Finance, 64, 101656.
Stiglitz, J. E., & Weiss, A. (1981). Credit rationing in markets with imperfect information. The American Economic Review, 71(3), 393-410.
Strahan, P. E. (1999). Borrower risk and the price and nonprice terms of bank loans. Journal of Banking & Finance, 23(2-4), 213-249.
Williamson, O. E. (1988). Corporate finance and corporate governance. The Journal of Finance, 43(3), 567-591.
Zhang, W. (2015). R&D investment and distress risk. Journal of Empirical Finance, 32, 94-114.