公司投注了大筆經費於研究發展上，寄望可以帶來更高的報酬與股東價值。然而，研究發展是一項較為隱密且外部人也較難以解讀之資訊，這時，做為公司與投資人之間中介角色的分析師具有解讀資訊能力，並轉換為適當的推介評等。據此，本篇研究以美國上市公司為研究對象，考慮分析師意見的歧異度，深入探討研究發展與股價報酬間之關係。
本篇研究發現，平均來說，研究發展與股價報酬為正向關係。但在區分高低報酬後，我們發現相較於低報酬公司，在高報酬公司研究發展與報酬為正向關係較強。最後，我們利用虛擬變數區分出高研究發展公司與其他公司，並加入分析師盈餘預測歧異度。我們發現，在高研究發展的公司裡，研究發展與報酬為正向關係。且在加入分析師盈餘預測歧異度後，對於高研究發展的公司，低度的分析師盈餘預測歧異度都會加強其原本研究發展與報酬間之關係，即原本的正向關係變得更強。

Lots of companies invest huge amount of money in research and development (hereafter, R&D), and hope to create higher stock return and shareholder value. Nevertheless, R&D is a private information and hard to interpret, at this time, analysts who is able to interpret this information and as the bridge between companies and investors can help us. This study investigates the relationship between R&D and stock return and introduces the character of analyst. Data are based on America stock market in a period from 1990 to 2010, including NYSE, NASDAQ, and AMEX.
First, this paper finds that R&D is positive with return in general. Second, R&D is significantly positive associated with higher stock return while negative associated with lower stock return. Finally, after we separate firms into high R&D group and others group and introduce analysts, who might influence the sensitivity of high R&D firms, we find that in high R&D group, R&D will be positive with return. And the effect of analyst forecast dispersion is lower analyst forecast dispersion will reinforce the original relationship of the sensitivity of R&D to stock return.

1.Introduction.................................................................1
2.Literature Review.......................................................6
2.1.The effect of R&D....................................................6
2.2. Analyst forecast......................................................10
2.3. Analysts’ earnings forecast dispersion.............12
2.5. Intangible information and institutional investor behavior ...........................................................................14
3. Hypotheses and Methodology.............................18
3.1. Hypotheses.............................................................18
3.2. Data..........................................................................21
3.3. Method.....................................................................24
4.Result ..........................................................................28
5.Conclusion..................................................................41
5.1 Conclusion...............................................................41
5.2 Research Restrains...............................................42
5.3 Suggestion for Further Research........................42
References.....................................................................43

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