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    题名: 無形資產之價值攸關性
    作者: 張毓芳
    Chang, yvonne
    贡献者: 林宛瑩
    Lin, Wan-ying
    張毓芳
    Chang, yvonne
    关键词: 無形資產評價
    企業綜合價值
    價值驅動因子
    valuation of intangible assets
    comprehensive value
    value drivers
    日期: 2002
    上传时间: 2009-09-11 17:19:06 (UTC+8)
    摘要: 國內政府為發展國內知識經濟產業，協助企業增加融資管道，屬於無形資產之融資制度，即將實施。無衡量即無管理，企業無形資產價值的評估，在融資、管理及投資決策上，就益顯重要。本研究參考Gu and Lev (2001)之無形資產評估方法，以國內電子資訊業與化學產業為研究對象，探討（1）考量無形資產之企業綜合價值是否比帳面價值更能解釋股價的變動；（2）智慧資本密集產業的市價綜合價值比是否與未來股價報酬成負相關；及（3）綜合價值是否能由衡量企業人力、創新及關係構面之指標加以解釋。
    實證結果發現不論是資訊電子業或化學業，在加入帳面淨值後，無形資產對股價仍具有增額解釋能力。此結果意謂，對知識資本密集產業而言，除了帳面價值外，無形資產亦具有價值攸關性。此外，本研究發現，市價綜合價值比對於後期股價報酬確實具有顯著的預測能力，顯示市價綜合價值比具有資訊內涵，可協助投資人之投資決策或金融機構之授信決策。實證結果亦顯示，未來二期之股價報酬與市價綜合價值比之負相關較未來一期股價報酬與市價綜合價值比之關係更顯著。最後，對資訊電子業而言，衡量創新資本之當年度研發費用率和新專利權數，以及衡量人力資本的每人營收及員工紅利保留盈餘比為知識資本之價值決定因素；而對化學業而言，當年度研發費用率與員工紅利保留盈餘比與企業綜合價值呈顯著正相關。
    Taiwan government sets forth policies in order to assist companies in the knowledge industries obtain financial resources from the market on the basis of their intangibles. As there is no proper management measures could be exercised when there is no measurement to intangibles, the importance of valuation of intangibles surges with respect to financing, operating and investing decision making. Based on the approach developed by Gu and Lev (2001) and sample firms from chemical and information and electronics industries, this thesis explores issues: (1) whether the comprehensive value has incremental explanatory power in addition to book value of equity; (2) if there is a negative association between future stock return and the ratio of market value to comprehensive value for firms studied; and finally (3) if the variation in comprehensive value can be explain by value drivers that contribute to human, innovation and customer capitals.
    The empirical findings indicate that for firms both in the information and electronics and chemical industries, the comprehensive value contributes additionally to book value of equity in the return-value relation. This implies that information of the comprehensive value is value-relevant. The results also evidence that the ratio of stock market price to comprehensive value is significantly and negatively related to stock return for the future period. Moreover, such association is found to be stronger for two-period ahead stock return than that of one-period. The predictive ability of market-to-comprehensive value ratio indicates that the provision of the ratio could be helpful for investments decision making. Finally, this thesis finds that, for the information and electronics industry, variables such as R&D intensity, number of new patent, revenue per employee and stock bonus-to-retain earnings ratio determine the comprehensive value of the firm. With respect to the chemical industry, variables such as R&D intensity and stock bonus-to-retain earnings ratio explain the variation in comprehensive value of the sample firm.
    參考文獻: 一、中文參考文獻
    吳秀娟，2000，企業市場價值與淨值差異影響因素之研究，國立政治大學會計學研究所未出版碩士論文。
    李坤致，2000，智慧資本與價值動因對企業價值影響之研究，國立中正大學企業管理研究所未出版碩士論文。
    林勝結，2000，無形資產與企業價值關係之研究，國立中正大學企業管理研究所未出版論文。
    林郁昕，2001，財務資訊與無形資產密集企業價值攸關性之探討，國立政治大學會計學研究所未出版碩士論文。
    梁証揚，2001，人力支出與價值攸關性之研究，私立中原大學會計研究所未出版碩士論文。
    黃潔，2000，商標權之價值攸關性研究，國立中正大學會計學研究所未出版論文。
    楊平靖，2000，平衡計分卡架構探討公司市場價值與帳面價值差異—以台灣資訊電子業為實證研究對象，國立台灣科技大學企業管理系未出版論文。
    趙令凱，2000，企業研發支出資本化和股價報酬之關聯性，國立中正大學財務金融研究所未出版論文。
    賴冠宇，2002，企業文化與知識管理類型對企業智慧資本構成之關聯性研究，國立政治大學會計學研究所未出版碩士論文。
    二、英文參考文獻
    Edvinsson, L. and M. S. Malone. 1997. Intellectual Capital: Realizing Your
    Company’s True Value by Finding Its Hidden Roots. Harper Collins.
    Gu, F. and B. Lev. 2001 Intangible Assets, Measurement, Drivers, Usefulness Boston University and New York University working paper
    Hand, J.R.M.2001,The role of economic fundamentals, web traffic, and supply and demand in the pricing of U.S. Internet stocks, working paper, Kenan-Flagler Business School
    Lev, B., 2000, New Accounting For The New Economy, working paper.
    Lev, B. 2001. Intangibles management, measurement, and reporting. Brookings Institution Press Washington, D. C..
    Mintz, S.L..2000.The Second Annual Knowledge Capital Scoreboard: A knowing Glance .CFO magazine. Feb 01, 2000.
    Osterland, A..2001. Grey Matters: The Third Annual Knowledge capital scoreboard. CFO magazine. April 01, 2001.
    Penman, S. H. 2001. Financial Statement Analysis and Security Valuation. McGraw-Hill.
    Stewart, T.A. 1997, Intellectual Capital: The New Wealth of Organization, New York: Bantam Doubleday Dell Publishing Group Inc.
    Sveiby, K.1997,The New Organizational Wealth-managing and measuring knowledge-based assets, New York: Berrett-koehler Publishing Group Inc.
    描述: 碩士
    國立政治大學
    會計研究所
    90353020
    91
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0090353020
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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