Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30305
|
| Title: | 智慧資本與公司價值關係之實證研究 |
| Authors: | 周宜勇
Chou, I-Young |
| Contributors: | 陳錦烽
周宜勇
Chou, I-Young |
| Keywords: | 智慧資本
Ohlson模型
公司價值
相互效果
Intellectual Capital
Ohlson Model
firm value
inter-effects |
| Date: | 2004 |
| Issue Date: | 2009-09-11 17:38:00 (UTC+8) |
| Abstract: | 在知識經濟時代中，企業的核心競爭價值已由過去以勞力、廠房及資本等有形資產為基礎，轉變至以智慧資本驅動為核心。然而，受限於會計準則對於智慧資本認列及評價規定之缺乏，僅以財務、實體資產衡量企業價值已不足以反映企業的真實價值。因此，本研究以人力、創新、流程及顧客資本等四大構面，選擇攸關價值因子之替代變數，從投入及產出觀點探討這些價值因子及價值因子間之相互效果對於企業價值的創造是否具有正向關係。
本研究根據Ohlson（1995）的評價模型作為理論架構，以2000年至2002年間台灣上市公司為研究對象，選擇以員工相對教育程度、專利權件數、資產週轉率及顧客留存率等作為智慧資本價值因子，並採用複迴歸方式從事當期及遞延一期之實證模型分析。
實證結果顯示，就智慧資本價值因子而言，員工相對教育程度、專利權件數及資產週轉率均與企業當期及遞延一期之市場價值具有顯著正向關係，惟專利權件數的遞延效益並不穩定。就價值因子間之相互作用而言，人力資本與創新、流程及顧客資本間及創新資本與顧客資本間所產生之綜效，與企業價值間具有正向關係，然而僅人力與創新資本間之綜效具有明顯之持續性。此外，創新與流程資本間之綜效，對於企業價值之創造則具有落後現象。
根據實證結果，本研究建議企業從事知識管理活動時，除應瞭解各項智慧資本對企業核心價值之貢獻外，並應重視智慧資本價值因子間之相互效果，俾利結合企業的經營策略，提昇其市場價值。
關鍵字：智慧資本、Ohlson模型、企業價值、相互效果
In the era of knowledge economy, firm’s core competitiveness has changed from tangible assets which include labor, factory buildings and capital to the intellectual capital value-drivers. However, the lack of accounting standards of recognition and valuation of intellectual capital results in failing to reflect the firm’s intrinsic value. Therefore, this study uses dimensions of human capital, innovation capital, process capital and customer capital to select the alternative variables of relevant value factors and to examine the relationships between intellectual capital value factors, inter-effects in those value factors and firm’s market value from an input-output viewpoint.
The framework of this study is based on Ohlson（1995）valuation model, and the samples of this study is the listed public companies in Taiwan during 2000 to 2002. This study uses relative education degree of employees, patents, assets turnover rate and customer retention ratio as the intellectual capital value factors, and adopts multiple regression methods to build the current and lagged one period empirical analysis models.
As the intellectual capital value factors, the results show that relative education degree of employees, patents and assets turnover rate have significant positive effect on firm’s market value under current and lagged one period model. But lagged effect of patents is not stable. As the inter-effects of value factors, the results show that there are significant positive relationships between the synergies of human-innovation, human-process, human-customer, innovation-customer capital and the firm’s market value, but only human-innovation capital has a remarkable persistence. Furthermore, the synergy of innovation-process capital has a lagged effect on the firm value creation.
According to the result, this study suggests that company should not only understand the contributions of every intellectual capital value factor to its core value, but also pay more attention to their inter-effects for integration of the firm’s operation strategies and increasing market value.
Key words：Intellectual capital, Ohlson model, firm value, inter-effects |
| Reference: | 一、中文部分：
吳秀娟，2000，企業市場價值與淨值差異影響因素之研究-以我國資訊電子業為例，國立政治大學會計學系未發表碩士論文。
吳鑑芝，2003，智慧資本與公司價值之攸關性探討，私立中原大學會計學系未發表碩士論文。
林勝凱，2000，盈餘、帳面價值攸關性研究-考慮規模效果，國立台灣大學會計學系未發表碩士論文。
林鈺傑，2004，智慧資本與經營績效關係性之實證研究，國立政治大學會計學系未發表碩士論文。
楊淑萍，2001，企業健全財務度影響盈餘與帳面價值在評價模式上相對重要性之研究，國立成功大學會計學系未發表博士論文。
曾栗萱，2003，智慧資本與經營績效關聯性之探討-以我國資訊產業為實證對象，國立政治大學會計學系未發表碩士論文。
楊平靖，2000，以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學系未發表碩士論文。
陳俊雄，2001，專利權價值攸關性之研究，私立中原大學會計學系未發表碩士論文。
陳湘錡，2004，財務資本、智慧資本與企業價值之關聯性探討-以資訊電子產業為例，國立台灣科技大學企業管理學系未發表碩士論文。
張文獻，2002，企業的股東附加價值與其動因之探討-以台灣電子資訊業為例，國立台灣大學國際企業學系未發表碩士論文。
廖芝嫻，2002，智慧資本與經營績效關聯之實證研究-以我國資訊電子業技術人力資本為例，國立政治大學會計學系未發表碩士論文。
蔡宗仁，1994，廣告支出會計理論與問題之研究，國立政治大學會計學系未發表碩士論文。
溫士賢，2003，研發、廣告與人力支出和企業價值之關係性探討-以台灣上市上櫃企業為例，國立台灣大學會計學系未發表碩士論文。
蔡宜芬，2002，分析師預測與管理當局預測於企業評價之相對有用性研究-Ohlson模型之應用，國立政治大學會計學系未發表碩士論文。
Edvinsson, L. and M. S. Malone，1999，智慧資本：如何衡量資訊時代無形資產的價值，林大榮譯，台北：麥田出版公司。
二、英文部分：
Aboody D. and B. Lev. 1998. The value relevance of intangibles：The case of software capitalization. Journal of Accounting Research. Vol（36）：161-191.
Ball, R. and P. Brown.1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6（Autumn）：159-178.
Barth, M. E., W. H. Beaver, and W. R. Landsman. 1998. Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics 24：1-34.
Basti, L. J. and Van Buren, M. E., 1999. Valuing investment in intellectual capital. International Journal of Technology Management. Vol（18）：414-432.
Bell, T. B., W. R. Landsman, B. L. Miller, and S. Yeh. 2000. The valuation implications of employee stock-option accounting for computer software firms. Working paper, University of North Carolina.
Burgstahler, D. C., and I. D. Dichev. 1997. Earning, adaptation and equity value. The Accounting Review. Vol（72）：187-215.
Chauvin K. W. and M. Hirschey.1994.Goodwill, profitability, and the market value of the firm. Journal of Accounting and Public Policy. Vol（13）：159-180.
Collins, D. W., E. L. Maydew, and I. S. Weiss. 1997. Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics. Vol（24）：39-67.
Cronbach, L. J. 1987. Statistical tests for moderator variables：Flaws in analyses recently proposed. Psychological Bulletin 102：414-417.
Dechow, P.M., A. P. Hutton and R. G. Sloan. 1999. An empirical assessment of the residual income valuation model. Journal of Accounting and Economics 26 (January)：1-34.
Dzinkowski, R. 2000. The measurement and management of intellectual capital-An introduction. Management Accounting 78（2）：32-36.
Edvinsson, L. and M. S. Malone. 1997. Intellectual capital-realizing your company’s true value by finding its hidden brainpower, New York, NY：Harverd Business.
Feltham, G. A., and J.A. Ohlson. 1995. Valuation and clean surplus accounting for operation and financial activities. Contemporary Accounting Research 11（Spring）：689-731.
Gu, F. and B. Lev. 2001. Intangible assets, measurement, drives, and usefulness. Working paper, Boston University and New York University.
Hall, Bronwyn. H.1993. The stock market`s valuation of R&D investment during the 1980`s. The American Economic Review 83：259-264.
Johnson, W. H. A. 1999. An integrative taxonomy of intellectual capital：Measuring the stock and flow of intellectual capital components in the firm. International Journal of Technology Management 18：562-575.
Joia, L. A. 2000. Measuring intangible corporate assets：Linking business strategy with intellectual capital. Journal of Intellectual Capital 1（1）：68-84.
Lev,B., and T. Sougiannis. 1999. Penetrating the book-to-market black box：The R&D effect. Journal of Accounting and Economics Vol（21）：107-138.
Lundholm, R. J. 1995. A tutorial on the Ohlson and Feltham/Ohlson model：answers to some frequently asked questions. Contemporary Accounting Research（Spring）11：749-761.
Lynn, B. E. 1998. Intellectual capital. CMA Management 72（1）：10-15.
Megna, P., and M.Klock. 1993. The impact of intangible capital on Tobin q in the semiconductor industry. The American Economic Review 83：265-269.
O`Donnell, D., P. O’regan, B. Coates, T. Kennedy, and G.. Berkery. 2003. Human interaction：The critical source of intangible value. Journal of Intellectual Capital 4（1）：82-99.
Ohlson, J. A. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11（spring）：661-687.
Stewart, T. A. 1997. Intellectual Capital：The new wealth of organizations, New York, NY：Doubleday.
Sveiby, K. E. 1998. Intellectual capital：Thinking ahead. Australian CPA 68（5）：18-21.
Trueman, B., M. H. F. Wong, and X. Zhang. 2000. The eyeballs have it：Searching for the value in internet stocks. Journal of Accounting Research 38 (Supplement)：137-162. |
| Description: | 碩士
國立政治大學
會計研究所
92353027
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923530271 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 254 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
