政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34262
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113318/144297 (79%)
Visitors : 51089773      Online Users : 934
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34262


    Title: 無形資產之價值攸關性與決定因素之探討
    Authors: 林明德
    Contributors: 林宛瑩
    林明德
    Keywords: 無形資產盈餘
    無形資產價值
    智慧資本
    Date: 2002
    Issue Date: 2009-09-18 09:10:18 (UTC+8)
    Abstract: 國內公司已因修法而得以技術、商譽等無形資產作價為資本，加上政府為發展國內知識經濟產業，協助企業增加融資管道，亦將實施無形資產之融資制度，如何公正、客觀而合理的評估無形資產的價值，顯得更加重要。針對國內經濟、產業經營環境，本研究參考並修正Gu and Lev (2001)之無形資產評估方法，推算無形資產盈餘及無形資產價值，首先以橫斷面分析1991年至2002年間上市公司之每股無形資產盈餘與每股淨值對市場價值之攸關性，再分析人力、結構及關係資本等智慧資本趨動因子與無形資產價值之關聯性。此外，本研究亦進一步將產業區分為無形資產密集產業和非無形資產密集產業，深入探討相關研究議題。
    研究結果發現，每股無形資產盈餘與每股淨值之價值攸關性有增加之現象。就個別變數的股價模式分析，每股無形資產盈餘之增額解釋能力有逐年增加之趨勢。就產業別之實證分析顯示，相對於非無形資產密集產業，無形資產密集產業之無形資產盈餘資訊對投資大眾較具有價值攸關性。相對於無形資產密集產業，非無形資產密集產業之帳面權益價值資訊對投資大眾較具價值攸關性。
    針對無形資產與智慧資本價值動因之關聯性，本研究發現，與研究假說之預期方向一致，無形資產與毎人營收、員工分紅比率(人力資本之代理變數)、研發費用率和權利金及技術費用率(結構資本之代理變數)、營收成長率(關係資本之代理變數)呈顯著正相關，與用人費用率呈負相關。此結果隱喻，智慧資本因素之投入有助於無形價值之形成。進一步將樣本區分為無形資產密集和非無形資產密集產業之實證結果顯示，無形資產密集產業之無形資產價值與人力資本之員工毎人營收、員工分紅比率、結構資本之研發費用率和權利金及技術費用率呈顯著正相關。非無形資產密集產業之無形資產價值則與人力資本之用人費用率(每人營收和員工分紅比率)和關係資本之廣告費用率(銷貨成長率)呈顯著為負(正)之關係。分析結果顯示，無形資產價值之決定因素似與公司是否為無形資產密集之產業性質而有差別，可供國內企業從事無形資產投資活動之參考。
    Reference: 一、中文參考文獻
    李淑華，2003，產業價值鏈知識密度與企業績效，國立台灣大學會計學系未出版博士論文。
    吳秀娟，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，國立政治大學會計系未出版碩士論文。
    林郁昕，2000，財務資訊與無形資產密集價值攸關性之探討，國立政治大學會計系未出版碩士論文。
    林怡芳，2002，市場價值與帳面價值之差異探討-以IC設計產業為例，國立臺灣大學 會計學研究所碩士論文。
    林勝結，2002，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 碩士論文。
    梁証揚，2000，人力支出與價值攸關性之研究，中原大學會計系未出版碩士論文。
    陳信宏和劉孟俊，2001，知識經濟與台灣的經濟結構及政策變革，經社法制論叢第30 期
    陳夢茹，2002，由經濟附加價值(EVA)檢視產業間價值動因之差異性，國立政治大學 會計研究所未出版碩士論文。
    張靜琪，2000，員工薪資福利對組織績效之影響 ，國立中山大學人力資源管理研究未出版碩士論文。
    黃宛華，1999，資訊軟體業智慧資本之研究，國立政治大學科技管理研究所未出版碩士論文。
    黃潔，2001，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碩士論文。
    劉正田，2001，研發支出資本化之會計基礎股票評價，會計評論，第33期(7月):1-26。
    劉正田，2002，無形資產、成長機會與股票報酬關係之研究，會計評論，第35期(7月):1-29。
    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研究所未出版碩士論文。
    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研究所未出版碩士論文。
    謝月香，2000，無形資產，國立成功大學會計學研究所未出版碩士論文。
    二、英文參考文獻
    Amir, E., and B. Lev 1996. Value-relevance of nonfinancial information: the
    wireless communications industry. Journal of Accounting and Economic 22: 3-30
    Ball, R., and P. Brown 1968 . An empirical evaluation of account numbers.
    Journal of Accounting Research 6(2): 159-178
    Bassi, L., and D. Mcmurrer 1998. Training investment can mean financial performance. Training and Development 52(May): 40-42
    Bernard, V. 1994. Accounting-based valuation methods, determinants of markets-to-book ratios, and implications for financial statement analysis. Working paper. University of Michigan.
    Boer, F. P. 2002. Financial management of R&D 2002.Reserch.Technology Management (45): 23-35
    Bosworth, D., and M. Rogers 2001. Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record 77(December): 323-337
    Buren, M. E. 1999. A yardstick for knowledge management. Training and Development 5(May): 71-78
    Chan, S., J. Martin, and J. Kensinger 1990. Corporate research and development expenditures and share value. Journal of Financial Economics 26: 255-276
    Collins, D., C. Maydew, and I. Weiss 1997. Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24: 39-67.
    Easton, P., and T. Harris 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research 29: 19-36.
    Francis, J., and K. Schipper 1999. Have financial statements lost their relevance？ Journal of Accounting Research 37 (Supplement): 319-352.
    Galbreath, J. 2002. Success in the relationship age：building quality relationship assets for market value creation. The TQM Magazine 14(1): 8-24.
    Griliches, Z. 1981. Market value, R&D, and patents. Economic Letters 7(2): 183-187
    Gu, F., and B. Lev 2001 Intangible Assets, measurement, drivers, usefulness Working paper Boston University and New York University.
    Hand, J. 1998. Does CEO human capital make a difference? Working paper. University of Carolina.
    Hirschey, M., and J. J. Weygandt 1985. Amortization policy for advertising and research and development expenditures. Journal of Accounting Research 23( 1): 326-335.
    Huselid, M. 1999. Human resources, knowledge management and firm’s performance. Working paper. Rutgers University
    Itter, C. D., and D. F. Larcker 1998. Are nonfinancial measures leading indicators of financial performance? an analysis of customer satisfaction. Journal of Accounting Research 36: 1-35
    Keating, E. K., T. Z. Lys, and R.P. Magee 2003. Internet downturn: finding valuation factors in spring 2000. Journal of Accounting and Economics 34(January): 189-236
    Kimberly, J. R., and M. J. Evanisko 1981.Organizational innovation: the　 influence of individual , organizational , and contextual factor on hospital adoption of technological and administrative innovations. Academy of Management Journal 24(4): 689-713.
    Kothari, S. and J. Zimmerman 1995. Price and return models. Journal of Accounting and Economics 20(September): 155-192
    Leandro, L., and G. Manuel 2000. Accounting for intangibles: a literature review. Journal of Accounting Literature 19: 102-103
    Leibowitz 1999. Market-to-book ratios and positive and negative returns on equity. The Journal of Financial Statement Analysis 4(Winter): 21-29
    Leonard-Barton, D. 1992. Core capabilities and core rigidities: a paradox in managing new product development. Strategic Management Journal 13(Summer): 111-125
    Lev, B. 2001. Intangibles management, measurement, and reporting. Brookings Institution Press Washington, D. C.
    Lev, B., and P. Zarowin 1999. The boundaries of financial reporting and how to extend them. Journal of Accounting Research 37(2): 353-389.
    Lev, B., and T. Sougiannis 1996. The capitalization, amortization, and value- relevance of R&D. Journal of Accounting and Economics 21: 107-138.
    Lipe, M. G., and S. E. Salterio 2000. The balanced scorecard: judgmental effects of common and unique performance measures. The Accounting Review75 (July): 283-298
    Martin, S. 1979. Advertising, concentration, and profitability: the simultaneity problem. Bell Journal of Economics 10: 639-647.
    Mintz, S.L..2000.The second annual knowledge capital scoreboard: a knowing Glance .CFO magazine Feb 01, 2000.
    Morin, R. A., and S. L. Jarrel 2001. Driving shareholder value, New York: McGraw-Hill.
    Ohlson, J. 1995. Earning, book values, and dividends in equity valuation. Contemporary Accounting Research 11(Spring): 661-687
    Osterland, A. 2001. Grey Matters: The third annual knowledge capital scoreboard. CFO magazine April 01.
    Penman, S. H. 2001. Financial statement analysis and security valuation. McGraw-Hill.
    Rappaport, A. 1986. Creating shareholder value：the new standard for business performance. Free Press. New York
    Rogers, E. M., and F. Shoemaker 1971. Communication of innovations: a cross cultural approach. Free Press.
    Roos, J. 1998. Exploring the concept of intellectual capital (IC). Long Range Planning February: 150-153
    Stewart, T. A.1991. Brain power :how intellectual capital is becoming america’s most valuable assets. Fortune June 3: 44-60.
    Trueman, B., F. Wang, and X. J. Zhang. 2000. The eyeballs have it: searching for the value in Internet stockcs. Journal of Accounting Research 38:137-162
    Theil, M. 1971. Principles of Econometrics. Wiley, New York, NY.
    Woolridge, J. R. 1988. Competitive decline and corporate restructuring: Is a myopic stock market to blame? Journal of Applied Corporate Finance 1: 26-36
    Description: 碩士
    國立政治大學
    會計研究所
    90353034
    91
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0903530341
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

    Files in This Item:

    File Description SizeFormat
    53034101.pdf18KbAdobe PDF2743View/Open
    53034102.pdf18KbAdobe PDF2738View/Open
    53034103.pdf75KbAdobe PDF2844View/Open
    53034104.pdf242KbAdobe PDF2856View/Open
    53034105.pdf245KbAdobe PDF21005View/Open
    53034106.pdf257KbAdobe PDF21358View/Open
    53034107.pdf389KbAdobe PDF21323View/Open
    53034108.pdf2413KbAdobe PDF21029View/Open
    53034109.pdf226KbAdobe PDF2840View/Open
    53034110.pdf244KbAdobe PDF21139View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback