Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/34249
|
| Title: | 無形資產價值攸關性與企業生命週期之研究 |
| Authors: | 陳重光
Chen,Chung Kuang |
| Contributors: | 鄭丁旺
Cheng, Ting Wong
陳重光
Chen,Chung Kuang |
| Keywords: | 無形資產
企業生命週期
Intangible asset
Business life cycle growth stage maturity stage declining stage market valuation |
| Date: | 2006 |
| Issue Date: | 2009-09-18 09:07:47 (UTC+8) |
| Abstract: | 本研究主要探討企業處於不同的生命週期階段時，資本市場對於各期的無形資產投入會有不同的評價。本文用Anthony and Ramesh(1992)的方法，選定股利、銷貨成長、資本支出、公司成立年數、研發支出作為生命週期的判斷因子。以薛健宏(2005)修改吳安妮(2004)、Kaplan and Norton(2004)的架構，將平衡計分卡三個非財務構面對應各項無形資產，以人力資本、創新資本、流程資本、顧客資本各項投入作為無形資產投入研究項目，並以Ohlson(1995)的會計評價模式，觀察無形資產投入、人力資本、創新資本、流程資本、顧客資本對於公司評價是否具備攸關性。
實證結果發現，企業於生命週期初期對於各項無形資產的投入，對於資本市場而言都是具備價之攸關性的資訊。無形資產投入在成長與成熟期相比較時，並沒有顯著的差異，而企業於成長與成熟期投入無形資產相較於衰退期，資本市場皆有較高的評價。以創新資本而言，企業於成長期投入創新資本，資本市場的評價大於成熟期與衰退期，而成熟期評價也大於衰退期。以人力資本而言，企業於成長與成熟期投入人力資本，資本市場對於此項資訊的評價並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以流程資本而言，企業於成長期與成熟期間投入流程資本，資本市場並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以顧客資本而言，企業於成長期投入顧客資本與成熟期投入相比較，資本市場的評價並沒有顯著差異。而成長與成熟期投入顧客資本相較於衰退期，資本市場的評價皆較高。整體而言，企業於生命週期初期投入無形資產，資本市場皆給予較高的評價，而於企業生命週期晚期，無形資產投入的增加，資本市場並未給予較高的評價
The purpose of this study is to explore whether the market values intangible asset investment of firm differently at different stage of life cycle. The stage of life cycle in which a firm belongs in determined by using Anthony and Ramesh(1992) model and is classified into growth, maturity and declining stage.
This study uses Annie Wu(2004), Kaplan and Norton (2004) framework as amended by 薛健宏(2005) to partition the intangible asset into human capital, innovation capital, process capital and customer capital. Ohlson’s(1995) model is used to examine the relationship between the market valuation and each of the investment of total intangible asset, human capital, innovation capital, process capital and customer capital .
The empirical results are as follow:
1. The information of total intangible asset investment at the growth stage is value relevant for capital market.
2. There is no difference between the market valuation of total intangible asset investment of growth stage and maturity stage. However, the market valuation is significant by different between the growth and maturity stage on the one side, and the declining stage on the other side.
3. The market valuation for the innovation capital investment at the growth stage is significant by higher than at the maturity and declining stage. The market valuation for the same investment at maturity stage is also higher than of the declining stage.
4. The market valuation for the human capital investment at the growth stage is the same as at the maturity stage. However, the market valuation for the human capital investment both at the growth stage and maturity stage are higher than at the declining stage..
5. There is no difference between the market valuation of process capital investment at the growth stage and maturity stage. However, both the valuation at growth stage and maturity stage are higher than at the declining stage.
6. The market valuation to the customer capital investment at various stage is the same as for the process capital investment.
An overall conclusion can be reached that market valuation for the investment in intangible asset at growth stage of business life cycle is higher than for the same investment at declining stage. |
| Reference: | 李坤致，2001，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
企業管理學系碩士論文。
林明德，2003，無形資產之價值攸關性與決定因素之探討，國立政治大學
會計學系碩士論文。
金成隆、林修葳與紀信義，2004，從企業生命週期探討專利權的價值攸關性:
兼論法規大修的影響，管理學報，第21卷，第2期：175-197
金成隆、林修葳與邱煒恆，2005，研究發展支出與資本支出的價值攸關性:
以企業生命週期論析，中山管理評論，第13卷，第2期:631-659
吳秀娟,2000,企業市場價值與淨值差異影響因素之研究-以我國資訊電子業例，
國立政治大學會計學系碩士論文。
吳安妮，2002，剖析智慧資本，會計研究月刊，204 期，頁57-65。
吳安妮、張朝清，2003，企業智慧資本之理論基礎、類型與管理程序，
今日會計，90 期，頁1-13。
吳鑑芝，2003，智慧資本與公司價值之攸關性探討，中原大學會計學系碩士論文。
吳博欽、鄭哲惠，2006，企業生命週期、產業別與股權評價:Real Option與Ohlson
Model之比較，會計評論，第43期 頁96-121
徐君毅，2000,研發與廣告支出與企業價值變動之因果關係研究，私立東海大學
企業管理學系研究所碩士論文。
姜義軒，2000，台灣電子產業與非電子產業Tobin’s Q之差異及其成因之研究，
交通大學經營管理研究所碩士論文。
侯運神，1993，企業生命週期與股價關聯性之研究，國立政治大學會計研究所
碩士論文。
許明雄，2000，企業生命週期特性與股利政策關聯性之探討，國立政治大學
會計學系未出版碩士論文。
馬秀如、劉正田、俞洪昭與諶家蘭，2000，無形資產之評價與揭露，證交資料，
第 459 期：1-15 。
黃靖樺，1997，企業生命週期與股價關聯性之研究，國立中央大學財務
管理學系未出版碩士論文。
黃正誠，1999，負盈餘研究-以資訊觀點與衡量觀點分析，國立台灣大學
會計學系碩士論文
黃雅苓，1999，研究發展支出與經營績效關係及其費用化之探討，國立政治大學
會計研究所碩士論文
黃碧秀，2004，企業類型與生命週期對公司價值與經營績效影響之研究-
以電子業為例，私立中原大學會計研究所碩士論文
梁證揚，2001，人力支出與價值攸關性之研究，私立中原大學會計學研究所
未出版碩士論文
陳威廷，2000，研究發展支出與市場價值關聯性之實證研究，私立中國文化大學
會計研究所碩士論文
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碩士論文。
張君豪，研究發展成本、現金流量及盈餘對股票報酬之研究，私立中原大學會計
學研究所碩士論文，1999
楊建國，2000，無形資產之評價，私立輔仁大學金融研究所碩士論文。
楊幼梅，2002，研究發展支出與未來股票報酬之關連性研究，私立中原大學
會計學系碩士論文
楊朝旭、黃潔，2004，企業生命週期、資產組合與企業未來績效關連性之研究，
商管科技季刊，頁49-71
董碧玫，2001,智能資本之衡量-以國內電子產業為例，國立中央大學企業管
理學系碩士論文。
蔡宗仁，1994，廣告支出會計理論與問題之研究，國立政治大學
會計學研究所碩士論文
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，35期
頁1-29
劉正田，1997，研究發展支出之效益及其資本化會計資訊對股票評價攸關性之研
究，國立政治大學會計學研究所博士論文
謝月香，2000，無形資產，國立成功大學會計學研究所碩士論文。
國外文獻
Aboody D.and B. Lev. 1998. The Value Relevance of Intangibles: The Case of
Software Capitalizaiton. Journal of Accounting Research.Vol.36. p161-191
Anthony, J. H. & K. Ramesh 1992. Association between accounting performance
measures and stock prices,Journal of accounting and Economics 15,203-227
Arora, R. 2002. Implementing KM - a balanced score card approach, Journal of
Knowledge Management, Vol. 6, Number 3, pp.240-249.
Ball, R. and P. Brown. 1968.An Empirical Evaluation of Accounting Income
Numbers.Journal of Accounting Research. Autumn.: 159-178..
Ben Zion, U. 1978. The investment aspect of nonproduction expenditures: an
empirical test. Journal of Economics and Business30:224-29.
Black, E.L.1998a. Life-cycle impacts on the increment value-rebelance of earnings
and cash flow measure, Working paper, University of Asrkansas
,Fayeeteville,Arkansas.
Brooking, A. 1996. Intellectual Capital：Core Asset for The Third Millennium
Enterprise. London：International Thomson Business Press.
Bowen, R. M. and D. Shores. 2000. Economic context and the value relevance of
accounting data. Working paper, University of Washington Business School,
Settle, Washington.
Bublitz, B. and M. Ettredge., 1989, Theinformation in discretionary outlays: Advertising ,research and development. The Accounting Review 64: 108-124..
Bukh, PN, MR Johansen and J Mouritsen, 2002, Multiple Integrated Performance
Management Systems: IC and BSC in a Software Company,” Singapore
Management Review, Vol.24, No.3, pp.21-33.
Chauvin, K.W., and H. Mark., 1993,Advertising, R&D Expenditures and the Market
Value of the firm” , Financial Management, , pp.128-140.
Collins, D., C.Maydew, and I. Weiss. 1997. Changes in the value-relevance of
earnings and book values over the forty years. Journal of Accounting and
Economics 24：39-67
Comanor, W.S. and T. A.Wilson. Advertising, market structure and performance.
Review of Economics and Statistics 49: 423-440. 1967.
Edvinsso, L., and M. Malone. 1997. Intellectual Capital：Realizing Your Company’s
True Value by Finding Its Hidden Brainpower, New York：HarperCollins
Publishers Inc
Elias, N. The effects of human assets statement s on the investment decision: An
experiment. Empirical Research in Accounting: Selected Studies:215-233
Francis, J., and K. Schipper. 1999. Have financial statements lost their relevance?
Journal of Accounting Research 37 (Supplement)：319-352
Fey, C.F., Bjorkman, I., & Pavlovskaya, A. (2000). The Effect of Human Resource
Management Practices on Firm Performance in Russia, International Journal of
Human Resources Management, 11: 1-18.
Gu, F., and B. Lev. 2001 .Intangible assets measurement, drivers, usefulness.
Working paper,Boston University.
Haire, M. 1959. Biological models and empirical history of the growth of
organizations . Modern Organizational Theory. New York: John Wiley and
Sons.
Hendricks, J. 1976. The impact of human resource accounting information on stock
investment decisions: An empirical study. The Accounting Review (April):
292-350.
Hirschey, M., and J. Weygandt. 1985. Amortization policy for advertising and research and development expenditures. Journal of Accounting Research 23: 326-335.
Johnson, W. H. A. 1999. An integrative of intellectual capital：measuring the stock and
flow of intellectual capital components in the firm. Internatioal Journal of
Management 18(Feb.)：562-575
Kaplan, R. S., and D. P. Norton. 1996. The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.
Kaplan, R. S., and D. P. Norton. 2004 Strategy maps：Converting intangible assets
Into Action, Boston, Mass.：Harvard Business School Press.
Lev, B. and T. Sougiannis. 1996. The capitalization, amortization, and
valuerelevanceof R&D. Journal of Accounting and Economics 21:
107-138.
Lindenber, E., and S. Ross. 1981. Tobin’s q ratio and industrial organization. Journal
of Business Research15(4)：57-54
Lynn, B. E. 1999. Culture and intellect capital management：A key factor in successful
ICM. International Journal of Technology Management 18(5/6/7/8)：590-603
Ohlson, J.A. Earnings, book values, and dividend s in security valuations.
Contemporary Accounting Research 11: 661-687. 1995.
O’Donnel, D., G. Berkery. 2003. “Human interaction: the critical source of intangible
value,” Journal of Intellectual Capital, Vol.4 No.1:82-99, available at
http://www.emeraldinsight.com/1469-1930.htm
Peterson, P. P. 1983. Financial decisions and the life-cycle of corporations.
Florida State University: The Financial Management Association Meeting.
Robinson, K. C. (1998). An examination of the influence of industry structure on
eight alternative measures of new venture performance for high potential
independent new ventures. Journal of Business Venturing, 15, 165-187.
Roos, J. 1998. Exploring the concept of intellectual capital (IC). Long Range
Planning 31(1)：150-153
Stewart, T. A. Intellectual Capital：The New Wealth of Organizations, London：
Nicholas Brealey
Ulrish, D. 1998. Intellectual Capital = competence × commitment. Sloan Management
Review 39(Winter)：15-26 |
| Description: | 碩士
國立政治大學
會計研究所
94353055
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0094353055 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
