政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/65960

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113648/144635 (79%)
Visitors : 51613422 Online Users : 240

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/65960

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/65960

Title:	The stock market valuation of intellectual capital in the IT industry
Authors:	王文英 Yu, Hung-Chao;Wang, Wen-Ying;Chang, Chingfu
Contributors:	會計系
Keywords:	Intellectual capital;Human capital;Innovation capital;Process capital;Relational capital;Mispricing
Date:	2014.03
Issue Date:	2014-05-12 15:51:31 (UTC+8)
Abstract:	This study adopts the P/V ratio developed from the residual income valuation model to examine whether Taiwan’s IT companies with more intellectual capital are more likely to be mispriced by the stock market. We focus on four types of intellectual capital: human capital (measured by employees holding graduate degrees and ratio of labor costs to net sales), innovation capital (measured by R&D intensity and royalty ratio), process capital (measured by working capital turnover and ﬁxed asset turnover), and relational capital (measured by marketing expense ratio and sales growth rate). Using 751 ﬁrm-observations in Taiwan’s IT industry during 2003–2006, the empirical results show that Taiwan’s stock market appears to overprice IT companies’ innovation capital but underprice their human, process, and relational capital. Notably, the mispricing problem is more prominent on the human capital than on the other three types of intellectual capital. A further test indicates that the mispricing of intellectual capital is due to Taiwan’s domestic investors rather than foreign institutional investors. Particularly, the mispricing problem is more prominent on the human and relational capital. The implications of these ﬁndings are discussed.
Relation:	Review of Quantitative Finance and Accounting, Published online: 22 Feb. 2014
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s11156-014-0437-5
DOI:	10.1007/s11156-014-0437-5
Appears in Collections:	[會計學系] 期刊論文

Files in This Item:

File	Description	Size	Format
126.pdf		342Kb	Adobe PDF2	1306	View/Open

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.

Loading...