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題名 智慧資本與分析師追蹤意願的實證性研究
An empirical study of intellectual capital and analyst following作者 林鈺澄
Lin, Yu-Cheng貢獻者 郭弘卿
林鈺澄
Lin, Yu-Cheng關鍵詞 智慧資本
分析師追蹤意願
電子工業
Intellectual capital
Analyst following
Electronics industry日期 2020 上傳時間 1-Jul-2020 13:36:25 (UTC+8) 摘要 企業運用財務報表與投資人溝通，但雙方之間存在資訊不對稱，財務報表反映較多有形價值，卻難以有效衡量無形優勢。分析師結合並解讀企業的有形、無形價值，並整合成研究報告或預測，提供一般投資人投資決策的參考，能減少資訊不對稱的問題。本研究希望以智慧資本觀點解讀公司的無形優勢，了解其如何影響分析師行為，進而影響企業與投資人的溝通。本研究以2013至2019年之台灣電子工業的上市公司為研究樣本，將智慧資本指標衡量依人力、創新、流程、顧客資本分類並與分析師追蹤意願迴歸，以順序搜尋法篩選顯著的衡量指標。結果顯示，每人營業利益、研究發展費、研究發展強度、總資產週轉次數、應付帳款付現天數、管理費用率、營收成長率與分析師追蹤意願呈現顯著正相關；員工人數、平均年資、每人研發費用、負債比率、推銷費用率則為顯著負相關。
Although companies try to communicate with investors through financial statements, the problem of information asymmetry exists. The financial statements can help investors to evaluate a company’s tangible value rather than its intangible strengths. However, sell-side analysts decipher both tangible and intangible value of a company, summarizing their insights and delivering them to individual investors with research reports or forecasts, which allows investors to make investing decisions and decrease information asymmetry. Thus, this study expects to analyze the intangible strengths from an intellectual capital perspective, and see how analyst following is effected by them.The sample of this study are the listed electronics companies in Taiwan. This study uses a sequential search method to select effective intellectual capital indicators categorized by human capital, innovation capital, process capital and customer capital, and use them to construct a regression model of intellectual capital and analyst following. The results show that operating income per employee, R&D expense, R&D intensity, total assets turnover, days payable outstanding, management expense rate and sales growth rate are positively related to analyst following. On the other hand, number of employees, average employee seniority, R&D expense per employee, debt ratio and selling expense rate are negatively related.參考文獻 王文英與李佳玲，2008，我國資訊電子業之企業重要智慧資本－外部資訊使用者與內部人士之觀點，當代會計第9卷1期（5月）：33-67。王文英與張清福，2004，智慧資本影響績效模式之探討：我國半導體業之實證研究，會計評論，第39期（7月）：89-117。王奕惟，2017，智慧資本與企業經營績效之實證研究－以我國手機及通信網路業為例，國立政治大學會計學系碩士論文。台灣智慧資本研究中心，2006，智慧資本管理，台北：華泰文化。李超雄、黃劭彥、吳東憲與王昶，2011，公司財務績效驅動因子之研究－智慧資本觀點，品質學報，第18卷6期（12月）：561-579。李馨蘋、戚靜玟與程心瑤，2014，智慧資本與公司績效關聯性之研究－以獨立董監事監督效果作為調節變數，全球管理與經濟，第10卷1期（10月）：18-34。邱怡萍，2015，台灣智慧資本與盈餘成長之研究－以上市電子業為例，國立屏東大學財務金融學系碩士論文。高郁婷，2012，智慧資本、中國區域創新能力與分析師預測行為，國立政治大學會計學系碩士論文。陳子恩，2015，平台商業模式對智慧資本投資及企業價值影響－以台灣資訊服務業為例，國立政治大學企業管理研究所碩士論文。黃劭彥、林有志、林琦珍與施志成，2008，智慧資本、智慧資本附加價值與企業績效之整合分析，台灣管理學刊，第8卷1期（2月）：27-46。鄭丁旺、王文英與張清福，2008，債權人與投資人所重視企業智慧資本資訊之比較分析（下），會計研究月刊第267期（2月）：100-107。Abarbanell, J. S. 1991. Do analysts` earnings forecasts incorporate information in prior stock price changes? Journal of Accounting and Economics 14 (June): 147-165.Barron, O. E., D. Byard, C. Kile, and E. J. Riedl. 2002. High‐technology intangibles and analysts’ forecasts. Journal of Accounting Research 40(2) (December): 289-312.Barth, M. E., R. Kasznik, and M. F. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39(1) (June): 1-34.Bontis, N. 1998. Intellectual capital: An exploratory study that develops measures and models. Management Decision 36(2) (December): 63-76.Bontis, N. 2001. Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field. International Journal of Technology Management 18(5-8) (October): 433-463.Chang, X., S. Dasgupta, and G. Hilary. 2006. Analyst coverage and financing decisions. The Journal of Finance 61(6) (January): 3009-3048.De Bondt, W. F., and R. H. Thaler. 1990. Do security analysts overreact? The American Economic Review 80(2) (Feburary): 52-57.Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. 2012. Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review 87(3) (May): 723-759.Easterwood, J. C., and S. R. Nutt. 1999. Inefficiency in analysts` earnings forecasts: Systematic misreaction or systematic optimism? The Journal of Finance 54(5) (December): 1777-1797.Edvinsson, L. 1997. Developing intellectual capital at Skandia. Long Range Planning 30(3) (June): 366-373.Farooq, O., and C. Nielsen. 2014. Intellectual capital disclosure and analyst following: Evidence from Danish biotechnology firms. Journal of Intellectual Capital 15(1): 142-156.García-Meca, E., I. Parra, M. Larrán, and I. Martínez. 2005. The explanatory factors of intellectual capital disclosure to financial analysts. European Accounting Review 14(1): 63-94.Gu, F., and W. Wang. 2005. Intangible assets, information complexity, and analysts’ earnings forecasts. Journal of Business Finance & Accounting 32(9‐10) (November): 1673-1702.He, J., and X. Tian. 2013. The dark side of analyst coverage: The case of innovation. Journal of Financial Economics 109(3) (September): 856-878.Hsu, W., and Y. Chang. 2011. Intellectual capital and analyst forecast: Evidence from the high-tech industry in Taiwan. Applied Financial Economics 21(15) (August): 1135-1143.Huang, W., and A. Boateng. 2017. Executive shareholding, compensation, and analyst forecast of Chinese firms. Applied Economics 49(15): 1459-1472.Jones, D. A. 2007. Voluntary disclosure in R&D‐intensive industries. Contemporary Accounting Research 24(2) (Summer): 489-522.Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. Accounting Review 71(4) (October): 467-492.Ledoux, M. J., D. Cormier, and S. Houle. 2014. Customer value disclosure and analyst forecasts: The influence of environmental dynamism. Management Decision 52(3) (May): 460-481.Mendenhall, R. R. 1991. Evidence on the possible underweighting of earnings-related information. Journal of Accounting Research 29(1) (Spring): 170-179.Palmon, D., and A. Yezegel. 2012. R&D intensity and the value of analysts’ recommendations. Contemporary Accounting Research 29(2) (June): 621-654.Roos, J., L. Edvinsson, and N. C. Dragonetti. 1998. Intellectual Capital: Navigating the New Business Landscape, New York, NY: NYU Press.Saint-Onge, H. 1996. Tacit knowledge the key to the strategic alignment of intellectual capital. Planning Review 24(2) (Feburary): 10-16.Schipper, K. 1991. Analysts’ forecasts. Accounting Horizons 5(4) (December): 105-121.Skinner, D. J. 1994. Why firms voluntarily disclose bad news. Journal of Accounting Research 32(1) (Spring): 38-60.Stewart, T. A. 1997. Intellectual Capital: The New Wealth of Organizations, New York, NY: Doubleday.Stotz, O., and R. von Nitzsch. 2005. The perception of control and the level of overconfidence: Evidence from analyst earnings estimates and price targets. The Journal of Behavioral Finance 6(3) (September): 121-128.Tsai, M., and C. Wang. 2002. Intellectual capital and enterprise performance: An empirical study in Taiwanese high-tech industry. International Journal of Information and Management Sciences 23(3): 241-256.Tucker, J. W. 2010. Is silence golden? Earnings warnings and subsequent changes in analyst following. Journal of Accounting, Auditing & Finance 25(3): 431-456. 描述 碩士
國立政治大學
會計學系
108353006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353006 資料類型 thesis dc.contributor.advisor 郭弘卿 zh_TW dc.contributor.author (Authors) 林鈺澄 zh_TW dc.contributor.author (Authors) Lin, Yu-Cheng en_US dc.creator (作者) 林鈺澄 zh_TW dc.creator (作者) Lin, Yu-Cheng en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-Jul-2020 13:36:25 (UTC+8) - dc.date.available 1-Jul-2020 13:36:25 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2020 13:36:25 (UTC+8) - dc.identifier (Other Identifiers) G0108353006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130519 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 108353006 zh_TW dc.description.abstract (摘要) 企業運用財務報表與投資人溝通，但雙方之間存在資訊不對稱，財務報表反映較多有形價值，卻難以有效衡量無形優勢。分析師結合並解讀企業的有形、無形價值，並整合成研究報告或預測，提供一般投資人投資決策的參考，能減少資訊不對稱的問題。本研究希望以智慧資本觀點解讀公司的無形優勢，了解其如何影響分析師行為，進而影響企業與投資人的溝通。本研究以2013至2019年之台灣電子工業的上市公司為研究樣本，將智慧資本指標衡量依人力、創新、流程、顧客資本分類並與分析師追蹤意願迴歸，以順序搜尋法篩選顯著的衡量指標。結果顯示，每人營業利益、研究發展費、研究發展強度、總資產週轉次數、應付帳款付現天數、管理費用率、營收成長率與分析師追蹤意願呈現顯著正相關；員工人數、平均年資、每人研發費用、負債比率、推銷費用率則為顯著負相關。 zh_TW dc.description.abstract (摘要) Although companies try to communicate with investors through financial statements, the problem of information asymmetry exists. The financial statements can help investors to evaluate a company’s tangible value rather than its intangible strengths. However, sell-side analysts decipher both tangible and intangible value of a company, summarizing their insights and delivering them to individual investors with research reports or forecasts, which allows investors to make investing decisions and decrease information asymmetry. Thus, this study expects to analyze the intangible strengths from an intellectual capital perspective, and see how analyst following is effected by them.The sample of this study are the listed electronics companies in Taiwan. This study uses a sequential search method to select effective intellectual capital indicators categorized by human capital, innovation capital, process capital and customer capital, and use them to construct a regression model of intellectual capital and analyst following. The results show that operating income per employee, R&D expense, R&D intensity, total assets turnover, days payable outstanding, management expense rate and sales growth rate are positively related to analyst following. On the other hand, number of employees, average employee seniority, R&D expense per employee, debt ratio and selling expense rate are negatively related. en_US dc.description.tableofcontents 壹、緒論 1一、研究動機與目的 1二、研究問題 4三、研究特點 5四、論文架構 6貳、文獻回顧 8一、智慧資本 8二、電子工業之智慧資本研究 11三、分析師行為 13四、智慧資本與分析師行為 15參、研究方法 20一、觀念性架構 20二、研究假說 21三、研究變數選取及衡量方式 22四、資料分析方法及實證模型 29五、樣本與資料來源 30肆、實證結果 32一、敘述性統計 32二、相關係數分析 34三、實證模型結果分析 38伍、結論與建議 44一、研究結論 44二、研究限制與建議 45參考文獻 47 zh_TW dc.format.extent 2115472 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353006 en_US dc.subject (關鍵詞) 智慧資本 zh_TW dc.subject (關鍵詞) 分析師追蹤意願 zh_TW dc.subject (關鍵詞) 電子工業 zh_TW dc.subject (關鍵詞) Intellectual capital en_US dc.subject (關鍵詞) Analyst following en_US dc.subject (關鍵詞) Electronics industry en_US dc.title (題名) 智慧資本與分析師追蹤意願的實證性研究 zh_TW dc.title (題名) An empirical study of intellectual capital and analyst following en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王文英與李佳玲，2008，我國資訊電子業之企業重要智慧資本－外部資訊使用者與內部人士之觀點，當代會計第9卷1期（5月）：33-67。王文英與張清福，2004，智慧資本影響績效模式之探討：我國半導體業之實證研究，會計評論，第39期（7月）：89-117。王奕惟，2017，智慧資本與企業經營績效之實證研究－以我國手機及通信網路業為例，國立政治大學會計學系碩士論文。台灣智慧資本研究中心，2006，智慧資本管理，台北：華泰文化。李超雄、黃劭彥、吳東憲與王昶，2011，公司財務績效驅動因子之研究－智慧資本觀點，品質學報，第18卷6期（12月）：561-579。李馨蘋、戚靜玟與程心瑤，2014，智慧資本與公司績效關聯性之研究－以獨立董監事監督效果作為調節變數，全球管理與經濟，第10卷1期（10月）：18-34。邱怡萍，2015，台灣智慧資本與盈餘成長之研究－以上市電子業為例，國立屏東大學財務金融學系碩士論文。高郁婷，2012，智慧資本、中國區域創新能力與分析師預測行為，國立政治大學會計學系碩士論文。陳子恩，2015，平台商業模式對智慧資本投資及企業價值影響－以台灣資訊服務業為例，國立政治大學企業管理研究所碩士論文。黃劭彥、林有志、林琦珍與施志成，2008，智慧資本、智慧資本附加價值與企業績效之整合分析，台灣管理學刊，第8卷1期（2月）：27-46。鄭丁旺、王文英與張清福，2008，債權人與投資人所重視企業智慧資本資訊之比較分析（下），會計研究月刊第267期（2月）：100-107。Abarbanell, J. S. 1991. Do analysts` earnings forecasts incorporate information in prior stock price changes? Journal of Accounting and Economics 14 (June): 147-165.Barron, O. E., D. Byard, C. Kile, and E. J. Riedl. 2002. High‐technology intangibles and analysts’ forecasts. Journal of Accounting Research 40(2) (December): 289-312.Barth, M. E., R. Kasznik, and M. F. McNichols. 2001. Analyst coverage and intangible assets. Journal of Accounting Research 39(1) (June): 1-34.Bontis, N. 1998. Intellectual capital: An exploratory study that develops measures and models. Management Decision 36(2) (December): 63-76.Bontis, N. 2001. Managing organizational knowledge by diagnosing intellectual capital: Framing and advancing the state of the field. International Journal of Technology Management 18(5-8) (October): 433-463.Chang, X., S. Dasgupta, and G. Hilary. 2006. Analyst coverage and financing decisions. The Journal of Finance 61(6) (January): 3009-3048.De Bondt, W. F., and R. H. Thaler. 1990. Do security analysts overreact? The American Economic Review 80(2) (Feburary): 52-57.Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. 2012. Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review 87(3) (May): 723-759.Easterwood, J. C., and S. R. Nutt. 1999. Inefficiency in analysts` earnings forecasts: Systematic misreaction or systematic optimism? The Journal of Finance 54(5) (December): 1777-1797.Edvinsson, L. 1997. Developing intellectual capital at Skandia. Long Range Planning 30(3) (June): 366-373.Farooq, O., and C. Nielsen. 2014. Intellectual capital disclosure and analyst following: Evidence from Danish biotechnology firms. Journal of Intellectual Capital 15(1): 142-156.García-Meca, E., I. Parra, M. Larrán, and I. Martínez. 2005. The explanatory factors of intellectual capital disclosure to financial analysts. European Accounting Review 14(1): 63-94.Gu, F., and W. Wang. 2005. Intangible assets, information complexity, and analysts’ earnings forecasts. Journal of Business Finance & Accounting 32(9‐10) (November): 1673-1702.He, J., and X. Tian. 2013. The dark side of analyst coverage: The case of innovation. Journal of Financial Economics 109(3) (September): 856-878.Hsu, W., and Y. Chang. 2011. Intellectual capital and analyst forecast: Evidence from the high-tech industry in Taiwan. Applied Financial Economics 21(15) (August): 1135-1143.Huang, W., and A. Boateng. 2017. Executive shareholding, compensation, and analyst forecast of Chinese firms. Applied Economics 49(15): 1459-1472.Jones, D. A. 2007. Voluntary disclosure in R&D‐intensive industries. Contemporary Accounting Research 24(2) (Summer): 489-522.Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. Accounting Review 71(4) (October): 467-492.Ledoux, M. J., D. Cormier, and S. Houle. 2014. Customer value disclosure and analyst forecasts: The influence of environmental dynamism. Management Decision 52(3) (May): 460-481.Mendenhall, R. R. 1991. Evidence on the possible underweighting of earnings-related information. Journal of Accounting Research 29(1) (Spring): 170-179.Palmon, D., and A. Yezegel. 2012. R&D intensity and the value of analysts’ recommendations. Contemporary Accounting Research 29(2) (June): 621-654.Roos, J., L. Edvinsson, and N. C. Dragonetti. 1998. Intellectual Capital: Navigating the New Business Landscape, New York, NY: NYU Press.Saint-Onge, H. 1996. Tacit knowledge the key to the strategic alignment of intellectual capital. Planning Review 24(2) (Feburary): 10-16.Schipper, K. 1991. Analysts’ forecasts. Accounting Horizons 5(4) (December): 105-121.Skinner, D. J. 1994. Why firms voluntarily disclose bad news. Journal of Accounting Research 32(1) (Spring): 38-60.Stewart, T. A. 1997. Intellectual Capital: The New Wealth of Organizations, New York, NY: Doubleday.Stotz, O., and R. von Nitzsch. 2005. The perception of control and the level of overconfidence: Evidence from analyst earnings estimates and price targets. The Journal of Behavioral Finance 6(3) (September): 121-128.Tsai, M., and C. Wang. 2002. Intellectual capital and enterprise performance: An empirical study in Taiwanese high-tech industry. International Journal of Information and Management Sciences 23(3): 241-256.Tucker, J. W. 2010. Is silence golden? Earnings warnings and subsequent changes in analyst following. Journal of Accounting, Auditing & Finance 25(3): 431-456. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000639 en_US
