無形資產、成長機會與股票報酬關係之研究

Abstract

依據目前會計原則，許多無形資產之投資列為費用，成為資產負債表外的資產，例如，人力資源、品牌廣告、研究發展等投資。近年來無形資產的投資漸為企業所重視。本文依據成本收益配合原則，嘗試估算公司無形資產之替代變數，也以淨值市價比作為成長機會之替代變數，將公司分成三組。本文實證發現我國上市公司歷年人力、廣告與研發投資對公司收入與盈餘的影響依序為二年、二年與三年。在以Fama and French三因子模型為基礎之實證分析中，發現隨著B/M ratio愈低之樣本，無形資產有愈來愈顯著之趨勢，表示無形資產較能解釋成長型公司之股票報酬，而且，淨值市價比與無形資產變數之交互效果亦顯著。此實證結果隱含著無形資產可能是公司成長機會的因素之一。

According to GAAP, outlays of intangible assets are classified as expenses. These intangible assets become off-balance sheet assets such as: human resources, brand advertisements, research and development (R & D). These off-balance sheet intangible assets have caught business attention. Based on the matching principal of GAAP, the intangible assets have been appraised quantitatively for proxy variables. Also, three levels of companies based on book-to-market equity (B/M ratio) are treated as proxy variable for growth opportunity. Based on Taiwanese listing companies data, this research finds there are significant relationship for the sales and earnings from the wages, advertisement and R & D. The benefit impacts are transformed in two-, two-, and three-year periods accordingly. By the Fama and French three-factor model empirical analysis, there is higher coefficient significance for high intangible asset and lower B/M ratio. It indicates that the higher the growth opportunity is, the more important the intangible asset explains to stock returns. Furthermore, the interaction effect of B/M ratio and intangible asset is significant. The implication of the empirical results suggests that the intangible asset investment is one factor of growth opportunity.