| dc.contributor.advisor | 林宛瑩 | zh_TW |
| dc.contributor.advisor | Lin, Wan-ying | en_US |
| dc.contributor.author (Authors) | 張毓芳 | zh_TW |
| dc.contributor.author (Authors) | Chang, yvonne | en_US |
| dc.creator (作者) | 張毓芳 | zh_TW |
| dc.creator (作者) | Chang, yvonne | en_US |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:19:06 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:19:06 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:19:06 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0090353020 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30134 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 90353020 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 國內政府為發展國內知識經濟產業，協助企業增加融資管道，屬於無形資產之融資制度，即將實施。無衡量即無管理，企業無形資產價值的評估，在融資、管理及投資決策上，就益顯重要。本研究參考Gu and Lev (2001)之無形資產評估方法，以國內電子資訊業與化學產業為研究對象，探討（1）考量無形資產之企業綜合價值是否比帳面價值更能解釋股價的變動；（2）智慧資本密集產業的市價綜合價值比是否與未來股價報酬成負相關；及（3）綜合價值是否能由衡量企業人力、創新及關係構面之指標加以解釋。 實證結果發現不論是資訊電子業或化學業，在加入帳面淨值後，無形資產對股價仍具有增額解釋能力。此結果意謂，對知識資本密集產業而言，除了帳面價值外，無形資產亦具有價值攸關性。此外，本研究發現，市價綜合價值比對於後期股價報酬確實具有顯著的預測能力，顯示市價綜合價值比具有資訊內涵，可協助投資人之投資決策或金融機構之授信決策。實證結果亦顯示，未來二期之股價報酬與市價綜合價值比之負相關較未來一期股價報酬與市價綜合價值比之關係更顯著。最後，對資訊電子業而言，衡量創新資本之當年度研發費用率和新專利權數，以及衡量人力資本的每人營收及員工紅利保留盈餘比為知識資本之價值決定因素；而對化學業而言，當年度研發費用率與員工紅利保留盈餘比與企業綜合價值呈顯著正相關。 | zh_TW |
| dc.description.abstract (摘要) | Taiwan government sets forth policies in order to assist companies in the knowledge industries obtain financial resources from the market on the basis of their intangibles. As there is no proper management measures could be exercised when there is no measurement to intangibles, the importance of valuation of intangibles surges with respect to financing, operating and investing decision making. Based on the approach developed by Gu and Lev (2001) and sample firms from chemical and information and electronics industries, this thesis explores issues: (1) whether the comprehensive value has incremental explanatory power in addition to book value of equity; (2) if there is a negative association between future stock return and the ratio of market value to comprehensive value for firms studied; and finally (3) if the variation in comprehensive value can be explain by value drivers that contribute to human, innovation and customer capitals. The empirical findings indicate that for firms both in the information and electronics and chemical industries, the comprehensive value contributes additionally to book value of equity in the return-value relation. This implies that information of the comprehensive value is value-relevant. The results also evidence that the ratio of stock market price to comprehensive value is significantly and negatively related to stock return for the future period. Moreover, such association is found to be stronger for two-period ahead stock return than that of one-period. The predictive ability of market-to-comprehensive value ratio indicates that the provision of the ratio could be helpful for investments decision making. Finally, this thesis finds that, for the information and electronics industry, variables such as R&D intensity, number of new patent, revenue per employee and stock bonus-to-retain earnings ratio determine the comprehensive value of the firm. With respect to the chemical industry, variables such as R&D intensity and stock bonus-to-retain earnings ratio explain the variation in comprehensive value of the sample firm. | en_US |
| dc.description.tableofcontents | 目 錄 目錄…………………………………………………………………………………..6 表目錄…………………………………………………………………………….7 圖目錄……………………………………………………………………………….8 第一章 緒論………………………………………………………………………….9 第一節 研究動機及目的………………………………………………………….9 第二節 研究問題………………………………………………………………….12 第三節 論文架構………………………………………………………………….15 第二章 文獻探討…………………………………………………………………….16 第一節 智慧資本……………………………………………………….16 第二節 無形資產的評價………………………………………………….16 第三節 非財務性因素對企業價值之影響…………………………………………19 第三章 研究方法…………………………………………………………………....23 第一節 研究假說…………………………………………………………………23 第二節 實證模式與變數衡量…………………………………………………………24 第三節 樣本及資料………………………………………………………………31 第四節 研究分析方法……………………………………………………………33 第四章 實證結果分析………………………………………………………………36 第一節 知識資本之價值攸關性…………………………………………………36 第二節 市價綜合價值比與後期的股價報酬之關聯性…………………………………44 第三節 綜合價值之決定因素………………………………………………………55 第五章 結論與建議………………………………………..………………………..66 第一節 研究結論………………………………………….……………………...66 第二節 研究限制…………………………………………………………………68 第三節 未來研究建議……………………………………………………………68 參考文獻……………………………………………………………69 表目錄 表3.1 資產重分類表……………………………………………………28 表3.2 實體資產與財務資產報酬率表…………………………………28 表3.3 正常化盈餘計算說明………………………………………29 表3.4 無形資產盈餘資本化計算說明.....................30 表3.5 篩選之樣本.....................................32 表4.1資訊電子業之市價、帳面淨值和知識資本之敘述統計量....37 表4.2化學業業之市價、帳面淨值和知識資本之敘述統計量......39 表4.3迴歸分析.............................................43 表4.4股價報酬、市價綜合價值之分年敘述統計量—資訊電子業樣本公司..45 表4.5化學樣本公司股價報酬、市價綜合價值比之分年敘述統計量.......48 表4.6 未來股價報酬與市價綜合價值比之相關分析......................52 表4.7未來股價報酬與市價綜合價值比之迴歸分析結果—資訊電子業......52 表4.8未來股價報酬與市價綜合價值比之迴歸分析結果---化學業.........53 表4.9 模式2.3回歸分析............................................54 表4.10假說三個變數之敘述統計量—資訊電子業.......................56 表4.11假說三個變數之敘述統計量—化學業...........................58 表4.12 相關矩陣—資訊電子業......................................61 表4.13相關矩陣—化學業...........................................62 表4.14假說三迴歸結果—資訊電子業.................................63 表4.15假說三之實證結果—化學業...................................64 表4.16模式3.3回歸分析...........................................65 圖目錄 圖1.1研究問題之觀念性架構圖.................................13 圖3.1無形資產之衡量程序.....................................27 圖4.1未來一期股價報酬與市價綜合價值比之趨勢圖...............47 圖4.2未來兩期股價報酬與市價綜合價值比之趨勢圖...............48 圖4.3化學業未來一期股價報酬與市價綜合價值比之趨勢...........51 圖4.4未來兩期股價報酬與市價綜合價值比之趨勢圖...............51 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0090353020 | en_US |
| dc.subject (關鍵詞) | 無形資產評價 | zh_TW |
| dc.subject (關鍵詞) | 企業綜合價值 | zh_TW |
| dc.subject (關鍵詞) | 價值驅動因子 | zh_TW |
| dc.subject (關鍵詞) | valuation of intangible assets | en_US |
| dc.subject (關鍵詞) | comprehensive value | en_US |
| dc.subject (關鍵詞) | value drivers | en_US |
| dc.title (題名) | 無形資產之價值攸關性 | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 一、中文參考文獻 | zh_TW |
| dc.relation.reference (參考文獻) | 吳秀娟，2000，企業市場價值與淨值差異影響因素之研究，國立政治大學會計學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 李坤致，2000，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研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 林勝結，2000，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論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 林郁昕，2001，財務資訊與無形資產密集企業價值攸關性之探討，國立政治大學會計學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 梁証揚，2001，人力支出與價值攸關性之研究，私立中原大學會計研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 黃潔，2000，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論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 楊平靖，2000，平衡計分卡架構探討公司市場價值與帳面價值差異—以台灣資訊電子業為實證研究對象，國立台灣科技大學企業管理系未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 趙令凱，2000，企業研發支出資本化和股價報酬之關聯性，國立中正大學財務金融研究所未出版論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 賴冠宇，2002，企業文化與知識管理類型對企業智慧資本構成之關聯性研究，國立政治大學會計學研究所未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 二、英文參考文獻 | zh_TW |
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