| dc.contributor.advisor | 蘇瓜藤 | zh_TW |
| dc.contributor.author (Authors) | 黃于庭 | zh_TW |
| dc.creator (作者) | 黃于庭 | zh_TW |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 11-Sep-2009 17:28:13 (UTC+8) | - |
| dc.date.available | 11-Sep-2009 17:28:13 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Sep-2009 17:28:13 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0095353015 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30215 | - |
| 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) | 95353015 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 無形資產係生技公司的核心競爭力來源。由於其無形資產之高度知識密集性，投資人必須仰賴公司所揭露的資訊，方能有效評估生技公司之核心競爭力。因此無形資產之揭露品質，對投資人評估生技公司而言，扮演著關鍵的角色。
本研究旨在探討生技公司之無形資產揭露品質。首先，本研究檢視三十六家生技公司在其民國九十六年度年報及網站上有關無形資產之揭露，並以二十三個指標評分其揭露品質。其次，本研究採用迴歸模型及無母數統計方法，分析該揭露品質與股票週轉率及報酬之關係。最後，本研究分析影響該揭露品質之公司特性。
實證結果顯示，生技公司之無形資產揭露品質偏低，100 分中僅得到平均31.10 分。迴歸及無母數統計結果顯示，生技公司之無形資產揭露品質與其股票週轉率及報酬之關係，皆未達顯著水準。公司特性中僅有研究發展費用佔營業收入淨額比率，與揭露品質之關係達到顯著水準，顯示生技公司研發活動會影響其無形資產揭露品質。 | zh_TW |
| dc.description.abstract (摘要) | Intangible assets of a biotechnology company are its major source of core competitiveness. Due to the high level of knowledge intensiveness of intangible assets, investors rely heavily on the disclosed information pertaining to such assets for effective evaluation of its core competitiveness. The disclosure quality therefore plays a key role in such evaluation.<br>This research aims to explore the disclosure quality of biotechnology companies pertaining to intangible assets. The sample consists of 36 biotechnology companies and 23 measures are used to rate the disclosure quality on their 2007 annual reports and websites. Next, the associations of such disclosure quality and the stock trading volume and return are analyzed, using regression models and nonparametric tests. Finally, company characteristics affecting such disclosure quality are analyzed<br>The empirical results indicate that biotechnology companies do not score well in disclosure quality pertaining to intangible assets, with an average of 31.10 out of 100 points. Statistically, such disclosure quality is not associated with the trading volume or return of their stocks. The ratio of research and development expense to net sales is significantly associated with the disclosure quality, suggesting that research and development activities of biotechnology companies affect their disclosure quality pertaining to intangible assets. | en_US |
| dc.description.tableofcontents | 目錄： 摘要 i Abstract ii 圖目錄 III 表目錄 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究問題 2 第三節 研究架構 2 第四節 研究流程 3 第貳章 文獻探討 4 第一節 資訊揭露之效益與成本相關文獻 4 第二節 資訊揭露程度之相關文獻 6 第三節 無形資產揭露指標之相關文獻 8 第四節 無形資產特性之相關文獻 9 第五節 無形資產之價值攸關性相關文獻 11 第參章 生物技術產業 13 第一節 生物技術產業之定義 13 第二節 生物技術產業之範疇 14 第三節 生物技術產業之特性 14 第四節 我國生物技術產業之發展現況 17 第肆章 各國會計準則對無形資產之規範 19 第一節 國際會計準則之規定 19 第二節 美國會計準則之規定 22 第三節 我國會計準則之規定 23 第四節 我國、國際與美國會計準則對無形資產揭露之比較 25 第伍章 研究方法 27 第一節 研究假說 27 第二節 實證模型 28 第三節 變數定義與衡量 30 第四節 揭露指標 33 第五節 研究樣本與資料處理 34 第六節 事件研究法 36 第七節 資料分析方法 37 第陸章 實證結果分析 39 第一節 無形資產揭露品質分析 39 第二節 研究變數之敘述統計 40 第三節 相關係數 43 第四節 複迴歸分析 45 第柒章 研究結論與建議 58 第一節 研究結論 58 第二節 研究限制 58 第三節 未來研究建議 59 參考文獻 61 附錄A：揭露指標評分標準 65 附錄B：樣本公司資料 68 附錄C：揭露品質評分結果 71 圖目錄 III 圖1- 1 本研究之研究流程 3 圖2- 1 智慧資本與無形資產之範圍 10 圖5- 1 樣本選取流程圖 36 圖6- 1 實證流程圖 45 表目錄 IV 表3- 1 生物技術產業之範圍 16 表3- 2 我國生技產業發展現況（2005-2006 年） 17 表4- 1 無形資產揭露各國規定比較表 26 表6- 1 無形資產揭露品質分析表（樣本數為40 家） 39 表6- 2 無形資產揭露品質分析表（樣本數為36 家） 39 表6- 3 變數之敘述統計量（樣本數為40 家） 41 表6- 4 變數之敘述統計量（樣本數為36 家） 42 表6- 5 變數之相關係數矩陣 44 表6- 6 實證模型一之迴歸分析 46 表6- 7 實證模型二之迴歸分析 46 表6- 8 實證模型三之迴歸分析 47 表6- 9 假說一之無母數檢定結果-生技類 47 表6- 10 假說一之無母數檢定結果-生化類 47 表6- 11 實證模型四之迴歸分析 49 表6- 12 實證模型五之迴歸分析 50 表6- 13 實證模型六之迴歸分析 50 表6- 14 報酬率與Score1 之無母數檢定結果 51 表6- 15 報酬率與Score2、Score3 之無母數檢定結果-生技類 51 表6- 16 報酬率與Score2、Score3 之無母數檢定結果-生化類 51 表6- 17 事件日彙整 52 表6- 18 實證模型七之迴歸分析 52 表6- 19 累積異常報酬與財務報表上無形資產揭露品質之無母數檢定結果 53 表6- 20 實證模型八之迴歸分析 54 表6- 21 實證模型九之迴歸分析 54 表6- 22 實證模型十之迴歸分析 55 表6- 23 假說三之之一的無母數檢定結果 56 表6- 24 假說三之之二的無母數檢定結果 56 表6- 25 假說三之之三的無母數檢定結果 56 表6- 26 實證結果彙整表 57 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0095353015 | en_US |
| dc.subject (關鍵詞) | 無形資產 | zh_TW |
| dc.subject (關鍵詞) | 揭露品質 | zh_TW |
| dc.subject (關鍵詞) | 生技公司 | zh_TW |
| dc.title (題名) | 生技產業無形資產之揭露與資訊內涵 | zh_TW |
| dc.type (資料類型) | thesis | en |
| dc.relation.reference (參考文獻) | 田蔚城，1997，生物技術的發展與應用，台北：九州圖書文物公司出版。 | zh_TW |
| dc.relation.reference (參考文獻) | 行政院國科會生物技術產業小組，2002，2002 生技產業白皮書，台北：經濟部工業局出版。 | zh_TW |
| dc.relation.reference (參考文獻) | 牟敦剛，1996，推動我國生物技術及相關產業升級之課題探討，經濟情勢評論季刊第2卷第1期(5月)： 76-93。 | zh_TW |
| dc.relation.reference (參考文獻) | 余駿展，2007，資產減損會計揭露準則之實證硏究，國立政治大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 林勝結，2002，無形資產與企業價值關係之研究，國立中正大學企管系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 邱碧珠，2000，資訊揭露程度與權益資金成本間之關係：我國資訊電子業之研究，國立臺灣大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 莊尚志，2003，資訊揭露程度與資金成本關係之實證研究，私立東吳大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 財團法人生物技術開發中心，2003，生物技術產業年鑑2003，台北：財團法人生物技術開發中心出版。 | zh_TW |
| dc.relation.reference (參考文獻) | 張窈菱，2004，年報揭露程度與分析師盈餘預測關係之研究，國立政治大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 張婷婷，2002，財務報表攸關性之探討-未入帳無形價值因素之考量，私立中原大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 張毓芳，2003，無形資產之價值攸關性，國立政治大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | 經濟部工業局，1999，生物技術工業發展策略與措施，台北：經濟部工業局出版。 | zh_TW |
| dc.relation.reference (參考文獻) | 經濟部生物技術與醫療工業發展推動小組，2007，中華民國生物技術與製藥工業簡介，台北：經濟部工業局出版。 | zh_TW |
| dc.relation.reference (參考文獻) | 蔡其諭，2001，揭露程度與負債資金成本之關係，國立政治大學會計系未出版碩士論文。 | zh_TW |
| dc.relation.reference (參考文獻) | Barry, C. B., and S. J. Brown. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20 (December): 407-422. | zh_TW |
| dc.relation.reference (參考文獻) | Barth, M. E., and R. Kasznik. 1999. Share repurchases and intangible assets. Journal of Accounting and Economics 28 (December): 211-241. | zh_TW |
| dc.relation.reference (參考文獻) | Bawa, V. S., and R. W. Klein. 1976. The effect of estimation risk on optimal portfolio choice. Journal of Financial Economics 3 (June): 215-331. | zh_TW |
| dc.relation.reference (參考文獻) | Beaver, W. H. 1968. The information content of annual earning announcements. Journal of Accounting Research 6: 67-92. | zh_TW |
| dc.relation.reference (參考文獻) | Biotechnology Research Subcommittee. 1995. Biotechnology For The 21st Century: New Horizons. Washington: National Science and Technology Council. | zh_TW |
| dc.relation.reference (參考文獻) | Bloomfield, R. J., and T. J. Wilks. 2000. Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital. The Accounting Review 75 (January): 13-41. | zh_TW |
| dc.relation.reference (參考文獻) | Bosworth, D., and M. Rogers. 2001. Market value, r&d and intellectual property: An empirical analysis of large Australian firms. The Economic Record 77 (December):323-337. | zh_TW |
| dc.relation.reference (參考文獻) | Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72 (July): 323-349. | zh_TW |
| dc.relation.reference (參考文獻) | Bozzolan, S., F. Favotto, and F. Ricceri. 2003. Italian annual intellectual capital disclosure: An empirical analysis. Journal of Intellectual Capital 4 (4): 543-558. | zh_TW |
| dc.relation.reference (參考文獻) | Bradley, K. 1997. Intellectual capital and the new wealth of nations. Business Strategy Review 8 (Spring): 53-62. | zh_TW |
| dc.relation.reference (參考文獻) | Bukh, P. N., C. Nielsen, P. Gormsen, and J. Mouritsen. 2005. Disclosure of information on intellectual capital in Danish IPO prospectuses. Accounting, Auditing & Accountability Journal 18 (6):713-732. | zh_TW |
| dc.relation.reference (參考文獻) | Chauvin, K.W., and M. Hirschey. 1993. Advertising, r&d expenditures and the market value of the firm. Financial Management 22 (Winter): 128-140. | zh_TW |
| dc.relation.reference (參考文獻) | Collins, D. W., E. L. Maydew, and I. S. Weiss. 1997. Changes in the value relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24 (December): 39-67. | zh_TW |
| dc.relation.reference (參考文獻) | Cooke, T. E. 1989. Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research 19 (Spring): 113-124. | zh_TW |
| dc.relation.reference (參考文獻) | Diamond, D. W., and R. E. Verrecchia. 1991. Disclosure, liquidity and the cost of capital. Journal of Finance 46 (September): 1325-1359. | zh_TW |
| dc.relation.reference (參考文獻) | Elliott, R. K., and P. D. Jacobxon. 1994. Cost and benefits of business information disclosure. Accounting Horizons (December): 80-96. | zh_TW |
| dc.relation.reference (參考文獻) | Ely, K., and G. Waymire. 1999. Intangible assets and stock prices in the pre-SEC era. Journal of Accounting Research 37 (Supplement):17-44. | zh_TW |
| dc.relation.reference (參考文獻) | Ettredge, M., V. J. Richardson, and S. Scholz. 2001. The presentation of financial information at corporate web sites. International Journal of Accounting Information Systems 2 (September): 149-168. | zh_TW |
| dc.relation.reference (參考文獻) | García-Meca, E., and I. Martínez. 2005. Assessing the quality of disclosure on intangible in Spanish capital market. European Business Review 17 (4): 305-313. | zh_TW |
| dc.relation.reference (參考文獻) | García-Meca, E., I. Parra Frutos, and I. Martínez Conesa. 2001. Information disclosure indexes to quantify complex categorical variables: A study of intellectual capital. Working paper. Universidad de Murcia. | zh_TW |
| dc.relation.reference (參考文獻) | Glick, J. L. 1999. Experimental support for a biotechnology investment strategy. Technology Management: Strategic＆ Applications 5 (2): 111-118. | zh_TW |
| dc.relation.reference (參考文獻) | Gray, S. J., and C. B. Robert. 1989. Voluntary information disclosure and the British multinationals: Corporate perceptions of costs and benefits, in Hopwood, A (ed.) International Pressures for Accounting Change. Hemel Hempstead: Pretice-hall, 116-139. | zh_TW |
| dc.relation.reference (參考文獻) | Gu, F., and B. Lev. 2001. Intangible assets, measurement, drivers, usefulness. Working paper. Boston University and New York University. | zh_TW |
| dc.relation.reference (參考文獻) | Guo, Re-Jin, B. Lev, and N. Zhou. 2004. Competitive costs of disclosure by biotech IPOs. Journal of Accounting Research 42 (May): 319-355. | zh_TW |
| dc.relation.reference (參考文獻) | Healy, P. M., A. P. Hutton, and K. G. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 (Fall): 485-520. | zh_TW |
| dc.relation.reference (參考文獻) | Healy, P. M., and K. G. Palepu. 1993. The effect of firms’ financial disclosure strategies on stock prices. Accounting Horizons 7 (March): 1-11. | zh_TW |
| dc.relation.reference (參考文獻) | Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical literature. Journal of Accounting and Economics 31 (September): 405-440. | zh_TW |
| dc.relation.reference (參考文獻) | Hooks, J., D. Coy, and H. Davey. 2002. The information gap in annual reports. Accounting, Auditing& Accountability Journal 15 (4): 501-522. | zh_TW |
| dc.relation.reference (參考文獻) | Kim, M., and J. R. Ritter. 1999. Valuing IPOs. Journal of Financial Economics 53 (September): 409-437. | zh_TW |
| dc.relation.reference (參考文獻) | Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71 (October): 467-492. | zh_TW |
| dc.relation.reference (參考文獻) | Leitner, Karl-Heinz. 2005. Managing and reporting intangible assets in research technology organisations. R&D Management 35 (March): 125-136. | zh_TW |
| dc.relation.reference (參考文獻) | Lev, B. 1988. Toward a theory of equitable and efficient accounting policy. The Accounting Review 63 (January): 1-22. | zh_TW |
| dc.relation.reference (參考文獻) | Lev, B., and P. Zarowin. 1999. The boundaries of financial reporting and how to extend them. Journal of Accounting Research 37 (Autumn): 353-389. | zh_TW |
| dc.relation.reference (參考文獻) | Lodise, C. 1990. Biotechonlogy: Is the M&A rush finally on. Corporate Growth Report 8 (3): 8-11. | zh_TW |
| dc.relation.reference (參考文獻) | Marston, C. L., and P. J. Shrives. 1991. The use of disclosure indices in accounting research: A review article . British Accounting Review 23 (March):195-210. | zh_TW |
| dc.relation.reference (參考文獻) | Meek, G. K., C. B. Roberts, and S. J. Gray. 1995. Factors influencing voluntary annual report disclosures by U.S., U.K. and continental European multinational corporations. Journal of International Business Studies 26(3): 555-572. | zh_TW |
| dc.relation.reference (參考文獻) | OECD. 2005. A Framework For Biotechnology Statistics. Paris: OECD. | zh_TW |
| dc.relation.reference (參考文獻) | Ritter, A., and P. Wells. 2006. Identifiable intangible asset disclosures, stock prices and future earnings. Accounting and Finance 46 (December): 843-863. | zh_TW |
| dc.relation.reference (參考文獻) | Roberts, E. B., and R. Mizouchi. 1989. Inter-firm technological collaboration: The case of Japanese biotechnology. International Journal of Technology Management 4 (1):43-61. | zh_TW |
| dc.relation.reference (參考文獻) | Spalding, B. J. 1986. How biotechnology is farming as a Industry. Chemical Week 139 (23): 9-13. | zh_TW |
| dc.relation.reference (參考文獻) | Spero, L. L. 1979. The extent and causes of voluntary disclosure of financial information in three European capital markets: An exploratory study. Working paper. Harvard University. | zh_TW |
| dc.relation.reference (參考文獻) | Tasker, S. 1998. Bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure. Review of Accounting Studies 3 (March): 137-167. | zh_TW |
| dc.relation.reference (參考文獻) | Wyatt, A. 2005. Accounting recognition of intangible assets: theory and evidence on economic determinants. The Accounting Review 80 (July): 967-1003. | zh_TW |
