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題名 無形資產價值攸關性與企業生命週期之研究
作者 陳重光
Chen,Chung Kuang
貢獻者 鄭丁旺
Cheng, Ting Wong
陳重光
Chen,Chung Kuang
關鍵詞 無形資產
企業生命週期
Intangible asset
Business life cycle growth stage maturity stage declining stage market valuation
日期 2006
上傳時間 18-九月-2009 09:07:47 (UTC+8)
摘要 本研究主要探討企業處於不同的生命週期階段時，資本市場對於各期的無形資產投入會有不同的評價。本文用Anthony and Ramesh(1992)的方法，選定股利、銷貨成長、資本支出、公司成立年數、研發支出作為生命週期的判斷因子。以薛健宏(2005)修改吳安妮(2004)、Kaplan and Norton(2004)的架構，將平衡計分卡三個非財務構面對應各項無形資產，以人力資本、創新資本、流程資本、顧客資本各項投入作為無形資產投入研究項目，並以Ohlson(1995)的會計評價模式，觀察無形資產投入、人力資本、創新資本、流程資本、顧客資本對於公司評價是否具備攸關性。
實證結果發現，企業於生命週期初期對於各項無形資產的投入，對於資本市場而言都是具備價之攸關性的資訊。無形資產投入在成長與成熟期相比較時，並沒有顯著的差異，而企業於成長與成熟期投入無形資產相較於衰退期，資本市場皆有較高的評價。以創新資本而言，企業於成長期投入創新資本，資本市場的評價大於成熟期與衰退期，而成熟期評價也大於衰退期。以人力資本而言，企業於成長與成熟期投入人力資本，資本市場對於此項資訊的評價並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以流程資本而言，企業於成長期與成熟期間投入流程資本，資本市場並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以顧客資本而言，企業於成長期投入顧客資本與成熟期投入相比較，資本市場的評價並沒有顯著差異。而成長與成熟期投入顧客資本相較於衰退期，資本市場的評價皆較高。整體而言，企業於生命週期初期投入無形資產，資本市場皆給予較高的評價，而於企業生命週期晚期，無形資產投入的增加，資本市場並未給予較高的評價
The purpose of this study is to explore whether the market values intangible asset investment of firm differently at different stage of life cycle. The stage of life cycle in which a firm belongs in determined by using Anthony and Ramesh(1992) model and is classified into growth, maturity and declining stage.
This study uses Annie Wu(2004), Kaplan and Norton (2004) framework as amended by 薛健宏(2005) to partition the intangible asset into human capital, innovation capital, process capital and customer capital. Ohlson’s(1995) model is used to examine the relationship between the market valuation and each of the investment of total intangible asset, human capital, innovation capital, process capital and customer capital .
The empirical results are as follow:
1. The information of total intangible asset investment at the growth stage is value relevant for capital market.
2. There is no difference between the market valuation of total intangible asset investment of growth stage and maturity stage. However, the market valuation is significant by different between the growth and maturity stage on the one side, and the declining stage on the other side.
3. The market valuation for the innovation capital investment at the growth stage is significant by higher than at the maturity and declining stage. The market valuation for the same investment at maturity stage is also higher than of the declining stage.
4. The market valuation for the human capital investment at the growth stage is the same as at the maturity stage. However, the market valuation for the human capital investment both at the growth stage and maturity stage are higher than at the declining stage..
5. There is no difference between the market valuation of process capital investment at the growth stage and maturity stage. However, both the valuation at growth stage and maturity stage are higher than at the declining stage.
6. The market valuation to the customer capital investment at various stage is the same as for the process capital investment.

An overall conclusion can be reached that market valuation for the investment in intangible asset at growth stage of business life cycle is higher than for the same investment at declining stage.
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描述 碩士
國立政治大學
會計研究所
94353055
95
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094353055
資料類型 thesis
dc.contributor.advisor 鄭丁旺zh_TW
dc.contributor.advisor Cheng, Ting Wongen_US
dc.contributor.author (作者) 陳重光zh_TW
dc.contributor.author (作者) Chen,Chung Kuangen_US
dc.creator (作者) 陳重光zh_TW
dc.creator (作者) Chen,Chung Kuangen_US
dc.date (日期) 2006en_US
dc.date.accessioned 18-九月-2009 09:07:47 (UTC+8)-
dc.date.available 18-九月-2009 09:07:47 (UTC+8)-
dc.date.issued (上傳時間) 18-九月-2009 09:07:47 (UTC+8)-
dc.identifier (其他 識別碼) G0094353055en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34249-
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) 94353055zh_TW
dc.description (描述) 95zh_TW
dc.description.abstract (摘要) 本研究主要探討企業處於不同的生命週期階段時，資本市場對於各期的無形資產投入會有不同的評價。本文用Anthony and Ramesh(1992)的方法，選定股利、銷貨成長、資本支出、公司成立年數、研發支出作為生命週期的判斷因子。以薛健宏(2005)修改吳安妮(2004)、Kaplan and Norton(2004)的架構，將平衡計分卡三個非財務構面對應各項無形資產，以人力資本、創新資本、流程資本、顧客資本各項投入作為無形資產投入研究項目，並以Ohlson(1995)的會計評價模式，觀察無形資產投入、人力資本、創新資本、流程資本、顧客資本對於公司評價是否具備攸關性。
實證結果發現，企業於生命週期初期對於各項無形資產的投入，對於資本市場而言都是具備價之攸關性的資訊。無形資產投入在成長與成熟期相比較時，並沒有顯著的差異，而企業於成長與成熟期投入無形資產相較於衰退期，資本市場皆有較高的評價。以創新資本而言，企業於成長期投入創新資本，資本市場的評價大於成熟期與衰退期，而成熟期評價也大於衰退期。以人力資本而言，企業於成長與成熟期投入人力資本，資本市場對於此項資訊的評價並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以流程資本而言，企業於成長期與成熟期間投入流程資本，資本市場並沒有顯著差異，而成長期與成熟期相較於衰退期，皆有較高的評價。以顧客資本而言，企業於成長期投入顧客資本與成熟期投入相比較，資本市場的評價並沒有顯著差異。而成長與成熟期投入顧客資本相較於衰退期，資本市場的評價皆較高。整體而言，企業於生命週期初期投入無形資產，資本市場皆給予較高的評價，而於企業生命週期晚期，無形資產投入的增加，資本市場並未給予較高的評價		zh_TW
dc.description.abstract (摘要) The purpose of this study is to explore whether the market values intangible asset investment of firm differently at different stage of life cycle. The stage of life cycle in which a firm belongs in determined by using Anthony and Ramesh(1992) model and is classified into growth, maturity and declining stage.
This study uses Annie Wu(2004), Kaplan and Norton (2004) framework as amended by 薛健宏(2005) to partition the intangible asset into human capital, innovation capital, process capital and customer capital. Ohlson’s(1995) model is used to examine the relationship between the market valuation and each of the investment of total intangible asset, human capital, innovation capital, process capital and customer capital .
The empirical results are as follow:
1. The information of total intangible asset investment at the growth stage is value relevant for capital market.
2. There is no difference between the market valuation of total intangible asset investment of growth stage and maturity stage. However, the market valuation is significant by different between the growth and maturity stage on the one side, and the declining stage on the other side.
3. The market valuation for the innovation capital investment at the growth stage is significant by higher than at the maturity and declining stage. The market valuation for the same investment at maturity stage is also higher than of the declining stage.
4. The market valuation for the human capital investment at the growth stage is the same as at the maturity stage. However, the market valuation for the human capital investment both at the growth stage and maturity stage are higher than at the declining stage..
5. There is no difference between the market valuation of process capital investment at the growth stage and maturity stage. However, both the valuation at growth stage and maturity stage are higher than at the declining stage.
6. The market valuation to the customer capital investment at various stage is the same as for the process capital investment.

An overall conclusion can be reached that market valuation for the investment in intangible asset at growth stage of business life cycle is higher than for the same investment at declining stage.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 2
第三節 論文架構 4
第二章 文獻探討 6
第一節 無形資產的定義、分類與衡量 6
一、 無形資產的定義 6
二、 無形資產的分類方式 7
三、 智慧資本與平衡計分卡之相關文獻 9
四、無形資產的衡量 11
第二節、無形資產與企業價值攸關性 15
一、國外文獻 15
二、 國內文獻 17
第三節 各項無形資產文獻 19
一、創新資本之研究相關文獻 19
二、人力資本相關文獻 21
三、流程資本相關文獻 22
四、顧客資本相關文獻 23
第四節 企業生命週期 25
一、國外文獻 25
二、國內文獻 26
第三章 研究設計與方法 29
第一節 理論基礎 29
第二節 假說建立 32
一、無形資產 32
二、創新資本 32
三、人力資本 33
四、流程資本 34
五、顧客資本 34
第三節 變數定義與衡量方法 36
一、 生命週期判斷因子 36
二、變數定義與衡量 38
第四節、迴歸模式 42
一、Ohlson評價模式 42
二、本研究之Ohlson評價模型 44
第五節 樣本選擇與資料來源 49
一、資料來源及樣本選取標準 49
第四章 實證結果 51
第一節 敘述統計量 51
第三節 無形資產價值攸關性反應係數分析 61
一、無形資產價值攸關性分析 61
二、生命週期單因子分析 61
三、綜合生命週期分析 67
第四節 各項無形資產投入價值攸關性反應係數分析 70
一、創新資本價值攸關性反應係數分析 70
二、人力資本價值攸關性反應係數分析 73
三、流程資本價值攸關性反應係數分析 76
四、顧客資本價值攸關性反應係數分析 79
第五章 結論 82
第一節 研究結論與貢獻 82
第二節 研究限制 86
第三節 研究建議 86
參考文獻 87		zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094353055en_US
dc.subject (關鍵詞) 無形資產zh_TW
dc.subject (關鍵詞) 企業生命週期zh_TW
dc.subject (關鍵詞) Intangible asseten_US
dc.subject (關鍵詞) Business life cycle growth stage maturity stage declining stage market valuationen_US
dc.title (題名) 無形資產價值攸關性與企業生命週期之研究zh_TW
dc.type (資料類型) thesisen
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