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題名 The stock market valuation of intellectual capital in the IT industry
作者 王文英
Yu, Hung-Chao; Wang, Wen-Ying; Chang, Chingfu
貢獻者 會計系
關鍵詞 Intellectual capital; Human capital; Innovation capital; Process capital; Relational capital; Mispricing
日期 2014.03
上傳時間 12-五月-2014 15:51:31 (UTC+8)
摘要 This study adopts the P/V ratio developed from the residual income valuation model to examine whether Taiwan’s IT companies with more intellectual capital are more likely to be mispriced by the stock market. We focus on four types of intellectual capital: human capital (measured by employees holding graduate degrees and ratio of labor costs to net sales), innovation capital (measured by R&D intensity and royalty ratio), process capital (measured by working capital turnover and fixed asset turnover), and relational capital (measured by marketing expense ratio and sales growth rate). Using 751 firm-observations in Taiwan’s IT industry during 2003–2006, the empirical results show that Taiwan’s stock market appears to overprice IT companies’ innovation capital but underprice their human, process, and relational capital. Notably, the mispricing problem is more prominent on the human capital than on the other three types of intellectual capital. A further test indicates that the mispricing of intellectual capital is due to Taiwan’s domestic investors rather than foreign institutional investors. Particularly, the mispricing problem is more prominent on the human and relational capital. The implications of these findings are discussed.
關聯 Review of Quantitative Finance and Accounting, Published online: 22 Feb. 2014
資料類型 article
DOI http://dx.doi.org/10.1007/s11156-014-0437-5
dc.contributor 會計系en_US
dc.creator (作者) 王文英zh_TW
dc.creator (作者) Yu, Hung-Chao; Wang, Wen-Ying; Chang, Chingfuen_US
dc.date (日期) 2014.03en_US
dc.date.accessioned 12-五月-2014 15:51:31 (UTC+8)-
dc.date.available 12-五月-2014 15:51:31 (UTC+8)-
dc.date.issued (上傳時間) 12-五月-2014 15:51:31 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/65960-
dc.description.abstract (摘要) This study adopts the P/V ratio developed from the residual income valuation model to examine whether Taiwan’s IT companies with more intellectual capital are more likely to be mispriced by the stock market. We focus on four types of intellectual capital: human capital (measured by employees holding graduate degrees and ratio of labor costs to net sales), innovation capital (measured by R&D intensity and royalty ratio), process capital (measured by working capital turnover and fixed asset turnover), and relational capital (measured by marketing expense ratio and sales growth rate). Using 751 firm-observations in Taiwan’s IT industry during 2003–2006, the empirical results show that Taiwan’s stock market appears to overprice IT companies’ innovation capital but underprice their human, process, and relational capital. Notably, the mispricing problem is more prominent on the human capital than on the other three types of intellectual capital. A further test indicates that the mispricing of intellectual capital is due to Taiwan’s domestic investors rather than foreign institutional investors. Particularly, the mispricing problem is more prominent on the human and relational capital. The implications of these findings are discussed.en_US
dc.format.extent 350694 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Review of Quantitative Finance and Accounting, Published online: 22 Feb. 2014en_US
dc.subject (關鍵詞) Intellectual capital; Human capital; Innovation capital; Process capital; Relational capital; Mispricingen_US
dc.title (題名) The stock market valuation of intellectual capital in the IT industryen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1007/s11156-014-0437-5en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1007/s11156-014-0437-5en_US