臺灣博碩士論文加值系統

在Rosenberg, Reid and Lanstein(1985)提出淨值市價比效果後，雖然形成因素有許多不同的解釋，但在跨國資本市場中都證實其存在性。過去的文獻視淨值市價比為單一變數，因此無法確認該效果是由帳面價值或市場價值所導致，即探討帳面價值之影響時，未能去除市場價值面的干擾；討論市場價值之影響時，亦無法除去帳面價值的影響。因此本文將分別控制市場價值和帳面價值後，檢視形成淨值市價比的來源，以求釐清導致淨值市價比效果的因素。
過去的結果大致認為是由市場面因素造成淨值市價比效果，如風險溢酬的貼水、過度反應造成錯誤定價等等。本文在分別控制市場價值與帳面價值後，發現淨值市價比的成因大部分為市場面之因素所造成，但控制市場價值後，在市值最小組別下，帳面價值對其產生影響力而存在淨值市價比效果。再將此市值極端小的組別依據有形資產佔總資產之數值畫分為無形資產高、無形資產低兩組時，顯示造成淨值市價比效果的原因與資產類別有關。
在知識經濟的時代中，投資人對無形資產的評價不會與帳面價值相同，不論是投資人認為無形資產對公司未來的價值較有成長性，或是因為一般公認會計原則傾向保守穩健基礎，因而使無形資產相對低估，皆會造成本文之研究結果，即當有形資產佔總資產的比例較高時，其淨值市價比效果不顯著存在，反之，有形資產佔總資產的比例較低時，淨值市價比效果顯著存在。

After Rosenberg, Reid and Lanstein(1985) introduced the Book-to-Market effect, the explanations of cause of Book-to-Market effect are quite diverse. However, its existence can be proved in many capital markets and be considered as a variable in many articles. Still, the reason why Book-to-Market effect exists is unclear. Therefore, Book-to-Market will be divided into two parts which are book value and market value to explain and examine in this paper.

After controlling two factors individually, evidence shows that causes of Book-to-Market are most resulting from market factors; in other words, book value has smaller influence on Book-to-Market effect. Furthermore, it points out that asset category is related to the cause of Book-to-Market effect after market value be controlled and classified by tangible and intangible assets. In this knowledge-based economy era, investors have different evaluation about intangible assets, for examples, some investors think that intangible assets can bring more value for company in the future; however, intangible assets will be underestimated if general accounting rules are keeping conservative. Hence, it can be concluded that Book-to-Market effect is not remarkable when tangible assets have higher proportion; on the contrary, lower tangible assets proportion results in outstanding Book-to-Market effect.

壹、 緒論 1
貳、 相關文獻探討 5
一、 淨值市價比之相關文獻 5
二、 會計科目與淨值市價比之相關文獻 8
三、 有形、無形資產之相關文獻 10
參、 研究方法 12
一、 樣本選取 12
二、 變數之衡量方法 12
三、 研究設計 13
肆、 實證結果與分析 15
伍、 結論 26
參考文獻： 28

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