臺灣博碩士論文加值系統

以歷史成本為衡量基礎的傳統財務報表無法顯示創造企業價值的無形資產，而造成市價與淨值的偏離，此部分價值的差異，即為當前學術界及實務界所熱烈討論的無形資產或智慧資本。Edvinsson ＆ Malone（1997）指出美國企業的市場價值通常是帳面價值的二到九倍，這說明了資本市場對企業的評價不再僅注重有形資產，而更應重視無形資產的潛在價值。
本研究以市價淨值比值作為智慧資本的代理變數，參酌證期會所規範的「公開說明書」及相關文獻，選定24個財務比率，運用因素分析和多重檢定方法，針對我國電子產業內不同智慧資本存量之公司，探討其財務比率之系統性差異。
研究發現，除共同的財務比率外，高存量智慧資本公司注重研究發展費用率與應收帳款週轉率，低存量智慧資本公司重視營運槓桿度與廣告費用銷貨淨額比，此顯示研究創新是真正影響智慧資本存量的攸關因素。在共同財務比率分析上，高存量智慧資本公司趨向於有較高的資產報酬率和每股盈餘及較低的負債比率，以顯示這些公司的營運效率和獲利能力及其主要的財務盈餘報酬。

The intangible assets (also known as intellectual capital, IC), creating value for enterprises, not recognized in the traditional financial statements, are measured by the difference between market price and book value of a firm. Edvinsson and Malone (1997) point out that market prices of the U. S. enterprises are usually 2 to 9 times of their book values. This reveals that evaluating an enterprise’s value can’t rely solely on tangible assets, intangible assets should not be ignored in that they represent potential value of a firm.
This study uses market-to-book ratio as a proxy for IC, and refers to “prospectus” format regulated by Securities＆Futures Institute (SFI) and related literature to select 24 financial ratios for analysis. Using factor analysis and multiple comparison test, we analyze the systematic difference in financial ratios of companies with different levels of IC.
The findings show that except common financial ratios, R＆D and accounts receivable turnover are important to companies with higher stock IC, whereas advertisement and operating leverage is important to companies with lower stock IC. The analyses of common financial ratios show that companies with higher stock of IC tend to have higher ratios of return of assets and EPS and lower debt ratio. It seems that these companies operate efficiently and profitably and finance mainly with returned earnings.

中文摘要…………………………………………………………………Ⅰ
英文摘要…………………………………………………………………Ⅱ
誌謝………………………………………………………………………Ⅲ
目錄………………………………………………………………………Ⅳ
圖目錄……………………………………………………………………Ⅵ
表目錄……………………………………………………………………Ⅶ
第一章 緒論……………………………………………………………1
1.1 研究背景與動機………………………………………………1
1.2 研究目的………………………………………………………2
1.3 研究流程與內容………………………………………………3
第二章 文獻探討………………………………………………………6
2.1 智慧資本與市價淨值比………………………………………6
2.2 財務比率屬性分類與股票報酬及盈餘之研究………………9
2.3 市價/淨值比…………………………………………………11
2.4 智慧資本與財務比率之關係………………………………12
第三章 研究方法………………………………………………………14
3.1 研究樣本及資料來源…………………………………………14
3.2 財務比率變數之選取及定義…………………………………14
3.3 財務比率屬性之分類…………………………………………18
3.4 資料分析方法.………………………………………………………18
第四章 實證結果與分析………………………………………………21
4.1 樣本資料之敘述統計…………………………………………21
4.2 財務比率之因素分析…………………………………………24
4.3 不同智慧資本存量公司間共同財務比率差異分析…………38
4.4 不同存量智慧資本公司之財務比率差異……………………42
第五章 結論與未來研究方向…………………………………………43
5.1 結論……………………………………………………………43
5.2 未來研究方向…………………………………………………45
參考文獻…………………………………………………………………46

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