臺灣博碩士論文加值系統

　　近年來，高科技產業的發展為台灣未來經濟發展之命脈，但其價值並無法由傳統的企業評價體系進行完整評估。因為，現行一般公認會計原則的規定並不適用於高科技產業，例如高科技產業普遍投入大量研究發展費用，皆無法資本化。然而，這些未資本化的無形資產，往往是公司未來潛在獲利的主因。因此本研究選取台灣高科技產業為研究對象，對於此議題進行探討。
　　本研究以Barth et al.(1998) 之股價模式為基礎，探討加入無形資產變數對台灣股票評價之解釋力。根據實證結果發現，無形資產衡量確實有助於股票評價之攸關性，對股價之解釋力有顯著提高，且其係數亦為顯著正向。該發現即代表企業整體無形資產之衡量確實有其必要性。

In recent years, the development of high-tech industries becomes the lifeblood of the future economic growth in Taiwan, but its value can not be evaluated completely by a traditional evaluation method. The reason is that the general accepted accounting principles are not suitable for those high tech industries. For example, in the high tech industries, they usually invest huge amount of money in doing research, but it can not be capitalized. However, these uncapitalized intangible assets are sometimes the key point of company’s potential profits in the future. Therefore, we choose the topic of the high tech industries to be our object of study and to discuss it more deeply.
This paper aims to test explanatory ability of Barth et. al (1998) model, and discuss how to describe that the variables of intangible assets’ effect on the evaluation of stocks in Taiwan. According to the result of practical evidence, the measuring of intangible assets helps to evaluate stock prices evidently, and its coefficient is also positive. It says that it is necessary to measure the intangible assets in the industry.

第一章 緒論………………………………………………………………1
第一節 研究背景與動機………………………………………………1
第二節 研究目的………………………………………………………3
第三節 研究架構………………………………………………………4
第二章 文獻探討…………………………………………………………6
第一節 無形資產之定義與衡量………………………………………6
第二節 高科技產業定義與特性………………………………………12
第三節 國內外無形資產相關研究結果………………………………16
第三章 研究方法…………………………………………………………22
第一節 樣本選取及資料來源…………………………………………22
第二節 驗證模型之建立………………………………………………24
第三節 統計方法………………………………………………………32
第四章 實證研究結果……………………………………………………35
第一節 各變數之敘述統計……………………………………………35
第二節 實証模式檢定結果……………………………………………40
第五章 結論與建議………………………………………………………55
第一節 結論……………………………………………………………55
第二節 研究限制………………………………………………………56
第三節 後續研究建議…………………………………………………57
參考文獻……………………………………………………………………59

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