臺灣博碩士論文加值系統

在二十一世紀之經濟時代，知識型產業的崛起，企業創造價值的來源不再是倚賴有形資產，而是著重在能為公司創造競爭優勢的能力與知識的總合，亦即稱為智慧資本，其重要性逐漸凌駕於土地、資金、廠房等有形資產要素之上。但因智慧資本項目並不全都能符合會計上無形資產的定義，因其受限於會計準則對於資產認列及評價之規定，無法認列在資產負債表上，使得財務報表可能無法完整呈現公司的真實價值。
過去用來衡量公司經營績效指標大多是ROE(股東權益報酬)、ROA(資產報酬率)，但ROE和ROA主要是評估公司過去的經營績效，較難從財務報表的數字中得出公司未來的成長性，本文以台灣上市、上櫃及興櫃公司為研究樣本，利用股價淨值比、Tobins’Q將具有智慧資本的樣本從中篩選出來。再利用其Lev(2001)智慧資本評價模式，來量化其智慧資本價值，來探討產業之間智慧資本價值是否具有顯著差異。再者，本研究再利用Barth (1998)評價模型，來探討產業間之市值是否會受智慧資本價值的影響。
　　本文主要實證結果如下：(1)利用其股價淨值比、Tobin’s Q將具有智慧資本之公司從中篩選出來。(2)在樣本期間無形資產密集產業與非無形資產密集產業之比較結果，產業之間確實存在顯著差異，亦即無形資產密集產業較非無形資產密集產業之智慧資本價值為高。(3)無形資產密集產業與非無形資產密集產業之模型增額解釋能力都有達到一定水準。相對於非無形資產密集產業，無形資產密集產業之普通股權益及智慧資本價值資訊對於投資大眾較具有價值攸關性。相對於無形資產密集產業，非無形資產密集產業之普通股權益資訊對投資大眾較具價值攸關性。
　　綜上所述，面對國內的智慧資本評價未臻成熟，如何透過智慧資本評價模式之建立，提供台灣投資人、金融機構決策之參考，協助做成投資、授信及管理經營決策。另一方面本研究發現亦可以提供企業瞭解，在不同產業性質下，何種企業活動可以促進智慧資本價值之形成，以增進企業價值。

In the economical era of the twenty-first century, as a result of the knowledge industries’ rising, business no longer depends on tangible assets to create value and emphasizes on intellectual capital, the sum of the capability and the knowledge that can create company’s competitive advantages. Because intellectual capital’s items are limited in the accounting standards about recognizing and appraising assets and not address in the financial statements, they not completely fit in with the intangible the accountancy. Therefore, company’s actual value not completely displays in the financial statements.
In the past, business usually uses ROE and ROA to measure corporate managerial performance. But ROE and ROA are mainly used to appraise corporate past managerial performance, we hardly know corporate future development from those numbers in the financial statements. Therefore, we use listed companies in Taiwan as research samples and sieve samples which have intellectual capital by calculating Tobin’ s Q and Market to Book Value. And we use Lev(2001) intellectual capital valuation model to treat if intellectual capital values between different industries have distinct difference by quantifying intellectual capital value. Besides, we also adopt the model suggested by Barth(1998) to treat market values between different industries are influenced by their intellectual capital values.
The empirical results are as follow:(1) we screen companies that have intellectual capital by calculating Market to Book Value and Tobin's Q. (2) We also compare intangible-intensive and non-intangible-intensive industries in the sample period. We discover distinct difference between different industries. In other word, the intellectual capital values of intangible-intensive industries are higher than those of non-intangible-intensive industries. (3) Both the incremental explanatory power of intangible-intensive and non-intangible-intensive industries’ models achieves an acceptable level. In opposition to non-intangible-intensive industries, the information about common equity and intellectual capital value of intangible-intensive industries is more relevant for investors. In opposition to intangible-intensive industries, the information about common equity of non-intangible-intensive industries is more relevant for investors.
In summary, accosting the undeveloped domestic intellectual capital appraisal model, we should debate the ways which establish the intellectual capital valuation model to provide decision-making consultation of investors and the financial institutions in Taiwan and assist them make decisions about investment, credibility and operating management. Besides, this research’s discovery may also provide the enterprise to understand that under the different industrials’ nature, what kind of enterprise activities may promote formation of the intellectual capital value to increase the enterprise value.

摘要 I
Abstract II
第壹章 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
第貳章　文獻探討 6
第一節 智慧資本之定義 6
第二節 智慧資本之分類 8
第三節　智慧資本之評價 14
第四節 智慧資本價值之相關文獻 21
第五節 產業分類定義及特性 23
第參章　研究方法 25
第一節　智慧資本價值之評估方法 25
第二節　多元迴歸分析 29
第三節　研究假說之發展 30
第四節　樣本及資料來源 31
第肆章　實證結果與分析 34
第一節 敘述性統計與變數相關係數分析 34
第二節　檢視產業差異之實證結果分析 37
第三節　單變量檢定實證結果與分析 38
第伍章　結論與建議 46
第一節 研究結論 46
第二節 研究貢獻 46
第三節 研究限制 47
參考文獻 48
附錄 52

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