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研究生:鄭情予
研究生(外文):Ching-yu Cheng
論文名稱:無形資產與財務報表品質關聯之研究
論文名稱(外文):The Relationship Between Intangible Assets and Financial Reporting Quality
指導教授:蕭子誼蕭子誼引用關係
指導教授(外文):Tzy-Yih Hsiao
學位類別:碩士
校院名稱:逢甲大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:56
中文關鍵詞:相對資訊內涵增額資訊內涵無形資產智慧資本
外文關鍵詞:Intellectual CapitalIntangible AssetsRelative Information ContentIncremental Information Content
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本研究將智慧資本以不同方式陳列於財務表中,測試智慧資本資訊是否具有增額資訊內涵,並比較將智慧資本僅附註揭露或調整入帳至財務報表兩種不同認列方式,所產生會計資訊之相對資訊內涵。另結合探索性因素分析與逐步迴歸分析探討智慧資本以總額或細項兩種不同衡量方式,所產生會計資訊之相對資訊內涵,並分析各智慧資本構面之價值攸關性。
實證結果顯示,未列帳無形資產不論以附註揭露或調整入帳至財務報表中,都具有增額資訊內涵之效果,且對市價為顯著正向影響。而將未列帳無形資產調整入帳至財務報表中,相較於僅以附註揭露方式,對市價更具有解釋力。將智慧資本以細項(人力資本、顧客資本、流程資本與創新資本)表達於財務報表中,投資人更能看透智慧資本創造價值的能力,且人力資本對於公司價值的解釋力最大,亦即對高科技而言,人力資本在價值創造上最具有影響力,亦成為提升績效與創造企業長期競爭優勢的主要關鍵。
知識經濟時代,智慧資本已成為產業競爭下不可或缺的角色,但財務報表上卻無揭露智慧資本相關資訊,導致財務報表與市價間的差異日益增大。企業應將智慧資本適當的表達於財務報表中,使得投資人不僅參考傳統之財務資訊,更可預期智慧資本未來為企業所創造的利益,真實反應企業價值。
This study emphasizes the variation in listing of intellectual capital on financial statements. We want to know whether there is incremental information content in intellectual capital, and to compare the relative information content of accounting information with two recognized methods: disclosure and adjusted recognition. In addition, this study combines exploratory factor analysis and stepwise regression analysis to explore the relative information content of accounting information that is produced by the measurement of sum and detail. The valued-relevance at each component of intellectual capital is also analyzed.
The empirical results indicate that both unrecognized intangible assets disclosure and recognition have incremental information content. This shows that the unrecognized intangible assets disclosure and recognition have positive effect on stock price. Unrecognized intangible assets have higher explanatory value for stock price. If intellectual capital is listed separately (human capital, customer capital, process capital and innovation capital) in the financial statements, investors can better understand the intellectual capital creation value ability. We also found that where high-tech is concerned, human capital is the most influential factor for value creation, and can enhance performance and create long-term competitive advantage.
In this era of the knowledge economy, intellectual capital has become a indispensable in industrial competitiveness, but there is no relative information about intellectual capital disclosed on financial statement. This increases the range in the difference between book value and market price. Enterprises should correctly express information regarding intelligent capital on financial statements. In this way investors not only can refer to traditional financial information, but also to predictable future profit of intellectual capital, and make decisions based on real value of enterprises.
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究目的 5
第四節 研究架構 6
第五節 研究流程 7
第二章 文獻探討 8
第一節 智慧資本之定義與分類 8
第二節 智慧資本之衡量與報導 15
第三節 資訊內涵(價值攸關性) 21
第三章 研究設計 24
第一節 研究方法 24
第二節 研究假說:相對資訊內涵與增額資訊內涵 28
第三節 實證模型 31
第四節 變數衡量 34
第五節 樣本資料來源 39
第四章 實證結果分析 40
第一節 敘述性統計量 40
第二節 相關性分析 40
第三節 實證結果 44
第五章 結論與建議 50
參考文獻 51
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