臺灣博碩士論文加值系統

對於公司而言，策略性支出往往是重要決策的一環，透過策略性支出把握具有價值之投資計畫，對於公司價值而言具有正面影響。自35號公報發布以來，不少企業已實施資產減損之提列，而過去從未有文獻探討策略性支出與減損損失科目之感染效果。因此，本研究之主要目的為探討提列資產減損對於公司策略性支出市場評價之影響。實證結果發現(1)提列資產減損的公司，在面臨整體經濟環境不佳、經營效率低落之情況下，卻選擇增加資本支出之行為，將引發投資人產生對於公司過度投資之疑慮，同時質疑公司運用資產之效率，因此將降低公司每一元資本支出之市場評價(2)公司成長機會愈高，市場對研發及資本支出之評價隨減損金額下降之程度愈大。(3)提前適用減損公報之行為能有效降低投資人與公司之間的資訊不對稱，有助於投資人增進對於公司決策之信心。(4)以行銷導向(B-to-C)為主要商業經營型態之公司對於廣告行銷之策略性支出倚重程度較高，影響投資人對於廣告支出之必要性產生較多肯定。

For companies, strategic expenditures are always the gear of the business profit-making machine. They have positive effect on the firm evaluation because they can help managers to grab any investment opportunities in present. After the announcement of the Statement of Financial Accounting Standard No. 35 in 2004, many companies had written off their assets in practice, and there is no study examining the relationship between the strategic expenditures and the asset write-off. Therefore, the purpose of this paper is to find out the effect of asset impairment on the market valuation for corporate strategic expenditures, and to see if the contagious effect between different accounting items exists. According to the result shows：(1) Under the situation of bad economics and operating underperformance, companies which suffered impairment and chose to increase their capital expenditures would cause the investors to grow suspicion about over-investment and inefficiency. Therefore, the valuation of every dollar of corporate capital expenditures will discount.(2) The higher growth opportunities, the lower market valuation of corporate R&D and capital expenditures.(3) Early adoption of No. 35 helps to lessen information asymmetry between companies and investors, making investors to increase the confidence of corporate strategic decisions. (4) Business-to-Client oriented enterprises put larger weights on advertising and marketing expenditures, influencing investors to be more affirmative about the necessity of advertising expenditures.

摘要 ii
誌謝 v
目錄 vi
表目錄 viii
圖目錄 ix
第壹章 緒論 1
1.1研究背景 1
1.2研究動機 3
1.3研究目的與問題 6
1.4預期研究貢獻 7
1.5研究流程與架構 8
第貳章 文獻探討與假說發展 11
2.1策略性支出 11
2.1.1策略性支出之定義 11
2.1.2策略性支出與公司價值之關連性 11
2.2資產減損 20
2.2.1資產減損之定義 20
2.2.2資產減損之相關文獻 25
2.3資產減損之認列與策略性支出市場評價之關連性 43
2.4成長機會 52
2.4.1成長機會之定義 52
2.4.2成長機會之相關文獻 53
2.5公司成長機會之影響 63
第參章 研究方法 65
3.1研究期間、樣本選取標準與資料來源 65
3.1.1研究期間 65
3.1.2樣本選取標準 65
3.1.3資料來源 66
3.2變數衡量 66
3.3實證模型 72
3.3.1提列資產減損與策略性支出市場評價之關聯性 72
3.3.2公司成長機會之影響 74
3.4資料分析方法 78
3.5敏感性分析 80
3.5.1提前適用與準時適用資產減損公報 80
3.5.2策略性支出資本化與費用化 81
3.5.3不同商業經營型態 82
3.5.4減損公司樣本 82
第肆章 實證結果與分析 83
4.1敘述性統計分析 83
4.1.1樣本選取 83
4.1.2敘述性統計分析結果 84
4.1.3相關性分析結果 90
4.2實證分析結果 94
4.2.1提列資產減損是否降低公司策略性支出之市場評價 94
4.2.2成長機會是否影響提列資產減損公司策略性支出之市場評價 99
4.3敏感性分析結果 108
4.3.1提前適用與準時適用資產減損公報之實證結果 108
4.3.2策略性支出資本化與費用化之實證結果 125
4.3.3不同商業經營型態之實證結果 133
4.3.4減損公司樣本之實證結果 149
第伍章 結論與建議 156
5.1研究結論 156
5.2未來研究建議與限制 160
參考文獻 161

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