臺灣博碩士論文加值系統

本論文在研究美國上市公司其無形資本對於公司股價表現及獲利能力的影響，我們預期有較多無形資產(包含資產負債表中的無形資產、廣告費用、研發費用、薪資及紅利)的公司，其會計上績效較佳，且會發放較多的紅利給管理者；有較多資產負債表中的無形資產、廣告費用及研發費用的公司，其股價波動程度較高，而發放較多薪資及紅利的公司，其股價波動程度較低。實證結果發現，除了廣告費用及研發費用較多的公司，其會計表現較差以外，其他大致符合我們的預期。另外我們也檢驗無形資產與公司表現的關係是否會受到公司大小、成長機會及不同產業的影響，而實證結果顯示，公司大小及成長機會，對於無形資產與公司表現的關係的確有顯著的影響；而對於高科技產業而言，無形資產對於市場表現的影響較為顯著。

This study examines the relation between intellectual capital and firms’ performance. We predict that firms with more intangible assets would have better accounting performance and more compensation to the executive officers. We also predict that firms with more balance sheet intangibles, advertising expenses, and R&D expenses would have higher volatility of firms’ stock returns, firms with more salary and bonus to the managers would have lower volatility of firms’ stock returns. The findings are generally consistent with our predictions except that firms with more advertising expenses and R&D expenses would have worse accounting performance. This relation is more significant considering size effect and growth opportunities of the firms. However, we do not find significant difference between high-tech (or knowledge-intense) and non-high-tech (or non-knowledge-intense) industries (except for market performance).

Contents
I. Introduction 1
II. Hypotheses 4
2.1 Visible Intangibles (Balance Sheet Intangibles) vs. Performance 5
2.2 Invisible intangibles vs. Performance 7
2.2.1 Technology 7
2.2.2 Brand Values 8
2.2.3 Human Resources 10
III. Empirical Model and Data Description 11
3.1 Empirical Model and Variables Definitions 11
3.2 Data Descriptions 13
IV. Results and Discussions 15
4.1 Total Sample Results 15
4.2 Time-Series Results 16
4.3 Size Effect 17
4.4 Growth Opportunities 19
4.4.1 Market to Book Ratio 19
4.4.2 Sales Growth Rate 20
4.5 Industry Effect 21
V. Concluding Remarks 24
References 29

Tables
Table 1 The summary predictions of hypotheses and the definitions of variables. 32
Table 2 Summary of period data formation. 33
Table 3 Total Sample Firms from 1994 – 2003. 34
Table 4 Descriptive statistics for the variables presents in firm year (exclude financial institutions and utilities). 35
Table 5 The correlations among the regression variables based on total sample of 16,170 with available data from 1994-2003. 36
Table 6 Summary statistics from regressions of accounting performance, market performance and compensation. 37
Table 7 Summary statistics from separate-year regressions of accounting performance, market performance and compensation. 38
Table 8 Summary statistics from the regressions of accounting performance, market performance and compensation, considering the size effect. 41
Table 9 Summary statistics from the regressions of accounting performance, market performance and compensation, considering the market to book ratio. 43
Table 10 Summary statistics from the regressions of accounting performance, market performance and compensation, considering the sales growth rate. 45
Table 11 Summary statistics from the regressions of accounting performance, market performance and compensation, considering the industry effect. 47

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