智慧資本對企業價值影響之研究—以台灣上市電子產業為例

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Title:	智慧資本對企業價值影響之研究—以台灣上市電子產業為例
Other Titles:	THE INFLUENCE OF INTELLECTUAL CAPITAL ON COMPANY VALUE: AN EMPIRICAL INVESTIGATION OF THE TAIWAN ELECTRONIC INDUSTRY
Authors:	盧維德 Lu, Wei-te
Contributors:	財務金融學系財務管理碩士班張瑞真 Jui-chen Chang
Keywords:	股價;智慧資本;超額報酬折現值法;財務績效 discounted residual income method;Intellectual capital;stock price;financial performance
Date:	2009
Issue Date:	2015-03-24 16:54:13 (UTC+8)
Abstract:	先前文獻針對公司市場價值與淨值差異的研究，將焦點集中在市價/淨值比，以迴歸的因果分析市價對淨值比與股票報酬率的關係，或將此比率大小視為公司某一特性，卻很少深入研究智慧資本與財務指標之資訊的揭露之關聯性為何。因此，本研究參酌智慧資本相關研究，針對2003年至2007年度台灣電子上市公司，利用超額報酬折現值法衡量其智慧資本後，探討智慧資本對財務績效之影響以及台灣上市電子產業公司智慧資本與其股價之關係。實證結果發現：一、智慧資本的衡量與揭露對財務績效有正向影響，意味著智慧資本的投入有助於公司價值的增加。二、智慧資本的衡量使股價評價更具攸關性。　　This thesis used discounted residual income method to analyze the effect of intellectual capital (IC) on financial performance of electronic companies in Taiwan from 2003 to 2007. The empirical results showed that the IC disclosure present significant positive effect toward the financial performance of electronic companies. Moreover, the regression results of IC-Measured valuation model and Barth, Beaver and Landsman (1998) valuation model demonstrated there was significant value relevance exists between IC disclosure and stock price.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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