本研究理論架構是依照Ohlson(1995)的評價模型來進行研究,探討智慧資本與公司評價是否具攸關性,模型之解釋力是否會因為加入了智慧資本變數而提高,並了解智慧資本與當期及次期財務績效指標間的關係。採用的財務績效指標包含:淨值報酬率、資產報酬率及每一員工純益額。本研究採用Pulic(2000)對智慧資本的評價方法—智慧資本附加價值係數法,作為智慧資本的代理變數。樣本選取民國81年至民國92年之台灣上市公司。研究方法採用敘述統計分析、皮爾森相關分析與迴歸分析。 本研究之實證結果顯示:在不分產業下智慧資本與公司價值呈現顯著之正相關,智慧資本附加價值係數越高,市場對其評價也會越高,且納入智慧資本附加價值係數後能提高 Ohlson 評價模型之解釋能力。智慧資本附加價值係數與當期財務績效指標成正相關。此外,智慧資本附加價值係數亦與次期財務績效指標間成正相關,可使投資人利用此智慧資本衡量的模式,來預測企業的下期績效。最後,在區分產業的情形下,大部分的產業也顯示智慧資本與公司價值呈現顯著正相關。 因此本研究認為,投資人可以利用智慧資本附加價值係數來衡量一家企業的智慧資本,並可用來作為財務績效指標的領先指標。
This study attempts to achieve the following objectives: (1) to explore the relationship between the valuation of corporation and intellectual capital based on Ohlson(1995)’s valuation model; (2) to investigate whether the model’s explanatory power will be improved if the intellectual capital variables are included. (3) to examine the association between intellectual capital and the indicators of the current period and the following period. The indicators of financial performance include the following: the return on equity, the return on assets, and the profitability of each employee. This work employs Pulic’s Value Added Intellectual Coefficient (VAIC) as the proxy variable of intellectual capital. The sample of this study consists of the firms listed in the Taiwan Stock Exchange from 1992 through 2002. The findings indicate that VAIC has a significantly positive relation with stock price and the financial performance of the current as well as that of the following period. Furthermore, the results show that the model including intellectual capital variables substantially improves the explanatory power of Olson’s valuation model. This investigation also finds that the intellectual capital has a positive relationship with the financial performance for a lagged period. It suggests that investors can use this intellectual capital method to predict the financial performance of the company for the following period. This study further divides the aggregate sample by industry, then the results demonstrate that there is a significantly positive relation existed between intellectual capital and stock prices of the companies in most industries. In summary, this investigation suggests that Pulic’s VAIC can measure the intellectual value of a company and can be used as the leading indicator of financial performance.
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