美國上市公司無形資本對於公司股價表現及獲利能力的影響

A Study on Intellectual Capital and Firms’ Performance

潘世華(Shih-Hua Pan)

指導教授 ： 夏侯欣榮

共同指導教授 ： 郭文忠(Wen-Chung Guo)

元智大學/管理學院/財務金融學系/碩士(2006年)

摘要

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。

關鍵字

無形資產 ； 研發費用 ； 廣告費用 ； 薪資及紅利

並列摘要

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).

並列關鍵字

intellectual capital ； intangible assets ； R&D expense ； advertising expense ； bonus and salary

參考文獻

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