商標件數與估計價值價值攸關性之研究

The Value Relevance of the Number of Trademarks and Estimated Value

曹壽民(Shou-Min Tsao) ； 鄧秋菊(Chiou-Jiu Deng)

《管理學報》 21卷2期 (2004/04) Pp. 213-235

https://doi.org/10.6504/JOM.2004.21.02.04

摘要

本文主要在探討我國經濟部智慧財產局定期公告的商標「件數」，此一非財務資訊是否為財務報表的補充資訊，而具有價值攸關性；另外修正Seethamraju(2000)的方法，估計我國企業商標的「市場價值」，以進一步檢測商標「市場價值」的價值攸關性。此一檢測可以了解我國資本市場究竟是逕行以智慧財產局公告的商標「件數」，機械式的評估股價，或是考慮到商標可能具有不同「市場價值」，因而給予不同的評價。最後，本文探討民國82年及87年間我國商標法大修前後，對於商標市場價值的影響。實證結果發現，不論是使用價格或報酬模式，商標「市場價值」對市價均具有顯著的解釋力，而商標「件數」則否。顯示投資者具有相當的解讀能力。此外，我國商標法之修訂實施，確實提高了商標價值之市價攸關性。本文同時也發現，帳列無形資產並不具有價值攸關性。最後，本研究使用Heckman(1979)計量模型，發現存有選樣偏誤問題，但其對實證結果的影響很小，因此結果相當穩健。

關鍵字

商標 ； 無形資產 ； 價值攸關性

並列摘要

This study examines the value relevance of trademark information and the impact of changed legal protections on value relevance of trademarks.
Current financial statements only reflect the cost of purchased trademarks. The current value of trademarks is not disclosed in the financial reporting. As the importance of knowledge assets grows, current accounting practice creates an information asymmetry in these information. The higher percentage of intangible assets in total assets, the less relevant financial statements are. Nevertheless, the number of registered trademarks is a public information. This non-financial information item has the potential to help bridge the accounting information asymmetry.
Until recently, it is uncommon to purchase registered trademarks. As a result, the value of trademarks is difficult to obtain. We adapt the estimation method used in Seethamraju (2000) to develop a trademark valuation model. The number of registered trademarks is then transform into the value of registered trademarks.
As the number of registered trademarks is public information, we expect stock prices incorporate this information item. In addition to test the value relevance of the estimated value of trademarks, we differentiate the price reaction to the number of or to the estimated value of trademarks.
In order to provide internationally compatible protection on trademarks, two amendments of Trademarks Act were made in 1993 and 1998 to enhance the legal protection. As the legal protection enhanced, the value relevance of registered trademarks are predicted to increase.
We find significant explanatory power of estimated value of registered trademarks in both price model and return model. The number of registered trademarks is not value relevant. The results suggest that market participants see through the number of registered trademarks and attach different values on trademarks. The registered trademarks are not valued equally by the market. The number of registered trademarks is used in the stock valuation process, given proper transformation. The two amendments of Trademarks Act are shown to increase the value relevance of registered trademarks. The effects of amendment in 1998 are more pronounced.
We provide three additional tests as robustness checks. First, we repeat our tests on sub-samples dividend according to the medians of number or estimated value of trademarks. The number of registered trademarks is not significantly related to firm value in either sub-samples, where the value of registered trademarks possesses explanatory power in both sub-samples. The value relevance of the value of registered trademarks is stable across different levels of values.
Second, recorded amount of intangible assets is included as a control variable. The estimated value of trademarks is still significantly related to firm value while the control variable is not related to firm value. Finally, we control self-selection bias via Heckman (1979) procedure and get similar results.
The policy implications might be derived from the empirical findings are as follows. First, we show that registered trademarks are valuable intangible assets. Current accounting practice fails to recognize the value of registered trademarks in financial statements. This impedes the value relevance of financial reporting as the weight of intangible assets increases In light of the value relevance evidence, the information related to registered trademarks needs to be added to footnote disclosure. Information such as number of registered trademarks, estimated values, estimated effects on sales, and so on, can help elevate the usefulness of financial reporting. Second, service on valuation of registered trademarks is not available in the market at present. The estimation method proposed in this study can serve as a start or a reference point to evaluate the quality of valuation service. Finally, the effects of two amendments of Trademarks Act provide a unique setting to understand how legal enforcement increases the value of registered trademark. This finding lend support to the direction of amendments.

並列關鍵字

Trademarks ； Intangible assets ； Value relevance ； Amendments of Trademarks Act

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