Constructing and Employing the Appraising Model of Intangible Assets

本研究並無試圖評估無形資產之絕對價值，而是想藉由價值驅動力(value drivers)概念探討各公司無形資產之相對價值比重，本研究認為價值驅動力的概念將能清楚瞭解各公司無形資產是如何被創造。本研究將層級分析(AHP)法應用至無形資產之評鑑程序上，此乃因AHP法能夠將非財務性的價值驅動力加以量化並評估出其對無形資產之貢獻權比：本研究主要目的為：1、建構一嘗試性(tentative)之無形資產評鑑模型，協助企業正確評估公司價值比重並避免在衡量企業價值時因以財務報表為主要依據而產生盲點。2、有鑑於高科技產業無形資產佔總資產比例甚高，本研究乃以台灣新竹科學園區6大產業及一個案例模擬作為研究標的，以期實證本研究模型之可行性，並探討不同高科技產業間之無形資產之價值比重及評價應用。本研究之實證結果為建構不同科技產業理想之無形資產配置，顯示不同產業之無形資產特色，並可輔助企業評價及提升價值基礎管理成效。

關鍵字

無形資產；價值驅動力；層級分析AHP法；評鑑模型；高科技產業；企業評價； VIKOR

並列摘要

This paper does not intend to actually valuate intangible assets but focuses to investigate the relative value distribution of corporate intangible assets, and this links closely to the concept and application of value drivers. That is because we believe that drivers or attributes of the value significantly determine how virtual value of these intangibles can be created for companies. We apply the analytic hierarchy process (AHP) to the appraising process of intangible assets. The AHP method can mainly sort the non-financial value drivers in order according to their weighted contributions. The key purpose of this paper is to construct a tentative model for the evaluation of intangible assets, which helps business to more correctly appraise corporate value ratios and avoid bias due to mainly relying on financial statements when measuring an entity value. In addition, in view of the significant proportion of intangible assets over total assets in high-technology industries, this research then takes six industries in Hsinchu Science Park and one virtual case as the research objects in order to test the applicability of our model, as well as exploring the value weights of intangible assets and its evaluation amongst different high-technology industries. Besides, the empirical result of this paper is mainly to support business appraisal and thus improve the effectiveness of value based management.

並列關鍵字

Intangible Assets ； Value Drivers ； Analytic Hierarchy Process ； Evaluation Model ； Hi-tech Industry ； Business Appraisal ； VlseKriterijumska Optimizacija I Kompromisno Resenje VIKOR

參考文獻

Chan, L. K. C.,Lakonishok, J.,Sougiannis, T.(2001).The Stock Market Valuation of Research and Development Expenditures.Journal of Finance.56(6),2431-2456.

Google Scholar

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