無形資產與台灣股票評價攸關性之研究－股市週期與產業別之影響

The Value-Relevance of Intangible Assets in Taiwan: The Effects of Stock Cycle and Industries

顏信輝(Sin-Hui Yen) ； 顏裕芳(Yu-Fun Yen)

《當代會計》 3卷2期 (2002/11) Pp. 136-165

https://doi.org/10.6675/JCA.2002.3.2.01

摘要

本研究以Barth等（1998）之模式為基礎，分別由下列角度測試會計資訊及無形資產衡量對台灣股票評價之解釋力：（1）股市報酬率高低不同階段；（2）不同產業間之比較。最後試圖以無形資產衡量價值與市價間關係作為股票投資策略之指引，並與淨值及市價比指標進行比較。研究發現：1.在無形資產衡量方面：（1）無形資產衡量使股票評價更具攸關性；（2）無形資產價值變動數與股票報酬之關聯性只存在於電子機電業，但是方向卻與預期相反。2.在產業別分析方面：（1）金融業與電子機電業之無形資產衡量較其他產業重要，且更有助於股票評價；（2）盈餘資訊對電子機電產業之股票評價較其他產業重要；（3）淨值資訊對其他產業之股票評價較電子機電業重要。3.在股市週期分析方面：（1）股市報酬率高低與無形資產衡量對股票評價攸關性，兩者之間關係並不顯著；（2）在類股及大盤股價報酬率較高時，盈餘對股票評價重要性高於淨值；（3）在類股及大盤投資報酬率較低時，淨值對股票評價重要性高於盈餘。4.以無形資產與市價比預測股價報酬所形成之投資策略，其累積異常報酬之表現優於淨值與市價比，且期間越長差距越大。

關鍵字

無形資產 ； 攸關性 ； 評價 ； 股票報酬

並列摘要

This paper aims to test explanatory ability of Barth et. al (1998) model from the following points of view: (1) distinguished stages (high/low) of market return, (2) the comparison across industries. The other contribution of this study is to provide a guideline for investment strategy, by means of exploring the correlation between intangibles' assessed value and stock price. The results of this study are listed as follows: 1. the value assessment of intangibles added relevance to stock evaluation, especially for banking and electric industries, and the cycle of stock market return is irrelevant to this finding. 2. value variation of intangibles increases the correlation of stock return evaluation only for electric industry, and the cycle of stock market return is irrelevant to this finding. 3. earnings information was more important to electric industry's stock evaluation, and more important during the high stock market return period. On the other hand, the book value of equity was more important to other industry's stock evaluation, and more important during the low stock market return period. 4. IA/P ratio could be used to forecast stock returns. The CARs according to the IA/P strategics had better performance than those of BV/P ratio, and their difference would be enlarged over time.

並列關鍵字

Intangible assets ； Relevance ； Valuation ； Stock return

參考文獻

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