A Study on the Market Value of Intangibles- US GAAP v.s. IFRSs

無形資產市場價值攸關性之探討

黃金發(Jin-Fa Hwang) ； 邱碩志(She-Chih Chiu)

《多國籍企業管理評論》 3卷1期 (2009/03) Pp. 105-134

摘要

無形資產為現今企業所重視之資產。美國會計準則委員會與國際會計準則委員會皆提供有關無形資產鑑價之相關規定。然而，目前尚無文獻探討美國會計準則以及國際會計準則對於無形資產鑑價規定之有效性。因此本研究之目的為探討美國會計準則與國際會計準則對無形資產之規範是否具價值攸關性，以及何者較能反映無形資產之公平價值以作為準則制訂機關之參考。本研究使用資料夾法(portfolio approach)對無形資產項目作比較，並使用橫斷面迴歸分析(Cross-Sectional Regressions)以確認資料與先前研究有關之有效性(validity)。
實證結果如下：1.國際財務會計公報第38號與美國財務會計公報第142號皆具價值攸關性。2.美國財務會計公報第142號較國際財務會計公報第38號更能反應市場價值。

關鍵字

無形資產 ； 市場價值 ； 價值攸關性

並列摘要

Intangible assets are critical assets for Multi-National firms. U.S. Financial Accounting Standard Board (FASB) and International Accounting Standard Board (IASB) provide related requirements concerning intangible assets valuation for publicly traded corporations to evaluate their intangible assets. However, prior researches did not discuss the validity of these requirements. Therefore, the purpose of this paper is to examine whether the requirements concerning intangible assets valuation regulated by FASB or by IASB are value relevant, and to compare which kind of requirements are better reflect the fair values of Intangibles. We expect our empirical results can provide useful information for related Taiwanese standard setter. We adopt portfolio approach to compare Intangible Assets items listed on the Financial Reports, and we also perform Cross-Sectional Regressions to verify the validity of our results. Our results show that both International Accounting Standards No.38 produced by IASB and Statements of Financial Accounting Standards No.142 produced by FASB are value relevant, and that Statements of Financial Accounting Standards No.142 better reflects the Fair Value of intangible assets than International Accounting Standards No.38.

並列關鍵字

Intangible Assets ； Market Value ； Value Relevance

參考文獻

Aboody, D.,B. Lev(1998).The value relevance of intangibles: The case of software capitalization.Journal of Accounting Research.36(3),161-192.

Amir, A.,Harris, T. S.,Venuti, E. K.(1993).A Comparison of the Value-Relevance of US versus Non-US GAAP Accounting Measures Using Form 20-F Reconciliations.Journal of Accounting Research.31,230-264.

Barth, M. E.(1998).The value relevance of reported goodwill and identifiable intangible assets within the Australian context.Journal of Accounting Research.

Journal of Business Research

John J Ballow,Roland Burgman,Michael J Molnar(2004).Managing for shareholder value: intangibles, future value and investment decisions.The Journal of Business Strategy.25(3),26, 9.