未入帳無形資產相關效應之實證研究

An Empirical Study of Firm Unrecorded Intangible Assets

鄭琇仁(Hsiu-Jen Cheng) ； 陳育成(Yu-Cheng Chen) ； 郭弘卿(Horng-Ching Kuo)

《全球管理與經濟》 1卷1期 (2005/12) Pp. 117-144

https://doi.org/10.6565/JGME.2005.1(1).6

摘要

本研究探討財務報表中未入帳無形資產愈多的公司，是否因「資訊不對稱」，影響股權結構、盈餘管理程度、以及財務預測的精確度。Lev（2001）認為，財務報表對於無形資產資訊之報導缺乏攸關性乃是造成資本市場資訊不對稱的主要原因之一；再者亦會導致公司淨值長期下來會被低估，企業可能藉由操縱裁決性應計項目讓其盈餘增加（盈餘管理）以弭消淨值低估情形；加上無形資產本身價值不易衡量、不確定性程度極大，都將造成盈餘的不確定因素。這也使得證券商對未入帳無形資產較多之企業進行盈餘預測時，其精準度愈小，券商之間預測之分歧程度亦愈大。實證發現，以電子業而言，未入帳是在形資產愈多之企業，內部投資者(董監事、經理人)與機構法人（外資、技信）持股比例愈大，盈餘管理程度亦愈大；而且各個券商面對未入帳無形資產愈多，其財測精準度愈小，券商彼此間分歧程度也愈大。這也顯示內部投資者與較具專業之外部投資者，在做投資決策時，會將企業未入帳無形資產一併納入考慮；再者，企業管理當局也體認到，在種種的限制下，財務報表無法表達企業真實價值，故會傾向為由操縱盈餘以弭消公司淨值長期累積低估情形。

關鍵字

未入帳無形資產 ； 股權結構 ； 盈餘管理 ； 券商預測

並列摘要

This paper analyzed unrecognized intangible assets and its relationship with stockholder equity's structure. Lev (2001) alleged undervaluation is one of the primary factors of asymmetric information between investors and manager. The net book value of the company will be undervalued in the long term and the company might have incentive to increase its earnings (earnings management) by manipulating discretionary accruals to eliminate the effect of undervaluation of net book value. Meanwhile, intangible assets itself is not easy to be measured and brings great complexity in financial forecast. I suspected the more unrecognized intangible asset, the more dispersion forecast among analysts.Empirical result shows both electronics and non-electronics industries have the same results that the more unrecognized intangible assets, the more ownerships insider inventors (directors, managers) and outside institution have. When there are more intangible assets, the more discretionary accrual are used to manipulate earnings and the lower accuracy of financial forecast by analysts.

並列關鍵字

unrecognized intangible assets ； proportion of the structure of ownerships ； earnings management ； security analysts' forecasts