智慧資本與分析師追蹤意願的實證性研究

企業運用財務報表與投資人溝通，但雙方之間存在資訊不對稱，財務報表反映較多有形價值，卻難以有效衡量無形優勢。分析師結合並解讀企業的有形、無形價值，並整合成研究報告或預測，提供一般投資人投資決策的參考，能減少資訊不對稱的問題。本研究希望以智慧資本觀點解讀公司的無形優勢，了解其如何影響分析師行為，進而影響企業與投資人的溝通。本研究以2013至2019年之台灣電子工業的上市公司為研究樣本，將智慧資本指標衡量依人力、創新、流程、顧客資本分類並與分析師追蹤意願迴歸，以順序搜尋法篩選顯著的衡量指標。結果顯示，每人營業利益、研究發展費、研究發展強度、總資產週轉次數、應付帳款付現天數、管理費用率、營收成長率與分析師追蹤意願呈現顯著正相關；員工人數、平均年資、每人研發費用、負債比率、推銷費用率則為顯著負相關。

關鍵字

智慧資本；分析師追蹤意願；電子工業

並列摘要

Although companies try to communicate with investors through financial statements, the problem of information asymmetry exists. The financial statements can help investors to evaluate a company’s tangible value rather than its intangible strengths. However, sell-side analysts decipher both tangible and intangible value of a company, summarizing their insights and delivering them to individual investors with research reports or forecasts, which allows investors to make investing decisions and decrease information asymmetry. Thus, this study expects to analyze the intangible strengths from an intellectual capital perspective, and see how analyst following is effected by them. The sample of this study are the listed electronics companies in Taiwan. This study uses a sequential search method to select effective intellectual capital indicators categorized by human capital, innovation capital, process capital and customer capital, and use them to construct a regression model of intellectual capital and analyst following. The results show that operating income per employee, R&D expense, R&D intensity, total assets turnover, days payable outstanding, management expense rate and sales growth rate are positively related to analyst following. On the other hand, number of employees, average employee seniority, R&D expense per employee, debt ratio and selling expense rate are negatively related.