無形資產與市場表現-國際比較

Intangible Capital and Market Performance:An International Comparison

劉宜欣(Yi-Hsin Liu)

指導教授 ： 夏侯欣榮

元智大學/管理學院/財務金融學系/碩士(2007年)

摘要

本研究主要在探討從1999年到2005年間東亞九國：日本、香港、韓國、新加坡、台灣、馬來西亞、菲律賓、印尼、泰國，上市公司的無形資產變數：無形資產、廣告費用、研發費用、員工薪資，跟公司市場報酬之間的關係。我們發現，在開發程度較高的國家，如日本，廣告費用增加可以帶來公司股價報酬增加的效果；而在亞洲四小龍，如：香港、韓國、新加坡、台灣，會發現員工薪資會對公司股價報酬產生正向關係的現象；而新亞洲四小龍，如：馬來西亞、菲律賓、印尼、泰國，我們發現這幾個國家的上市公司在無形資產變數與公司股價報酬之間的關係較不顯著。

關鍵字

無形資產 ； 廣告費用 ； 研發費用 ； 員工薪資 ； 東亞九國

並列摘要

This study examines whether East Asian countries have the effects of intangible variables on firms’ returns, and whether these effects are persistent. While previous management literature and practitioners address the importance of intangible capital, we therefore hypothesize that the stock returns of the companies with more intangible assets, advertising expenses, R&D expenses, and staff cost will be higher. Our sample includes listed firms in Japan, Korea, Singapore, Hong Kong, Taiwan, Malaysia, Thailand, Philippines, and Indonesia. The results show that firms in developed country, Japan, with more advertising expense would have better stock performance and this association can last for two years. In four Asian tigers, there are only Singapore and Taiwan which have the positive association between staff cost and firms’ stock return, and this relationship in Singapore can last for three years. In New Four Asian Tigers, only Malaysia shows positive effects of R&D expense and staff cost, and R&D expense positive effect can last for two years. Nevertheless, we also find that there are many countries’ intangible variables which are not significant positive related with firms’ stock performance.

並列關鍵字

Intangible asset ； Advertising expense ； R&D expense ； Staff cost ； East Asia

參考文獻

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