人力支出與價值攸關性之研究

The Value Relevance of Human-related Expenditure

梁証揚(Cheng-Yang Liang)

指導教授 ： 曹壽民

中原大學/商學院/會計研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100120

摘要

本研究旨在探討上市公司的人力支出對於公司未來盈餘是否有正向的影響，並利用Ohlson (1995)的評價模型測試人力相關支出的會計資訊是否具有公司價值的攸關性。最後利用Sougiannis (1994)的實證方法，透過會計盈餘模式與市場評價模式，以估計人力相關支出所創造的市場價值。實証結果發現：(1)人力相關支出對公司當期盈餘具有正向的效益，其效益持續一至三期；但在遞延效益結束後，人力相關支出卻會造成公司盈餘上的負擔。(2)將人力資本納入評價模式中的評價模型對股價的解釋能力較未納入人力資本訊息的評價模型為高，故人力相關支出的資訊具有股價的攸關性。 (3)人力相關支出的投資對公司每年創造了4.1145元的市場價值，其中直接影響為3.3958元，而間接影響為0.5187元。(4) 人力支出密度高的公司所創造的市場價值，較人力支出密度低的公司為低。(5)每人營業收入淨額高的公司人力相關支出的投資較每人營業收入淨額低的公司為高。(6)而資本存量/人力相關支出之比較高的公司人力相關支出的投資所創造的市場價值也比較高。

關鍵字

價值攸關性 ； 人力相關支出 ； 會計評價模式

並列摘要

This study explores the association between the human-related expenditures (hereafter HRE) and earnings, and equity market value based on Ohlson model (1995) and methodology by Sougiannis (1994). We documents that the HRE is positively and significantly related to contemporary and subsequent earnings ( from subsequent one to 3 years). We also find that the HRE of contemporary year and year-ahead are positively and highly significantly associated to equity market value. Specifically, the NT $ 1 increase in HRI leads to NT $4.115 increase in equity value , which can divided into two parts: the direct effect NT$3.3958 and the indirect effect NT$0.5187。Finally, the empirical evidences document that the greater revenue per person and capital stock / HRE ratio, the greater the equity value created by HRE investment , and the more revenues/HRE ratio, the less the equity value created by HRE investment.

並列關鍵字

human-related expenditures ； value-relevance ； accounting-based model

參考文獻

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