公司的企業價值相同並不代表其擁有相同的企業附加價值,有形資產與無形資產皆會影響企業價值。具有實質所有權且能明確定義之資產種類很多,但屬於無形資產之人力資本、專利權、商標權則很難加以衡量。以往研究大多以企業價值出發,但企業價值是一種總額的概念,而企業附加價值卻是增額的概念,本研究以為若公司投資於無形資產的比率較高,則應會有較高的企業附加價值,且本研究以為無形資產對企業附加價值之貢獻,應會具有遞延效果,因此,除探討人力資本、專利權、商標權是否會影響當期之企業附加價值,亦探討無形資產對企業附加價值之遞延效果。 績效為企業效率與效能表達之最終成果(林孟彥,2003),許多研究皆支持企業績效會影響企業附加價值,當企業有較佳的企業績效時,可為投資人及股東創造財富,這也代表著績效愈好的企業,投資人會因為企業營運能力較好,提高投資意願,進而影響企業附加價值,因此,本研究亦探討企業績效對企業附加價值的影響。 本研究以2004年至2008年我國上市及上櫃公司為研究對象,實證結果發現(一)企業績效對企業附加價值會有正向顯著之影響,代表投資者對於企業績效較佳的企業,除了給予該有的價值反映外,基於預期的心理,會給予更高的企業價值,因此產生企業附加價值;(二)人力資本對企業附加價值會有正向顯著之影響,且本研究發現人力資本對於企業附加價值具有二年之遞延效果,代表企業之人才知識水準具有企業附加價值,且因人才對於企業之貢獻會隨著時間展現,因此投資者除考量本期企業之人力資本外,亦會參考過去二年內之員工資訊;(三)專利權對企業附加價值之影響具有遞延一期之效果,代表投資者重視企業創新的能力,亦即投資者於評估企業之價值時,上期之專利權會對企業附加價值有顯著重大影響。另本研究發現當企業規模越大、屬於成長期之企業,其附加價值會越大。
We are concerned in those firms with having the same firm value maybe have different enterprise value added. Tangible and intangible assets both affect firm value. Assets that have a physical existence, or give the holders definite set of financial rights are classified as tangible assets, as opposed to intangible assets such as human capital, patent and trademark. Firm value is the concept of total value, but enterprise value added is the concept of increased value. If a firm with the higher percentage of total intangible assets than others, it may be have higher enterprise value added. We examine the relation among the human capital, patent and trademark, business performance and enterprise value added in this study. Many previous literatures refer to business performance will affect enterprise value added. We consider the effect of business performance on enterprise value added. We focus on whether the human capital will affect the current period’s enterprise value added, and what is more. We focus on the Taiwan Securities Exchange (TSE) and Over the Counter (OTC) for five years form 2004 to 2008 in this paper. The empirical results show three key findings. First, business performance has a positive and significant impact on the enterprise value added. Second, the human capital has a positive and significant impact on the current period’s enterprise value added and deferred for a period of two year. Third, the patent has no significant impact on the impact on the current period’s enterprise value added and deferred for a period of one year.