智慧資本評價之探討-以台灣金融業為例

A Study on Intellectual Capital Valuation Theory -An Empirical Investigation of Financial Industry in Taiwan

王珍菁(Chen-Ching Wang)

指導教授 ： 陳建宏 ； 張阜民

朝陽科技大學/管理學院/財務金融系/碩士(2010年)

摘要

知識經濟時代下，無形資產成為提升企業競爭力之重要籌碼。許多公司開始衡量其所擁有的無形資產，更在財務報表上呈現無形資產的價值，以提高投資人對公司的信心。儘管各類無形資產的衡量模式不斷的被提出，但至今仍沒有一個衡量模式為大家所接受。本研究以 2004 年初至 2008 年底之台灣金融產業為研究對象，利用迴歸分析及因素分析的方式，以期了解何種評價理論為金融產業智慧資本評價的較適模型。
實證發現，針對台灣金融產業而言，若使用營業利益率做為無形資產價值的代理變數，因不受市價及營運績效之波及，其解釋能力較高; 若使用本益比法評價理論，因受市價的波動太大，其解釋能力相對為較低。此外在智慧資本指標影響無形資產價值方面，普遍受人力資本影響較大，且依不同產業特色影響無形資產價值之智慧資本衡量指標也有不同。

關鍵字

迴歸分析 ； 因素分析 ； 智慧資本評價理論 ； 智慧資本

並列摘要

Under the era of knowledge economy, the intangible assets become to the important counter of the promotion enterprise competition. Many companies not only started to measure the values of intangible assets, but also reported the intangible asset values on the financial reports in order to strength their stockholders’ confidence. Although many different intangible assets measurement models had been proposed, however there is no general accepted one. Therefore, this study focused on the financial institutions in Taiwan and tried to propose an intangible assets measurement model for evaluation. By taking the financial institution in Taiwan as the samples during 2004-2008, we employed the methods of multiple regression and factor analysis to evaluate the value of intangible assets for all financial industry based on those intellectual capital evaluation theories.

Through the empirical study, several results are presented in this paper. For the financial institution in Taiwan, using Operating profit margin indexes as the proxy variable of intangible assets, their explanation ability is better than other indexes, due to it is not influenced by market price and operating effects. On the other hand, due to Price/Earning Multiples ratio indexes could be influenced by market prices, their explanation ability is worse than others. In addition, from the investigation of the relationship between intellectual capital indexes and the value of intangible assets, we found that the value of intangible assets could be influenced strongly by human capital index with different industry characters, intellectual capital indexes are also influenced differently among industries.

並列關鍵字

Intellectual Capital ； Factor Analysis ； Intellectual Capital Evaluation Theory ； Multiple Regression

參考文獻

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