智慧資本與市價淨值比攸關性之研究

The Study of Association between Intellectual Capital and Market Price-to-Book Ratio

顏萬春(Wan-Chun Yen)

指導教授 ： 余霆 ； 鄒翊

中原大學/商學院/會計研究所/碩士(2008年)

https://doi.org/10.6840/cycu200800056

摘要

摘　　要
隨著知識經濟的快速發展，決定公司營運成果往往是公司的無形資產，也就是包含公司人力、關係以及結構等智慧資本，鑑於傳統財務報表無法反映企業的真實價值，導致財務資訊的提供有不足的現象，本研究利用智慧資本的觀念架構，探討研發、廣告和人力支出對企業價值的影響， 期使投資人能獲得更多且攸關的財務資訊，俾以做出正確的決策。
本研究以民國90年至民國94年為研究期間，選取在台灣上市之各產業公司為探討對象，有效樣本公司共計445家，同時探討智慧資本及產業別與企業價值（市價淨值比）之攸關性。本研究之實證結果發現：
　　就創新資本而言，研究發展支出及研發密集度與企業價值呈現顯著的正相關，顯示研究發展支出愈大及研發密集度愈高的公司，企業價值提昇的幅度亦愈大。就人力資本而言，薪資費用率呈顯著的負相關，代表薪資費用率愈高的公司，其市價淨值比不但不會因此而提昇，反而會因此而下降。就衡量流程資本而言，管理費用率呈顯著的正相關，代表即管理費用投入得宜與否對企業價值之提昇影響甚鉅。就衡量顧客資本而言，市場成長率呈顯著的正相關，顯示當顧客對產品滿意度有所提昇且願意繼續下訂單時，代表企業價值亦有所提昇。
　　本研究發現研發、廣告和人力支出對企業價值貢獻的產業結構差異，可以作為企業進行無形資產相關支出投資時的指引，幫助企業創造出最大的市場價值。

關鍵字

市價淨值比 ； 智慧資本 ； 無形資產

並列摘要

Abstract
Following the rapid development of the knowledge-based economy, invisible assets of a company have often become the key factor in determining the achievements of the company’s operation, including intellectual capital such as manpower, public relationship and company structure. As the traditional financial report fails to reflect the true value of an enterprise, thereby resulting in insufficient provision of financial data, this study has utilized the conceptual structure of intelligent capital to explore the effects of R D, advertisement and expenses on manpower, on the enterprise. It is expected that investors can obtain more relevant financial data for making the correct decisions.

This study took the period from 2001 to 2005 as the study duration, and companies registered in the stock market from various industries in Taiwan were selected as the targets of discussion, accounting for a total of 445 companies as the effective samples. Meanwhile, the significance related to intellectual capital, industry and corporate value (market-to-book value), is discussed, and the empirical results of this study are described as follows:

In terms of innovative capital, RD, RDS and MBR have showed positive significant effect, which indicates that companies with higher RD and RDS also possess greater amplitude of MBR improvement. In terms of manpower capital, the SS showed negative significant effect, which indicates that for companies with higher SS, the MBR will not increase accordingly; instead, it will be reduced as a result. In terms of capital for measurement procedures, the AS showed positive significant effect, indicating that adequacy of AS investment affects the improvement of MBR to a great extent. In terms of capital for customer measurement, the SG showed positive significant effect, indicating that corporate value increases when customers’ satisfaction towards the product increases and customers are willing to place further orders.

This study found that difference in industrial structure contributed by R D, advertisement and expense on manpower towards the valuation of an enterprise can act as guidance when the enterprise executes relevant investment on invisible assets, thus helping the enterprise to generate maximum market value.

並列關鍵字

Market-to-Book Ratio ； intellectual capita ； invisible assets

參考文獻

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