無形資產與文化創意產業股票評價

Intangible Assets and Stock Price in Cultural and Creative Industry

洪翊馨(Yi-Shin Hung)

指導教授 ： 林鳴琴

朝陽科技大學/管理學院/財務金融系/碩士(2015年)

摘要

隨著知識經濟時代的來臨，智慧資本取代了傳統的實質資產，成為影響企業成功的關鍵因素，無形資產與智慧資本逐漸成為企業的核心價值。
故本研究首先以Barth and Clinch (1998)模式為基礎，探討以知識資本與創意資本為企業所帶來的新興產業價值，進一步以Easton and Harris (1991) 之會計資訊模型為基礎，並以企業市價與帳面價值之差衡量無形資產價值，探討以知識資本與創意資本為核心競爭力的文創產業，其無形資產對企業股價報酬的影響。本文選取上櫃股票之文化創意類股為研究對象，樣本期間包括2008年Q2至2014年Q3，並採用縱橫資料迴歸，探討無形資產對文創類股股價及股票報酬的影響。實證結果顯示，無形資產對企業價值有顯著影響，在無形資產變動及盈餘變動方面對股票報酬亦有顯著影響。

關鍵字

無形資產 ； 文化創意類股 ； 股票報酬

並列摘要

Due to the emerging knowledge economy, intellectual capital and intangible assets replace the traditional real assets to become the core value of the businesses. Intangible assets play an important role to enhance the competitive capability of the businesses. In particular, intangible assets are very crucial for cultural and creative industry. Therefore, we choose the samples from the listed cultural and creative companies in Taiwan stock market. The sample period is from 2008 Q2 to 2014 Q3. This study explores the effects of intangible assets on stock returns in cultural and creative industry. By using panel data regression, the empirical results show that change of intangible assets and change of net income have significant effects on stock returns.

並列關鍵字

Intangible assets ； Cultural and creative stocks ； Stock returns

參考文獻

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