由於金融國際化與自由化之趨勢,在金融業方面,如何提昇公司價值已經成為現代重要議題,因此本研究擬根據銀行為研究對象,發展具會計基礎的評價模型,期望能夠客觀且準確地衡量理論價值,並且藉由信用卡、存放款業務估計無形資產價值與分析師跟隨,以分析無形資產與分析師跟隨對公司價值之差異的影響。此外,由於瞭解價值創造過程將有助於訂定正確決策,故本研究亦將檢驗無形資產、分析師跟隨及公司價值是否存在顯著關聯性,並比較金控公司子銀行與非金控公司子銀行是否存在顯著之影響。 研究結果發現無形資產與分析師跟隨之價值攸關性,金控公司子銀行與非金控公司子銀行具有顯著影響,同時,對金控公司子銀行與非金控公司子銀行而言,核心存款無形資產與分析師跟隨顯著影響財務績效,且財務績效顯著正向影響公司價值。本研究根據日益受到學術界重視的無形資產,並且加入分析師跟隨探究之價值攸關性,無形資產、分析師跟隨及公司價值之間有否存在顯著的關係,根據研究結果能促使銀行管理者重視無形資產,並瞭解財務績效對公司價值之影響及如何制訂未來發展方向。
Due to the trend of financial internationalization and liberalization, the enhancement of firm value has become a major issue in recent years. The current study takes banks as the research subject and develops an evaluation model with accounting as its foundation. The goal is to evaluate theoretical value objectively and accurately, and to estimate the value of intangible assets and analyst following by credit card and deposit/loan businesses in order to analyze the effect of intangible assets and analyst following in the difference of firm value. The study also examines whether there exists a significant correlation between the subsidiary banks of a financial holding company and independent banks. The results show that the value relevance of intangible assets and analyst following significantly influence subsidiary banks of a financial holding company as well as independent banks. In the subsidiary banks of a financial holding company and independent banks, we find that core deposit intangible assets and analyst following are significantly correlated with financial performance. Consequently, financial performance is positively associated with firm value.