在知識經濟下的新企業競爭環境,企業的成功不再是僅依靠傳統有形資產,無形項目,亦稱智慧資本,重要性逐漸凌駕於土地、資金、廠房等實體生產要素之上。但因智慧資本項目並不全都能符合會計上無形資產的定義,受限於會計準則對於資產認列及評價之規定,這些對智慧資本的投資無法認列在資產負債表上,財務報表可能無法完整呈現公司的真實價值。故本研究選擇從人力資本、顧客資本及創新資本三方面切入,探討這些未表達在財務報表上的項目是否的確對公司價值創造有幫助。 本研究理論架構是依照Ohlson(1995)的評價模型,以價格模式與報酬模式來進行研究,觀察人力資本、顧客資本及創新資本對於公司評價是否具攸關性,模型之解釋力是否會因為加入了智慧資本變數而提高。 實證結果發現:在人力資本變數方面,員工教育程度:在價格模式下,對股價不具解釋力;在報酬模式下,員工教育程度變動率對股票報酬率具正向解釋力。員工年齡:在價格模式下,對股價具負向解釋力;在報酬模式下,員工年齡變動率對股票報酬率具正向解釋力。每股員工生產力:在價格與報酬模式下,皆不具解釋力。 在顧客資本變數方面,每股重要顧客銷貨金額:在價格模式下,對股價具正向解釋力;在報酬模式下,對股票報酬率不具解釋力。每股廣告費:在價格與報酬模式下,皆不具解釋力。 在創新資本變數方面,累積有效專利權件數:在價格及報酬模式下,皆具正向解釋力。每股研究發展金額:在價格及報酬模式下,皆具正向解釋力。 綜合價格與報酬模式的發現,智慧資本確實有助於公司價值的提昇。
With the coming of knowledge economy, intellectual capital have become the most important sources of competitiveness. The paper is based on Ohlson (1995) price model and return model to examine the value relevance of human capital, customer capital and innovation capital. The empirical results are as follow: 1. There’s no significant association between employee’s education background and stock price. However, employee’s education background has significantly positive explanatory power with respect to stock price return. 2. Employee’s age has significantly explanatory power with respect to stock price and stock price return. 3. Labor productivity is not significantly relevant to firm valuation. 4. Sales of important customers is significantly relevant to stock price. However, there’s no significant association between sales of important customers and stock price return. 5. Advertising expense is not significantly relevant to firm valuation. 6. Numbers of patents has significantly positive explanatory power with respect to stock price and stock price return. 7. R&D has significantly positive explanatory power with respect to stock price and stock price return. In summary, intellectual capital can explain stock price or stock return. It implies that firms can increase their equity value through a determined effort to improving their intellectual capital.
為了持續優化網站功能與使用者體驗,本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。
若您繼續瀏覽本網站,即表示您同意本網站使用Cookies。