創新資本之衡量與價值

Measurement and Valuation of Innovation Capital

鍾雅惠(Ya-Hui Chung)

指導教授 ： 葉金成

淡江大學/管理學院/會計學系碩士班/碩士(2008年)

https://doi.org/10.6846/TKU.2008.00857

摘要

本研究之目的，在找尋創新資本之適當衡量指標與探討創新資本對公司價值之影響。過去研究有從投入面衡量者，有從產出面衡量者，且每一構面之衡量代理變數選擇不確定。然而每一個代理變數對公司價值之影響是不同的。本研究以我國上市公司為樣本，以Ohlson model為實證模型進行分析。在創新資本的投入面，將研究發展支出分成費用化模式及資本化模式，實證結果顯示，研究發展支出資本化對公司價值的解釋力較佳，就中間產出面而言，在專利權相關的衡量變數中，美國專利核准數及專利權被引用數對於公司價值的解釋力均較台灣專利權核准數佳。另以權利金收入、技術報酬收入及技術服務收入三者的合計數作為最終產出面創新收入的衡量變數，研究結果顯示，創新收入對於公司價值具有顯著之正向影響，表示創新收入可作為衡量公司價值的指標。本研究結果亦顯示，各構面之衡量變數除美國專利權核准數存量外其餘與公司價值均呈正向顯著的關連性，且不管由單一構面衡量創新資本與公司價值之關連性，或者同時考量三個構面衡量創新資本與公司價值的關連性，其間的差異不大，即表示僅由單一構面來衡量創新資本也可看出創新資本有助於公司價值之創造，尤以產出面之相關指標來觀察較佳，其可作為投資人在選擇投資標的時較佳的指標。

關鍵字

創新資本 ； 研發投入 ； 研發產出 ； Ohlson模式

並列摘要

The purpose of this research is to search for the proper measurement index of the innovative capital and explore its effect on the value of firm. There are past researches from input aspect as well as output aspect, and the proxy variables of every aspect is chosen not certainly. Nevertheless, every proxy variable has different effect on the value of the firm. The samples were from the listed companies in Taiwan and using the Ohlson model as an empirical model. In the input aspect, the research and development expenditure was divided into an expense model and a capitalization model, the empirical result showed that the capitalization of research and development expenditure had better explanatory power on the value of the firm. In the intermediate output aspect, the explanatory power on the value of the firm by the approved patents in USA and the patent citation from USA were all better than the explanatory power by the approved patents in Taiwan. The total amount of loyalty income, technical reward and technical service revenue was the proxy variable “Innovation Income” of the final output aspect of this research. The empirical result showed that innovation income has positive impact on the value of the firm that could be one of the indicators to explain the value of the firm. Summarizing the research results, expect for patents capital stock, these showed a positive significant relationship between the other proxy variables of various aspects and the value of the firm. No matter by single aspect or three aspect together, the correlation between innovation capital and the value on firm changes little, meaning that innovation capital measured only from single aspect also could observe the creation of value of the firm, especially in output aspect, could be better index when investors were selecting investment objects.

並列關鍵字

Innovation Capital ； R&D input ； R&D output ； Ohlson model

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