財務報表資訊與非財務報表資訊異常現象之探討:以應計項目與非財務指標為例

Accrual Based and Non-Financial Indicators Based Market Anomalies

黃仲賢(Chung-Shen Huang)

指導教授 ： 鄒翊 ； 曹壽民

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300537

摘要

摘要
本研究旨在探討股市是否能正確評估非財務指標的價值，亦即，股市是否存有非財務指標異常現象。囿於資料取得的限制，我們只能獲得專利權與商標權資訊，這兩個非財務指標也是公司重要的獲利來源，本研究所探討的非財務指標為專利權與商標權二者。如果股市無法正確評估非財務指標的價值，我們可以根據非財務指標價值多寡發展一個套利策略獲得超額報酬。另外，本研究也一倂探討我國股市是否存有應計項目異常現象，及非財務指標異常現象是否與應計項目異常現象有關。

關鍵字

商標權 ； 應計項目異常現象 ； 非財務指標異常現象 ； 專利權

並列摘要

Abstract

This paper investigates whether the stock market precisely price non-financial indicators, namely, whether the stock market exists non-financial indicators based anomaly？Data obtaining limitation, we simply acquire patents and trademarks information, both are the main resources of the company’s profit. Hence, we examine two non-financial indicators－patents and trademarks. If the stock market misprices non-financial indicators, we can extend a portfolio strategy to earn abnormal returns according to non-financial indicators. Further, we investigate whether the stock market in Taiwan exists accrual-based anomaly and whether it relates to the non-financial indicators anomaly.

並列關鍵字

Accrual-based anomaly ； Non-financial Indicators based anomaly ； Trademarks ； Patents

參考文獻

Chang, J., 1998. The decline in value relevance of earnings and book value. Working paper, University of Pennsylvania, Philadelphia, PA.

曹壽民，鄧秋菊，民國91年，商標價值之估計及其攸關性之探討。中央大學企管系。

Rajgopal, S., T. Shevlin and M. Venkatachalam, 2001. Does the Stock Market Misprice Non-Financial Value Prices？Working Paper.

Anthony, J. H. and K. Ramesh. 1992, Association between accounting performance measures and stock prices, Journal of Accounting and Economics 15 , 203-277.

Ball, R., and P. Brown., 1968. An Empirical Evaluation of Accounting Income Numbers. JAR, Autumn 1968, pp. 159-78.