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題名：以智慧資本觀點探討知識經濟時代的價值攸關性
作者：高玉芬 引用關係
作者(外文)：Sandykao
校院名稱：國立臺北大學
系所名稱：企業管理學系
指導教授：古永嘉
學位類別：博士
出版日期：2005
主題關鍵詞：價值攸關性；無形資產；智慧資本；知識經濟；微利時代；Intangibles；Intellectual Capital
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國立臺北大學93學年度第2學期　博士學位論文提要
論文題目： 以智慧資本觀點探討知識經濟時代的價值攸關性 論文頁數： 106
所　組　別：　企業管理學系　 （學號：88979012）研　究　生：　　高玉芬　　　
指導教授：　古永嘉 教授
論文提要內容：知識經濟時代，企業環境電子化，生產作業自動化，在企業生產力提昇的同時，全球化的競爭也更加劇烈，形成了毛利下降的微利時代，在環境變遷的過程中，盈餘、帳面價值與股價間之價值攸關性受到強烈質疑，而股價與與淨值間的差異應存在著許多被忽略的重要變數，故本研究欲由財務變數與股價之關聯性為起點，藉由複迴歸分析，探討上市公司14年來（1990年至2003年），知識密集產業與一般產業，在知識經濟期間（2000年至2002年）與其他期間，基本模式與延伸模式對股價解釋力的變化。首先運用Ohlson 模型（1995），以當期權益帳面價值與當期持續性盈餘，建構基本模式，而後在預測超額盈餘的部分，運用智慧資本的架構，整合未入帳無形資產的代理變數，展開延伸模式，以員工紅利 ( 現金及股票 )作為人力資本的代理變數，以營收成長金額、廣告費作為顧客資本的代理變數，以研究發展與技術與權利金支出作為創新資本的代理變數，以增額資本支出、董監事酬勞作為流程資本的代理變數，探討延伸模式對股價解釋力的影響，企圖尋找可代表超額盈餘，但卻被忽略的重要無形資產變數，並檢視新增變數對股價之增額解釋能力。實證結果發現，會計基礎股價評價模式，對台灣上市公司股價有相當的解釋能力，基本模式中，權益帳面價值與盈餘等傳統財務會計資訊對股價仍具顯著正向價值攸關性。而加入智慧資本架構後之智慧資本模式，對權益市值之解釋力，不論在全部樣本或分群樣本皆提升，尤以知識密集產業為甚。全部樣本與一般產業樣本中，顯著變數為員工現金紅利、股票紅利、營收成長、研發支出、董監事酬勞。知識密集產業樣本，顯著變數為員工現金紅利、股票紅利、研發支出。最後，運用縱斷面橫斷面混合迴歸（pooling）確認模式之穩定性後亦發現，所有樣本基本模式之自變數皆顯著，且係數為正，與複迴歸分析結果一致，在延伸模式，知識密集產業樣本與複迴歸分析結果亦完全相符，顯示模式相當穩定。本研究之主要貢獻除界定知識密集產業與知識經濟期間外，並提供尋找預期超額盈餘代理變數的系統化方向，驗證智慧資本架構有助於評估企業權益價值的假設，而智慧資本代理變數不但提升且穩定了延伸模式之解釋能力，適用於所有產業樣本。
關鍵字: 價值攸關性；無形資產；智慧資本；知識經濟；微利時代
Abstract
Intellectual Capital as Predictors for Value-relevance
in the knowledge economic era
By
Kao, Yii-Fen
（June 2005）
ADVISOR: Dr. Goo, Yeong-Jia
DEPARTMENT: DEPARTMENT OF BUSINESS ADMINISTRATION
MAJOR: FINANCE
DEGREE: PHILOSOPHY OF DOCTOR
Many claim that financial information has become largely irrelevant to explaining valuations in a knowledge-based, fast-changing and technology intensive economy. There is greater variation in firm values remaining to be explained by uncorrelated omitted factors. This paper explores whether, and to what extent, traditional financial variables for expected abnormal earnings are relevant for explaining equity values of firms operating in the knowledge economic era. Following previous literature, we adopt the model suggested by Ohlson (1995) to investigate the relation between firm’s market value and their determinants. Besides book value and current earnings, we induct the conceptual framework of intellectual capital in regression model to capture expected growth in future earnings. First, we include cash bonus and stock bonus as proxies of human capital. Second, we include sales growth and advertising as proxies of customer capital. Third, we include R&D, licensing and loyalties as proxies of innovation capital. Fourth, we include capital expenditures and remuneration of directors as proxies of process capital. We predict positive coefficients on all of our intellectual capital proxies except advertising. Under the concept of intellectual capital, we attempt to develop a conceptual and operational model to evaluate a company’s value on all the capital it employs and to selected variables that correspond to categories of intellectual capital have a positive correlation to increase in stock performance.
Using a broad sample of 4,815 firm-year observations between 1990-2003, we estimate the cross-sectional relation between equity value and firm-level financial information over a long time period and assume. A particular emphasis is placed on the knowledge economy subperiod occurred in the 2000s in which the relation between equity value and financial variables differs from previous periods. We also compare the value relevance of financial information for the knowledge intensive stocks with other stocks.
We document that for all samples, the level of firm value and cross-sectional variation in firm value increased substantially around the knowledge economy subperiod. Our results reveal that contemporaneous book value and earnings is significantly related to equity value in all firm samples and sub-samples, and for all period and economy subperiod, but the regression model’s explanatory power is unstable. The combined value-relevance of book values, earnings and intellectual capital variables has improved over the past fourteen years and, in fact, appears to have increased obviously. While the declined value-relevance of book value and earnings has been replaced by intangibles, especially in the knowledge intensive stocks. In the full samples and other stocks samples, the signs of the estimated coefficients of all significant variables are consistent with prior research, book value and earnings, cash bonus and stock bonus, sales growth, R&D, remuneration of directors have significant coefficients. Further, in the knowledge intensive stocks samples, book value and earnings, cash bonus and stock bonus, R&D have a consistent relation with firm value. The regression results suggest that our regression model is robust over time and across subsamples of firms. Overall, we find that intellectual capital variables of equity value remain applicable to firms in all samples and especially in the knowledge economic era.
Key word : Value-relevance；Intangible asset；
Intellectual capital; Knowledge economy；Economy downtime
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