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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9654


    Title: 無形資產、財務績效與市場價值-金融服務業之整合性研究
    Authors: 林盈利
    Contributors: 管理學院
    財務金融學系
    Keywords: 無形資產;財務績效;市場價值
    Intangible Assets;Financial Performance;and Market Value
    Date: 2009
    Issue Date: 2010-05-14 14:49:34 (UTC+8)
    Abstract: 由於金融國際化與自由化之趨勢,對於金融業而言,如何提昇公司價值已成為重要
    議題,對於銀行專注於無形資產之核心價值,非財務因素對於公司價值之影響已逐漸超
    過財務績效。故此研究除引用Ohlson(1995)提出之剩餘所得評價模型,根據超常盈
    餘及無形資產估計經風險調整後之權益價值外,亦根據三因子模型檢驗系統風險、公司
    規模及淨值市價比對經風險調整後及股價之差距的影響。
    然而,由於市場價值及帳面價值存在差異之因素,導致帳面價值已無法反映出企業
    的真實價值,亦即資產負債表已無法充分反映出無形資產價值,導致財務報表失去價值
    攸關性及資訊有效性,故分析影響公司價值之因素時,若未考慮投資於研發、行銷及人
    力素質等無形資產之影響,將使推論產生偏誤。因此,本研究依據無形資產之角度,分
    析銀行業市場價值與帳面價值產生之原因,此外,由於瞭解價值創造過程將有助於制訂
    正確決策,故本研究亦將檢驗無形資產、財務績效及市場價值是否存在顯著之關聯性,
    亦即,本研究將發展出一個可檢驗無形資產、財務績效及市場價值關聯性之模型,,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差異。
    本研究根據日益受到學術界重視的無形資產,藉由探究無形資產之價值攸關性,無
    形資產及績效之間有否存在顯著的關係,期待藉研究結果能促使銀行管理者重視無形資
    產,並瞭解無形資產之影響及如何制訂未來發展方向,
    In the tendency of financial internationalization and liberalization, how to improve the
    company’s value has become the important subject on the development of the bank industry.
    To a company in the financial service industry that focuses its core value on intangible assets,
    non-financial factors that are related to the company market value are even more important
    than financial performance. This study uses the residual income valuation technique outlined
    in Ohlson (1995) to estimate risk-adjusted value based on the abnormal earnings, and
    intangible assets for the bank industry. This study contributes to the prior research by
    clarifying how the approach can be extended to settings where value is created from
    abnormal earnings and intangible assets. Besides, this study also investigates the impact of
    systematic risk, firm size, and book-market ratios on the gap between risk-adjusted value
    minus stock price.
    Otherwise, the book value of a company and its market value are quite different and the
    former cannot adequately reflect the company’s intrinsic value. This might suggest that the
    values of intangible assets are not fully reflected in the balance sheet, and thus financial
    statements seem to lose their value relevance and information effectiveness, leading to the
    popularity of issues relevant to intangible assets. If we were to only use financial indicators in
    the traditional way, this might result in a biased inference. In fact, many believe that
    successful competitiveness in the 21st century will demand and be dependent upon the
    effective management of intangible assets. This is especially true in the bank industry, where
    intangible investments in such areas as research and development, marketing and sales,
    human resources recruitment and training are crucial to success. Therefore, this study also
    brings up an idea about intangible assets of bank, which, more and more to be esteemed in
    administration circles, can provide domestic banks for discussion and comparison concerning
    their intangible assets. The second purpose of this study is to determine the main reasons for
    the difference between book value and market value in the bank industry. Moreover, while a
    better understanding of the value creation process can then be used as the basis for validation
    as well as decision-making. Therefore, this study explores whether bank has obvious relation
    between intangible assets, financial performance, and market value. That is, this study also
    develops and empirically tests a model for examination of the relations among intangible
    assets, financial performance, and market value.
    This study expect that the administrator of bank management will attach importance to
    intangible assets through the result of study, and deeply consider the existential value of
    bank’s self as well as the direction of future development.
    Appears in Collections:[財務金融學系] 科技部研究計畫

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