美國S&P 500企業之銷管費用資本化與公司價值

Abstract

無形資產之擁有與運用，可以使企業的產品及服務有別於競爭者，為企業帶來差異化競爭優勢，進而創造更高的利潤，然而目前大部分的無形資產並未充分揭露於資產負債表上，而是直接在發生當年度認列為費用，造成會計資訊逐漸失去解釋公司股價或報酬的能力。其中，銷管費用可發展為公司的無形資產，加強公司品牌知名度和顧客忠誠度，因此本研究主要探討銷管費用資本化前後對於股價年報酬率的影響性。 本研究以2003年至2007年S&P 500中高銷管密度（SG&A/Sales）之公司為研究樣本1。研究結果顯示只有在高銷管密度公司中，銷管費用資本化後之密度對股價報酬率之解釋能力才會顯著較未資本化前高，且在不同產業和營收規模下也會有差異，非製造業之公司對股價報酬率之解釋能力較製造業高，高營業收入公司對股價報酬率之解釋能力也較低營業收入高，另外進一步將產業和營收規模做交叉分析，可知高營業收入且非製造業之公司對股價報酬率之解釋能力最高，而低營業收入且為製造業之公司最低。此結果符合資源基礎理論，企業必須依照本身公司屬性，配合外在環境的條件，辨識出本身的核心資源，適當地分配資源，以達到公司競爭優勢，獲取利潤。

Selling, General & Administrative Expenses（SG&A）can help company to enhance brand awareness and brand loyalty of company which can develop intangible assets. In this study we discuss the effects of capitalizing and expensing SG&A expenses with stock return and choose the high SG&A intensity of S&P 500 to be the sample. The major finding of this study is that the companies with high SG&A intensity which capitalizing SG&A is more related to stock return than expensing SG&A. Then we separate the sample by industry and sales to find out whether each dimension affects the correlation between SG&A and stock return. The nonmanufacturing firms and high sales firms are more related to stock return. To further discuss the cross between industry and sales, we find high sales and nonmanufacturing firm have higher explanatory power to stock return as compared to the low sales and manufacturing firms. Therefore base on resource-based theory, the company should according to the characteristic and the conditions of environment to identify its core competence, and then allocate resource properly to get the competitive advantage and profit.