無形資產價值衡量之研究─企業評價之觀點

Abstract

近年來許多上市公司的市場價值對帳面價值比率不斷攀升，加上網際網路、生物科技等新創公司的股價飆漲現象，反映出資本市場投資大眾對於企業價值的評量標準，已經逐漸改變，投資人不僅在意企業營運的現況，更加著重未來創造高附加價值的潛在能力。此一在傳統會計報表上隱而未見的能力，即尚未入帳的商譽，泛稱為無形資產，在企業資源分配以及投資決策上，將成為越來越重要的衡量指標，但若無法量化衡量，將無法發揮其效益。 有鑑於現代財務理論的精神在於相信企業最終的實際經營結果，對眾多影響企業經營風險的眾多因素不予以討論，本研究援引美國官方承認的「資本化超額盈餘法」為無形資產價值之衡量方法。本法與資產報酬模式之內涵相同，由企業財務經營結果出發，並以「超額盈餘」來代表無形資產對企業價值的貢獻，並具有以金額表達、可比較、容易了解之優點。 以本法實證檢驗1994年至2002年間我國上市產業經營無形資產的結果後，發現以：食品、塑膠、電機、橡膠、汽車、及資訊電子共六大產業具有無形資產價值，其中又以汽車產業的表現最佳。另外，對無形資產價值、帳面價值及企業合理價值進行檢驗結果，顯示無形資產價值及年度變動項對企業總市值的解釋能力達顯著水準，說明企業欲提升本身價值，可藉由提升本身之超額盈餘來累積無形資產，如果虛增投資，對企業價值並無助益。

In recent years, the ratios of market-to-book value for many firms seem to ride on a rising tide. The evidence seems to suggest that investors have systematically changed their valuation on those firms. In this so-called knowledge-based economy, intangible assets, such as customer relation, goodwill, knowledge management, have become the major source of value for many firms. For better decision making in resource allocation, managers need a reliable method to measure the value of intangible assets. The purpose of this thesis is to discuss and apply the capitalized excess earnings method in the measurement of the value of intangible asset for Taiwan’s listed firms. This method was first introduced and mandated by the Treasury Department of the United States government. Financial data for all listed firms in Taiwan over the period from 1994 to 2002 were collected and analyzed. Panel data regression models were then proposed and tested. The results of our study showed that six industries of food, plastic, electrical, rubber automobile, and information electronics posted positive value of intangible assets. To our surprise, among them, the automobile industry took the lead in the value of intangible assets. Further, we also found that the explanatory power of the value of intangible assets on the market value of the associated firms is significant.