本文研究分析師預測與無形資產之間的關聯性，希望藉此瞭解無形資產對分析師預測特性的影響。由於無形資產具有不確定之未來經濟效益，不確定性因素使得投資者對於分析師預測有更多需求，增加分析預測的有用性。另外，資訊不對稱因素影響各個分析師擁有一般和特殊不同的資訊，可能造成分析結果有差異性。本文援引Barron, Kim, Lim and Stevens（1998）模型，分別計算分析師預測誤差及一致性。實證結果指出公司無形資產愈多，分析師之間預測一致性愈低，同時預測誤差也愈大。 This research examines the association between firms’ intangibles and analysts’ forecasts. This is for realize the impact of intangible expense and capital on properties of the information in analysts’ earnings forecasts. This research will use as Barron, Kim, Lim and Stevens（1998）model, to examine the properties of the information contained in analysts’ earnings forecasts, focus on two dependent variables: Consensus and squared error in individual forecasts averaged across analysts and the squared error in the mean forecast. The empirical result indicates that lower degree of consensus and higher forecast error exists among for high-intangible firms than low-intangible firms.
