摘要(英) |
Up to now, there isn’t an agreement way to show the intellectual capital (IC) of a company. The information about IC becomes voluntary disclosure used to compensate the weakness of the traditional financial statements. The purpose of this study is (1) to investigate the current state of how each company disclose their IC information, and (2) to see if the evaluations of IC performance recognized by further studies do really reflect the value of IC, and (3) to verify if the extent of IC disclosure is influenced by IC performance.
This paper applied S. Mitchell Williams’s research, and analyzes the sample of firms making initial public offerings (IPOs) of common stock in Taiwan Stock Exchange between 1999 and 2001. The results are as follows:
1.A difference was noted in IC disclosure index over two successive periods. From 1999 to 2000, only the change of structure capital is significant. From 2000 to 2001, the changes of human capital and customer capital are significant. Especially, Only the innovation capital isn’t significant during the research period. Besides, the change is always positive, which implies the companies do increase their disclosure items in IC information.
2.A difference was noted in IC performance over two successive periods. But we cannot make sure their way of influences. And the standard deviation shows that the difference among firms is getting bigger and bigger.
3.The IC performance has no impact on the extent of IC disclosure. During the research period, the IC performance is not significant related to IC disclosure and the coefficient isn’t consistent. The result is as S. Mitchell Williams’s findings. But when it comes to the organizational factors, all the impact was negative, which is not correspondence with the review of the foreign literature. It may be caused by the specifics of Taiwan stock market. Three variables (the industries type, leverage and the disclosure of prior years) are statistically significant.
4.IC disclosure has impact on company’s financial performance. IC disclosure is getting more and more significant. In 2001, it is statistically significant. However, the effect was negative, it means that nowadays disclosure turns out to be unfavorable to financial performance. |
參考文獻 |
1. 王泰昌、劉嘉雯(民89),經濟附加價值(EVA®)的意義與價值,中華管理評論,Nov 2000 Vol.3 No.4 pp.15~31。
2. 王敦正(民90),週轉率與訊息反應在台灣股市之實證研究,東海大學企管系,碩士論文。
3. 杜家媛(民88),盈餘宣告市場反場對自願性揭露誘因之實證研究,彰師大商業教育學系,碩士論文。
4. 林俊明(民86),股票股利的資訊內涵:以訊號接受者觀點分析,中山大學企管所,碩士論文。
5. 林繼耀(民91),資訊公平揭露與終結內線交易-試論美國證券交易法公平揭露規則新制,中原大學財經法律學系,碩士論文。
6. 邱碧珠(民89),資訊揭露程度與權益資金成本間之關係:我國資訊電子業的關係,台灣大學會計研究所,碩士論文。
7. 施純協,祥宇開發智能小組編譯,智能資本,民國89年。
8. 馬秀如、劉正田、俞洪昭、諶家蘭(民90),無形資產之評價與揭露,台灣證券交易所「資訊軟體業無形資產鑑價制度」之研究報告。
9. 崔琇玫(民90),高研發企業主動揭露預測性非盈餘及智慧資本資訊行為之研究,政治大學會計學系,碩士論文。
10. 陳正佑(民91),台股動量策略與反向策略投資績效之實證研究,中山大學財管系,博士論文。
11. 蔡德淵(民91),台灣股市「漲時重勢,跌時重質」之實證研究,成功大學企管研究所,碩士論文。
12. 饒祥浩(民91),從企業、分析師及會計師觀點論資訊電子業智慧資本資訊之揭露,,政治大學會計學系,碩士論文。
13. Nick Bontis (2002), “Intellectual Capital disclosure in Canadian Corporations”, Journal of Human Resource Costing & Accounting, pp.1-14.
14. Nick Bontis (2002), “Assessing knowledge assets: a review of the models used to measure intellectual capital”, International Journal of Management Reviews, vol.3 Iss.1, pp.41-60.
15. Manfred Bornemann and Karl-Heinz Leiter (2002) , “Measuring and Reporting Intellectual Capital : The Case of a Research Technology Organization”, Singapore Management Review, Vol.24 Iss.3, pp.7-21.
16. Manfred Bornemann (1998), “Empirical Analysis of the Intellectual Potential of Value Systems in Austria according to the VAIC™ method”, http://www.measuring-ip.at/
17. Niamh Brennan (2001), “Reporting intellectual capital in annual eports: evidence from Ireland”, Accounting, Auditing & Accountability Journal, Vol.14 No.4, pp.423-436.
18. Robert M Bushman, Raffi J Indjejikian (1995), “Voluntary disclosures and the trading behavior of corporate insiders”, Journal of Accounting Research, Vol.33 Iss.2, pp.293-317.
19. Jason Hurwitz (2002), “Stephen Lines, Bill Montgomery and Jeffrey Schmidt, The linkage between management practices intangibles performance and stock returns”, Journal of Intellectual Capital, Vol.3 No.1, pp.51-61.
20. Lynn L.K. Lim and Peter Dallimore (2002), “To the public-listed companies, from the investmwnt community”, Journal of Intellectual Capital, Vol.3 No.3, pp.262-276.
21. Jose M. Marin and Rohit Rahi (2000), “Information Revelation and Market Incompleteness”, Review of Economic Studies, Vol.67 , pp.455-481.
22. Jeltje van der Meer-Kooistra and Siebren M. Zijlstra (2001), “Reporting on intellectual capital”, Accounting, Auditing & Accountability Journal, Vol.14 No.4, pp.456-476.
23. J. Mouritsen and H.T. Larsen and P.N. Bukh, and M.R. Johansen (2001), “Reading an intellectual capital statement: describing and prescribing knowledge management strategies”, Journal of Intellectual Capital, Vol.2 No.4, pp.359-383.
24. Patricia Ordonez de Pablos (2002), “Evidence of intellectual capital measurement from Asia, Europe and the Middle East”, Journal of Intellectual Capital, Vol.3 No.3, pp.287-302.
25. Irena Podov and Philippe Leliaert (2002), “FiMIAM: financial method of intangible assets measurement”, Journal of Intellectual Capital, Vol.3 No.3, pp.323-336.
26. Ante Pulic (2000), “VAIC™ -An Accounting Tool for IC Management”, AUSTRIAN INTELLECTUAL CAPITAL RESEARCH CENTER, http://www.measuring-ip.at/Papers/ham99txt.htm
27. Ursula Schneider (1998), “The Austrian Approach to the Measurement of Intellectual Potential”, http://www.measuring-ip.at/Opapers/Schneider/Canada/theoreticalframework.html
28. Catherine M. Schrand and Beverly R. Walther (2000), “Strategic Benchmarks in Earnings Announcements The Selective Disclosure of Prior-Period Earnings Components”, The Accounting Review, Vol.75 No.2, pp.151-177.
29. A. Seetharaman, Hadi Helmi Bin Zaini Sooria and A.S.Saravanan (2002), “Intellectual accounting and reporting in the knowledge economy”, Journal of Intellectual Capital, Vol.3, pp.128-148.
30. S. Mitchell Williams (2001), “Is intellectual capital performance and intellectual capital disclosure practices related? ”, Journal of Intellectual Capital,Vol.2 No.3, pp.192-20 |