無形資產對盈餘之遞延效果及價值攸關性

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Title:	無形資產對盈餘之遞延效果及價值攸關性
Other Titles:	An investigation of the deferred effect of the earnings and value relevance of intangible assets
Authors:	魏盟純;Wei, Meng-chun
Contributors:	淡江大學會計學系碩士在職專班曹嘉玲;Chao, Chia-ling
Keywords:	無形資產;價值攸關性;權益市值;intangible assets;value relevance;market value of equity
Date:	2008
Issue Date:	2010-01-11 04:25:13 (UTC+8)
Abstract:	本研究以台灣上市櫃公司為研究對象，探討財務會計準則第三十七號公報適用前帳列無形資產對盈餘遞延效果，另外，探討該公報適用前後不同種類的無形資產與股價間之反應，並比較公報發佈前後之股價反應是否有顯著差異。研究結果發現，在探討財務會計準則第三十七號公報適用前帳列無形資產對盈餘遞延效果方面，電腦軟體、專利權、商標權及其他無形資產對盈餘遞延1年有正向反應，但商譽對盈餘遞延1年有負向反應；電腦軟體、專利權及其他無形資產對盈餘遞延2年有正向反應，但商譽對盈餘遞延2年有負向反應；專利權及其他無形資產對盈餘遞延3年及遞延4年亦有正向反應；探討該公報適用前後不同種類的無形資產與股價間之反應方面，公報發佈前市場對專利權及扣除專利權、商標權、電腦軟體及商譽以外之無形資產呈現正向反應，而公報發佈後市場對電腦軟體及扣除專利權、商標權、電腦軟體及商譽以外之無形資產亦呈現正向反應。然而，比較股價在公報發佈前後對不同類型無形資產之反應方面，本研究發現，僅有電腦軟體於公報採用前後之差異數存有顯著的差異，此結果顯示投資人認為公報適用後公司帳上認列之電腦軟體設備比公報適用前較具有價值攸關性。最後，為使研究結果更為穩健，本文亦針對無形資產變數做了敏感性分析。 This paper examines the market reaction to various intangible assets reported after the adoption of Statement of Financial Accounting Standards (SFAS) No. 37, “Accounting Treatment of Intangible Assets.” In addition, the association between the stock price and relevant intangible assets are contrasted prior versus subsequent to the adoption of the pronouncement. The empirical results show that the market responds positively to patent and other intangible assets (i.e., intangible assets excluding patent, brand name, computer software, and goodwill) before the issuance of SFAS No. 37 and also positively to computer software and other intangible assets reported in the year of adoption. In addition, the results document that the association between stock price and computer software after SFAS No. 37 is more significantly positive relative to that before the pronouncement, suggesting that the value relevance of computer software increases in response to the adoption of the new standard. The above implications are robust to alternative variables definitions.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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