| Summary: | 碩士 === 國防管理學院 === 國防財務資源研究所 === 90 === The intangible assets (also known as intellectual capital, IC), creating value for enterprises, not recognized in the traditional financial statements, are measured by the difference between market price and book value of a firm. Edvinsson and Malone (1997) point out that market prices of the U. S. enterprises are usually 2 to 9 times of their book values. This reveals that evaluating an enterprise’s value can’t rely solely on tangible assets, intangible assets should not be ignored in that they represent potential value of a firm.
This study uses market-to-book ratio as a proxy for IC, and refers to “prospectus” format regulated by Securities＆Futures Institute (SFI) and related literature to select 24 financial ratios for analysis. Using factor analysis and multiple comparison test, we analyze the systematic difference in financial ratios of companies with different levels of IC.
The findings show that except common financial ratios, R＆D and accounts receivable turnover are important to companies with higher stock IC, whereas advertisement and operating leverage is important to companies with lower stock IC. The analyses of common financial ratios show that companies with higher stock of IC tend to have higher ratios of return of assets and EPS and lower debt ratio. It seems that these companies operate efficiently and profitably and finance mainly with returned earnings.
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