An Empirical Examination of the Capitalized Excess Earnings Method－The Case of Taiwan Stock Market

• Main Authors: Alex Chu-Ping Chen, 陳祝平
• Other Authors: Chih-Young Hung
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/17146476917437510026

碩士 === 國立交通大學 === 管理學院碩士在職專班科技管理組 === 92 === The traditional financial statements can not reflect the value of intangible asset completely and correctly that exist between the difference of market-value and book-value. In this so-called knowledge-based economy, the measurement of intangible asset is getting important and necessary. The purpose of this thesis is to apply the capitalized excess earnings method for measuring 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 1991 to 2002 were collected and analyzed. Panel data regression models were then proposed and tested. The results of our study showed that seven industries of food, plastic, textile, chemistry, steel, rubber and automobile can be calculated the value of intangible asset. The second, the Ra of these seven industries is less than Cg, it matched the fact that Ra has to add premium to reflect the higher risk of intangible asset. In addition, the highest ratio that intangible asset’s value to firm’s total value is belonged to food industry; on the other hand, the lowest two industries for this ratio are chemistry and steel.