| Summary: | 碩士 === 中原大學 === 會計研究所 === 93 === This study attempts to achieve the following objectives: (1) to explore the relationship between the valuation of corporation and intellectual capital based on Ohlson(1995)’s valuation model; (2) to investigate whether the model’s explanatory power will be improved if the intellectual capital variables are included. (3) to examine the association between intellectual capital and the indicators of the current period and the following period. The indicators of financial performance include the following: the return on equity, the return on assets, and the profitability of each employee. This work employs Pulic’s Value Added Intellectual Coefficient (VAIC) as the proxy variable of intellectual capital. The sample of this study consists of the firms listed in the Taiwan Stock Exchange from 1992 through 2002.
The findings indicate that VAIC has a significantly positive relation with stock price and the financial performance of the current as well as that of the following period. Furthermore, the results show that the model including intellectual capital variables substantially improves the explanatory power of Olson’s valuation model. This investigation also finds that the intellectual capital has a positive relationship with the financial performance for a lagged period. It suggests that investors can use this intellectual capital method to predict the financial performance of the company for the following period. This study further divides the aggregate sample by industry, then the results demonstrate that there is a significantly positive relation existed between intellectual capital and stock prices of the companies in most industries.
In summary, this investigation suggests that Pulic’s VAIC can measure the intellectual value of a company and can be used as the leading indicator of financial performance.
|
|---|
