The Value-Relevance of Intellectual Capital: Analysis from Corporate Life Cycle

• Main Authors: Kuo-Tung Chen, 陳國棟
• Other Authors: Yii-Fen Kao
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/13932233019868894831

碩士 === 萬能科技大學 === 經營管理研究所 === 95 === This paper investigates the relationship between intellectual capital and market value of the company, and whether the market appraises the variable of intellectual capital for a differential stage in a corporation life cycle. The Ohlson Valuation model was utilized for the framework of this study. This study adopts Pulic’s (2000) Value Added Intellectual Coefficient (VAICTM) as the proxy variable of expected abnormal earnings (intellectual capital). The VAICTM is composed of three elements: VACA (value added capital coefficient), VAHU (human capital coefficient), and STVA (structural capital coefficient). We divided samples into various life cycle portfolios based on the methods developed by Anthony and Ramesh (1992) and Chin, C. L. et al., (2004). We use composite score as life cycle indicator (growth, mature, stagnant). The results of this study indicate that there is significant relationship between market value of the company and VAIC, market value of the company and VAHU. Furthermore, VAIC™ and element of the VAIC™ response coefficients decrease from the growth of the stagnant portfolios.