| Summary: | 碩士 === 中國文化大學 === 會計研究所 === 96 === The dissonance between market value and book value of companies (thereafter, DMBV) has been of major concern to the Accounting professional. We explore this issue to shed new light on the determinants and meaning conveyed of the dissonance, using data from electronics companies in the period from 2002 to 2006. Our findings specifically show that variables positively associated with DMBV are number of patent, earnings, Z-SCORE and size. The results indicate that intellectual Capital and financial position are determinants of unexplained firm value. Furthermore, this study demonstrates that the above indicators are highly related to the subsequent earnings. Overall, the results not only indicate that DMBV can represent investors’ expectations to a firm’s future performance but also justify investors’ evaluation of firm value.
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