臺灣博碩士論文加值系統

隨著知識經濟時代的來臨，智慧資本取代了傳統的實質資產，成為影響企業成功的關鍵因素，無形資產與智慧資本逐漸成為企業的核心價值。
故本研究首先以Barth and Clinch (1998)模式為基礎，探討以知識資本與創意資本為企業所帶來的新興產業價值，進一步以Easton and Harris (1991) 之會計資訊模型為基礎，並以企業市價與帳面價值之差衡量無形資產價值，探討以知識資本與創意資本為核心競爭力的文創產業，其無形資產對企業股價報酬的影響。本文選取上櫃股票之文化創意類股為研究對象，樣本期間包括2008年Q2至2014年Q3，並採用縱橫資料迴歸，探討無形資產對文創類股股價及股票報酬的影響。實證結果顯示，無形資產對企業價值有顯著影響，在無形資產變動及盈餘變動方面對股票報酬亦有顯著影響。

Due to the emerging knowledge economy, intellectual capital and intangible assets replace the traditional real assets to become the core value of the businesses. Intangible assets play an important role to enhance the competitive capability of the businesses. In particular, intangible assets are very crucial for cultural and creative industry. Therefore, we choose the samples from the listed cultural and creative companies in Taiwan stock market. The sample period is from 2008 Q2 to 2014 Q3. This study explores the effects of intangible assets on stock returns in cultural and creative industry. By using panel data regression, the empirical results show that change of intangible assets and change of net income have significant effects on stock returns.

摘要..................................................................................................................I
ABSTRACT.....................................................................................................II
誌謝.................................................................................................................III
目錄................................................................................................................ IV
表目錄.............................................................................................................VI
圖目錄.............................................................................................................VI
第一章　前言..................................................................................................1
第一節　研究背景......................................................................................1
第二節　研究動機與目的..........................................................................2
第三節　研究流程與架構..........................................................................4
第四節　研究流程圖..................................................................................5
第二章　文化創意產業介紹..........................................................................6
　第一節　文化創意產業介紹與起源..........................................................6
　第二節　文化創意類股.............................................................................10
　第三節　文化創意產業目前遭遇的問題.................................................13
第三章　文獻探討及模式建立.....................................................................15
　第一節　文獻探討.....................................................................................15
第二節　會計基礎評價模式.....................................................................18
　第三節　無形資產衡量模式....................................................................18
第四章　資料選取及研究方法....................................................................21
　第一節　資料來源....................................................................................21
　第二節　研究方法....................................................................................22
第五章　實證結果與分析............................................................................31
第一節　相關變數的平均數....................................................................31
　第二節　實證結果....................................................................................32
第六章　結論與建議....................................................................................40
參考文獻........................................................................................................41
中文文獻........................................................................................................41
英文文獻........................................................................................................41
附　錄............................................................................................................44
　






表目錄
表1　台北市藝文補助統計數量...................................................................9
表2　文創類股公司上櫃日期及營收來源..................................................11
表3　文化創意產業特徵..............................................................................16
表4　重要財務指標季平均值......................................................................31
表5　各變數敘述統計表..............................................................................33
表6　實證模型之檢定結果..........................................................................34
表7　會計基礎評價模式實證結果..............................................................35
表8　加入無形資產之評價模式實證結果..................................................36
表9　股價報酬之基本模式實證結果..........................................................37
表10　加入無形資產之股價報酬模式實證結果........................................38


圖目錄
圖1 研究流程圖...........................................................................................5
圖2　文創營收及家數變化..........................................................................13
圖3 panel data模型選取流程圖.................................................................28

中文文獻
沈薇 (2006) 。創新資本對企業經營績效與股票報酬之影響-以資訊電子業為例。中原大學，桃園市。
陳德富 (2014)。台灣文化創意產業智慧資本鑑價模式之探討-以琉園為例。中華管理評論國際學報，17(1)，01-24。
廖珮君(譯)(2006)。《文化產業》。(Hesmondhalgh, David著)，台北：韋伯文化國際出版有限公司。
鄭雯馨 (2004) 。研究發展與專利權對於股票報酬影響之探討。國立政治大學，臺北市。
劉曉蓉(2006)。文化創意發展成文化創意產業之特性研究。中山大學，高雄市。
顏信輝、顏裕芳(2002)。無形資產與台灣股票評價攸關性之研究－股市週期與產業別之影響。當代會計，3(2)， 121-147。

英文文獻
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Barth, M. E., M. B. Clement, G. Foster, and R. Kasznik. (1998). Brands value and capital market valuation. Review of Accounting Studies, 3,41-68.
Booth, R. (1998). The measurement of intellectual capital. Management Accounting, 76(10), 26-28.
Dzinkowski, R. (2000). The measurement and management of intellectual capital: an Introduction. International Management Accounting Study (February),78(2), 32-36.
Easton, P. D. and T. S. Harris. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research, 29(1), 19-35.
Fama, E. F. and K. R. French. (1997). Industry cost of equity. Journal of Financial Economics, 43(2), 153-193.
Feltham, G. and J. Ohlson. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary AccountingResearch, 11(2), 689-731.
Garnham, N. (2005). From cultural to creative industries. International Journal of Cultural Policy, 11(1), 19-20.
Mary E. Barth and Greg Clinch. (1998). Revalued Financial, Tangible, and Intangible Assets: Associations with Share Prices and Non-Market-Based Value Estimates. Journal of Accounting Research, 36, 199-233.
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity Valuation. Contemporary Accounting Research, 11(2), 661-687.
R. Frankel, C.M.C Lee. (1998). Accounting valuation, market expectation,and cross-sectional stock returns. Journal of Accounting and Economics, 25(3), 283-319.
Roslender, R. (2000). Accounting for intellectual capital: a contemporary management accounting perspective. Management Accounting, March, 78(3), 34-37.