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論文中文名稱:研發、廣告與人力支出對負盈餘公司價值攸關性之影響 [以論文名稱查詢館藏系統]
論文英文名稱:The Impact of the Value-relevance of R&D, Advertising and Human Related Expenditures for Loss Firms [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:經營管理系碩士班
畢業學年度:103
畢業學期:第二學期
出版年度:104
中文姓名:林于芹
英文姓名:Yu-Chin Lin
研究生學號:102578008
學位類別:碩士
語文別:中文
口試日期:2015/05/11
指導教授中文名:林鳳儀
指導教授英文名:Feng-Yi Lin
口試委員中文名:葉金成;林禹銘
口試委員英文名:Chin-Chen Yeh;Yu-Ming Lin
中文關鍵詞:負盈餘、研發支出、廣告支出、人力支出、價值攸關性
英文關鍵詞:loss firms、research and development expenditure、advertising expenditure、human related expenditure、value-relevance
論文中文摘要:雖盈餘資訊是評價公司的重要資訊,但負盈餘公司的盈餘資訊內涵已不足以正確傳遞公司價值,故如何評價負盈餘公司成為重要議題。資本市場上存在著連續揭露負盈餘之公司,表示投資人對於負盈餘公司仍有投資之動機。過去研究指出負盈餘公司之盈餘與權益市值呈現異常負向關係,故認為評估負盈餘公司時多以權益帳面價值為評價,但隨著知識經濟時代之崛起,後續學者多僅以研發支出作為評價負盈餘公司之價值動因。然本研究考量現今智慧資本活動,涵蓋創新之研發活動、品牌推廣之廣告活動與不可或缺之人力活動,故不應僅以研發支出作考量,亦應包含廣告支出與人力支出。因此,本研究以研發、廣告與人力支出探討其對負盈餘公司價值攸關性之影響。實證結果顯示,研發、廣告與人力支出確實可以降低負盈餘之異常現象,增加負盈餘公司之盈餘資訊內涵,表示研發、廣告與人力支出可作為評價負盈餘公司之重要價值動因。另外,本文進一步將負盈餘公司以連續損失年數區分,並解釋研發、廣告與人力支出在不同的連續損失年數下之關係差異。
論文英文摘要:Although earnings is an important information for investors to value firm’s value, the information content of earnings in firms with negative earnings can’t deliver firm’s value to investors sufficiently. Therefore, how to value the value of firms with negative earnings becomes an important issue. There are many firms to report negative earnings continuously in the stock market, and it indicates that investors still have motivation to invest in these firms with negative earnings. Previous studies indicate that there is a significant negative relationship between earnings and market value in firms with negative earnings, and researchers considered that investors value the firm’s value with negative earnings by using book value of equtiy. In addition, considering the intellectual capital activities, research and development (R&D), advertising and human related activities also can increase the firm’s value. Following scholars started to use R&D to value negative earnings firms in knowledge-based economies. Therefore, this study investigates the impact of the value-relevance of R&D, advertising and human related expenditures for loss firms. This study shows that the R&D, advertising and human related expenditures can reduce the abnormal negative relationship of earnings and market value and increase earnings information in firms with negative earnings. The R&D, advertising and human related expenditures are important value drivers in loss firms. Moreover, this study is further to mention that the firms with negative earnings are classified with continuous loss year’s numbers, and explains the R&D, advertising and human related expenditures of different relationship in the different group of continuous loss year’s numbers.
論文目次:目錄
摘要 i
ABSTRACT ii
誌謝 iv
目錄 v
表目錄 vii
圖目錄 vii
第一章 緒論 1
1.1研究動機 1
1.2研究目的 5
1.3研究流程 7
第二章 文獻探討 8
2.1盈餘、權益帳面價值與公司價值 8
2.1.1盈餘資訊內涵 8
2.1.2盈餘與權益帳面價值之資訊內涵 10
2.2負盈餘之相關研究 14
2.2.1盈餘和權益帳面價值之研究 15
2.2.2負盈餘公司評價因素之研究 16
2.3研發、廣告與人力支出對公司之價值攸關性 22
第三章 研究方法 30
3.1研究假說與中介效果 30
3.1.1研究假說 30
3.1.2研究架構 33
3.2變數定義及研究模型 34
3.2.1變數定義 34
3.2.2模型介紹 36
3.3資料來源與處理 39
3.4檢定步驟 42
3.5小結 44
第四章 實證結果與分析 45
4.1相關變數基本分析 45
4.1.1敘述性統計分析 45
4.1.2單根檢定結果分析 50
4.1.3相關係數分析 52
4.2迴歸結果分析 54
4.3增額測試結果分析 61
第五章 結論與建議 76
5.1研究結論 76
5.2後續研究建議 80
參考文獻 81
論文參考文獻:參考文獻
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