| Summary: | 碩士 === 國立臺灣科技大學 === 企業管理系 === 90 === With the change of value-creation process, firms take more intangible resource than tangible resource in new economic era. Only using the financial measures and emphasizing financial report cannot capture and value the real market value of firms. The situation always happens in high-tech industries, and it is also the reason for the difference between market value and book value. For the situation, this research applies the balanced scorecard structure to explain the difference between market value and book value. The research is an empirical study on electronic and information industry in Taiwan from 1998 to 2000. The study takes the traditional financial performance measures (Net income) and new financial performance measures (Economic Value Added, EVA; Residual Income, RI) for financial performance dimension in balanced scorecard structure. Besides, it takes the indicators of intangible asset measurement for the non-financial performance dimension in balanced scorecard structure. This study is not only analyzing the full industry but also considering the difference in value-creation process to find whether firms locate in different value-creation process display the different non-financial performance. The main findings of the empirical study are as follows:
1. The item ”net income” in financial report of firms has no informational content to explain the market value of firms. When dividing the item “net income” into several financial measures, these financial measures could increase the explanation for the market value of firms obviously.
2. EVA and RI are less relevant than traditional financial performance measure (net income) to the difference between market value and book value. Furthermore, the empirical model has been composed of financial measures, the new financial performance measures (EVA; RI) can provide the incremental explanation for market value of firms.
3. New financial performance measures (EVA; RI) have the similar informational content to explain the market value of firms.
Keyword: Balanced Scorecard, Economic Value Added (EVA), Residual Income (RI), Intellectual Capital, Market Value and Book Value, Intangible Asset.
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