| Summary: | 碩士 === 逢甲大學 === 會計與財稅所 === 92 === Abstract
With the coming of Knowledge Economy, the intangible assets such as knowledge, intellectual, technology, R&D and system, have substituted for the tangible assets, i.e. land, plant and equipment. The intangible assets have become the most important sources of competitiveness. However, in accordance with Generally Accepted Accounting Principle（GAAP）, there were proportion of intangible assets which could not represent certainly at financial statement. The traditional financial statements that could not evaluate performance of firms have caused accounting information loss relevance.
This study is based on Tobin’s Q theory to evaluate intangible assets of the listed securities on information and electronic industries in Taiwan. Tobin’s Q-ratio is the ratio of market value to replacement cost. When the Tobin’s Q-ratio of individual firm（ ） was greater than one, it indicats that profits from capital investments are greater than the cost of capital investments. Then, individual firms should proceed to increase capital stocks. On the other hand, when the Tobin’s Q-ratio of individual firm was smaller than one, it indicats that profits from capital investments are smaller than the costs of capital investments. Therefore, those individual firms should proceed to reduce capital stocks. To understand the change of the industry, calculating the market values and the replacement costs of individual firms in information and electronic industries, i.e. Tobin’s Q-ratio of industry,（ ）. The empirical results show that Tobin’s Q-ratio of industry closed to one was 1.0278 in 2000 year. When the technology and technique has not innovated or surmount, the new firms entry to the industry may caused that Tobin’s Q-ratio of industry to close to one. While the Tobin’s Q-ratio of industry was smaller than one, it indicats the profits from the creating new firms could not exceed the costs of capital investments. Therefore, they should restrain the new firms from entering the industry.
If the intangible assets of firms in information and electronic industries could not be expreed in the financial statement, the financial statement users may misunderstand the performance and the profits of the firms. On the performance, if the financial statement didn’t recognize the intangible assets, it may cause that firms who were over-investment give up the increase capital stocks. However, the firms who were under-investment may choice increase capital stocks. On the profit, if the financial statement didn’t recognize the loss from impairment of intangible assets, it may cause that financial statement users misunderstanding the profits of the firms and making a wrong investment decision.
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