An Empirical Study on the Relevance of Intellectual Capital, Corporate Governance, and Firms’Value

• Main Authors: Jing-Hua Jian, 簡靜華
• Other Authors: Jin - Jou Dai
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/32604265590308900756

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 95 === Traditional financial statements have been gradually substituted by the asset structure on judging the value of firms, such as innovative ability, competition of organization, profession knowledge, and well experienced management group in enterprises, in which the value created by knowledge and intangible assets is called Intellectual Capital. The market to book ratio of League of Nations is approximately 10 at the end of 2001. In addition, most non-listing of intelligence capital results in incomplete appearance of operating outcome in accounts. It is therefore important to find out Intellectual Capital associate with business performance in the process of developing Knowledge Economy. This paper follows Tsai and Hua(2006) to use Discounted Value of Abnormal Earnings in Business Valuation offered by Frankel and Lee(1998) and refines it to Intellectual Capital evaluated model in this study. On the other hand, Intellectual Capital is employed to replace the Accounting Earnings in the model of Barth, Braver and Landsman(1998), and Stock Evaluation Model is modified to be with Intellectual Capital measure. Intellectual Capital will be put in the evaluation model of Comprehensive Corporate Government Index and performance, referred by the “Corporate Governance Rating”葉銀華(2002), to construct a Stock Evaluation Model with Intellectual Capital measure. We would like to net the relation among Intellectual Capital, the quality of corporate governance, and the value of firms. The empirical results are shown as follow. 1. Intellectual Capital has a positive effect on valuation of firms in Stock Evaluation Model. 2. The quality of corporate governance has positive influence to firms’ value in Stock Evaluation Model. 3. Intellectual Capital and corporate governance has a positive effect on current period stock price among the models of Intellectual Capital, corporate governance and Stock Evaluation. 4. Intellectual Capital and corporate governance has a positive effect on next period stock price among the models of Intellectual Capital, corporate governance and Stock Evaluation.