Intellectual Capital, Research and Development Expenses, andthe Valuation of Firms
| Autor: | Lie-Hui Chen, 陳麗慧 |
|---|---|
| Rok vydání: | 2004 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 92 This study uses the variables of intellectual capital, R&D, innovation, firms’ scale, capital structure, dividend policy, and ownership structure to build firms’ valuation models- Tobin’s Q and EPS Models. The models are applied to the data of the Taiwan stock market from 1996 to 2002 to investigate how the firms’ value is influenced by the above variables. The major findings are as follows: (1) General speaking, the firms’ valuation in Taiwan stock market is based on EPS. (2) The way how firms’ value is influenced by the variables is different from industry to industry. (3) The current R&D was not a significant factor to explain the variation of firms’ value in most industries. (4) To raise the competitive advantage of traditional industries, government’s policy must adjust according to industrial characteristics. (5) From the experimental results, financial accounting information still provide considerable explanation to firm’s valuation. Keywords: intellectual capital, R&D, innovation, Tobin’s Q, EPS. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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