本研究旨在探討無形資產的報酬與風險。隨著知識經濟的來臨，無形資產愈發重要，然而，無形資產風險的探討卻極為有限。Barsky and Marchant (2000)明白指出，「無形資產」就是「智慧資本」。基於吳安妮﹙2004﹚、Kaplan and Norton﹙2004﹚的架構，「平衡計分卡」的三個非財務構面對應著「各無形資產項目」，即「顧客構面」對應著「關係資本」，「內部流程構面」對應著「創新資本」，「學習與成長構面」對應著「人力資本」。本研究參酌廖俊杰﹙2003﹚的設計，進一步將各類無形資產細分為投入與產出因子。 關於報酬與風險間的關連性，實證顯示，風險與報酬間呈顯著負向關係，與｢資本資產訂價模式｣有所不同。本研究依報酬水準分組，結果顯示，高報酬樣本的報酬、風險呈正向關係，而兩者在低報酬樣本呈負向關係。本研究以台灣近期的資料為主，而近來台灣景氣不佳，故整體而言，報酬、風險呈負向關係。 結果亦顯示，各無形資產（關係資本、創新資本、人力資本）的投入量有助於同類無形資產的產出，而各無形資產產出亦對企業績效具正面影響，驗證了無形資產的經濟價值。此外，實證結果亦支持｢平衡計分卡｣的論點，即｢人力資本產出｣對｢創新資本產出｣具正面效益，｢創新資本產出｣有利於｢關係資本產出｣，且｢關係資本產出｣也能提升｢企業報酬｣。此外，本研究亦發現，高報酬樣本僅研發支出的經濟效益顯著大於低報酬樣本，這意味著，研發密度係影響企業報酬水準的關鍵因素。 風險即不確定性，結果顯示，各無形資產對企業風險未呈一致性的結果，｢創新資本產出」會增加企業風險，而｢關係資本、人力資本產出」均可減輕公司的不確定性。在產出指標中，唯有｢創新資本產出｣（即專利）具高度的不確定性，其他無形資產產出皆基於｢已確定的財務結果｣或｢已成事實的員工流動狀況｣，故唯有創新資本產出與企業風險呈正向關係。在｢高報酬、低風險｣的環境下，關係資本、人力資本產出均與｢企業風險｣呈負向關係。 此外，所有「無形資產投入」（包括關係資本、創新資本、人力資本投入）均直接與「企業風險」均呈負向關係。「關係資本投入」具邊際效益遞減的特性，以致企業風險趨緩。再者，實證顯示，「研發支出」與「創新資本產出風險」間具正相關，「創新資本產出風險」與「企業風險」成凸向函數關係。這意味著，當企業不從事研發工作，未申請專利，即使該企業不具「創新資本產出風險」，但這類企業較不具競爭能力，面對生存危機，該企業的整體風險反而較高。換句話說，創新活動最終能減少企業的整體風險。就人力資本而言，除年資外，人力資本投入可增加公司報酬，減少企業風險，無怪乎常言「員工是企業最重要的資產」。 財報資料系基於一般公認會計原編製，與市場認知恐有所不同，本研究測試兩者的風險認知是否存在重大差異。結果顯示，無形資產投入的「市場風險」大多低於「會計風險」，並未發現｢無形資產投入成果」因資訊不對稱之疑慮，而增加企業風險。 / The paper tests return and risk of intangible assets. Under knowledge economy, intangible assets are more and more important, but there is rare literature about risk of intangible assets. Barsky and Marchant (2000) pointed out that “intangible asset” is “intelligible capital”. Based on the framework by Kaplan and Norton (2004) and Wu (2004), three non-financial perspectives on balanced scorecard belong to intangible assets, in other words, customer perspective is connected with relationship capital, internal process perspective with innovation capital, learning and growth perspective with human capital. Referring to Liao (2003), the intangible assets items are divided into input and output items. About the relationship between return and risk, the empirical result shows the negative relation between return and risk, inconsistent with CAPM. Grouping by the level of return, the result shows the positive relationship between risk and return in high-return group, and negative relationship between risk and return in low-return group. The sample comes from recent Taiwan facing the depression, so the empirical results show negative relationship between risk and return. Results show that all inputs in intangible assets can raise the output of the same capital. In addition, all outputs of intangible assets can also increase the enterprise performance, supporting the economic value of intangible assets. In addition, the empirical results also support the concept of balanced scorecard, this is, output from human capital can increase the output from innovation capital, and output from innovation capital can increase the return through the output from relationship capital. In addition, the result shows R&D expenditure of the high-return group is only one variable significantly higher than that of the low-return group. It implies R&D is a key factor for the enterprise return. About risk, there are no consistent results. Output from innovation capital would increase the whole risk in the company, while the output from relationship capital and human capital can decrease the enterprise risk. Among the output indicators, output from innovation capital is measured with patents, which is only one indicator about highly uncertainty, while output from other capitals are captured by confirmed financial results and the occurred turnover in employees. Therefore, the output from innovation capital is related positively with the enterprise risk, and the environment with “low return, high risk” makes the negative relationship between enterprise risk and the output from relationship capital and human capital. In addition, the enterprise risk is related negatively with all inputs of intangible assets including relationship capital, innovation capital, and human capital. The marginal benefit from input of relationship capital goes down, probably leading to the decreasing enterprise risk. Moreover, the results show the positive association between R&D expenditure and the risk of innovation-capital output, and the convex relationship between the enterprise risk and the risk of the innovation-capital output, implying the firm without R&D operation can not apply for the patent, and the firms don’t the risk of innovation-capital output. However, the companies lack the competitive ability and face the serious survival crisis, so there is more enterprise risk in the firm at final. In other words, the innovation operation can decrease the enterprise risk. About human capital, except working years of employees, human-capital input can increase the enterprise return, and decrease the enterprise risk, so it is usually said “employees is the most important asset in the enterprise.” Financial reports are compiled by GAAP, which is probably different from the recognition of investors in market, so the difference in recognition of risk between them is examined in the paper. Results show the market risk of most intangible-asset inputs is lower than the accounting risk, and no extra risk from information asymmetry is found.

Frågeställningar:                  Vilket tillvägagångssätt används för att samla in relevant information för värderingen? Finns det en generell metod för varumärkesvärdering eller använder sig företag inom bankbranschen av olika metoder? Hur redovisas kostnaderna för varumärket i årsredovisningen?   Syfte:                                     Syftet med studien är att jämföra två företag inom banksektorn med internt upparbetade varumärken genom att studera likheter och skillnader i hur de värderar sitt varumärke.   Metod:                                   Metoden som använts i denna studie är en kvalitativ metod med en deduktiv ansats. Både sekundärdata och primärdata har använts till denna studie. För att samla in den primärdata som behövdes för att besvara de frågeställningar som tas upp i denna studie har det genomförts tre semistrukturerade intervjuer. Två av dessa intervjuer skedde via mail. Den tredje var en telefonintervju.   Slutsats:        Både SEB och Länsförsäkringar Södermanland mäter kundlojalitet och kundnöjdhet genom att göra undersökningar där frågor till konsumenter ställs om deras uppfattning av varumärket. Dock finns det skillnader i hur de värderar sitt varumärke genom val av metod vilket främst beror på att Länsförsäkringar Södermanland är ett onoterat företag och att SEB är börsnoterat

Esta tese objetiva analisar em que medida a dicotomia entre natureza e cultura, fruto da cientificidade da Modernidade, apresenta-se nas políticas públicas patrimoniais culturais de proteção, especialmente, de bens imateriais como os saberes, celebrações, formas de expressão e lugares. Ainda no século presente, mantemos entendimento de que há coisas da natureza e coisas da sociedade, e mal conseguimos articular ambas num só entendimento. Isso se traduz, nesta tese, na experiência que analisamos com órgãos da Administração Pública que tratam da natureza e da cultura, definem legislação específica sobre cada tema e atuam na expectativa da proteção integral. Particularmente, analisamos as ações do Instituto do Patrimônio Histórico e Artístico Nacional (IPHAN) quanto à proteção de bens culturais imateriais. Nossa hipótese é a de que, ainda que esse órgão venha paulatinamente ampliando seu horizonte no trato da questão, ainda continua a formular diretrizes que reafirmam a separação entre natureza e cultura, material e imaterial, real e simbólico. Para atingirmos o objetivo proposto, utilizamos como metodologias a pesquisa bibliográfica na literatura especializada, a adoção de fontes documentais oficiais (em especial, dossiês de registro), a realização de entrevistas e a análise das imagens de alguns bens culturais imateriais. Neste contexto, algumas ponderações são propostas e dizem respeito à tentativa de agregar os elementos existentes nas práticas culturais, para que se avance em direção à superação da dicotomia natureza e cultura e se chegue a uma forma mais integradora de ver a questão. Uma dessas ponderações diz respeito ao momento de registro do bem imaterial, quando já seria possível invocar a presença de outros órgãos envolvidos, como o Ministério do Meio Ambiente (MMA), por exemplo, cuja atribuição é diretamente ligada ao campo do patrimônio cultural. Tal medida poderia construir políticas públicas mais holísticas, tomadas em conjunto, que levem em consideração os elementos naturais e culturais presentes no bem cultural imaterial. Além disso, consideramos a importância de ampliar a competência legal do IPHAN, possibilitando que trilhe um caminho que respeite e proteja de forma mais efetiva o simbólico e o real contidos na manifestação cultural. / Our thesis aims to examine to what extent the dichotomy between nature and culture (which is a product of the modernitys scientificity) is reflected in the cultural policies of patrimonial protection, especially of intangible goods, such as knowledge, celebrations, forms of expression and places. In the 21th century, the understanding that there are things that belong to nature and others that belong to society is maintained and we can barely articulate both in only one understanding. We confirmed the existence of such understanding in our analysis of the public administration bodies experience in dealing with nature and culture, defining specific legislation on each subject and acting with the expectation of a whole protection. In particular, we have analyzed the National Historical and Artistic Heritage Institute IPHANs actions regarding the protection of intangible cultural assets. Our hypothesis is that, although the IPHAN has been gradually broadening its horizon in the treatment of the issue, it still continues to formulate guidelines that reaffirm the separation between nature and culture, material and immaterial, real and symbolic. In order to reach our goal, the used methodologies include bibliographic research in specialized literature, official documentary sources (in particular, registration dossiers), the conduction of interviews and the analyzes of some intangible cultural assets images. In this context, some considerations are proposed and concern the attempt to aggregate the existing elements in cultural practices, in order to overcome the dichotomy between nature and culture for achieving a more integrative way to face this issue. One of these considerations concerns the moment of the intangible asset registration and when it would be possible to request the involvement of other bodies, such as the Ministry of Environment, whose attribution is directly linked to the cultural heritage issue. Such a measure would allow the building of more holistic public policies, to be taken as a whole and that take into account the natural and cultural elements of the intangible cultural good. In addition, we consider the importance of extending IPHAN\'s legal competence, by allowing it to tread a path that respects and protects more effectively the symbolic and the real contained in cultural manifestation.

<p>The valuation of an asset is one of the most important thing with accounting, though one of the most difficult thing as well. However, in deciding useful service life for an intangible asset and property, plant and equipment, there are quite a margin for the companies, which creates a difference between companies and industries. When computing the value of the inventories there are a few possibilities available for the companies, which also can generate differences</p><p>between companies and industries. Although these differences can occur, there might be some similarities in the companies’ estimates. Hence, the purpose of this essay is to establish whether there are any differences in how companies are assessing their useful service life of intangible assets, property, plant and equipment and deciding the value of inventories. To be able to accomplish the purpose, company’s annual reports were used along with other necessary sources, for instance books about accounting principles and theories. The study, furthermore, concluded that there are small differences between companies within the same industry and industries altogether, in their judgment on useful service life and the value of the inventories.</p>

The valuation of an asset is one of the most important thing with accounting, though one of the most difficult thing as well. However, in deciding useful service life for an intangible asset and property, plant and equipment, there are quite a margin for the companies, which creates a difference between companies and industries. When computing the value of the inventories there are a few possibilities available for the companies, which also can generate differences between companies and industries. Although these differences can occur, there might be some similarities in the companies’ estimates. Hence, the purpose of this essay is to establish whether there are any differences in how companies are assessing their useful service life of intangible assets, property, plant and equipment and deciding the value of inventories. To be able to accomplish the purpose, company’s annual reports were used along with other necessary sources, for instance books about accounting principles and theories. The study, furthermore, concluded that there are small differences between companies within the same industry and industries altogether, in their judgment on useful service life and the value of the inventories.

This thesis is concerned with accounting for the brand management function. Two distinct perspectives are taken: the first derives from aspects of organisational and behavioural accounting research, and the second concerns organisational implications of brand valuation. Both perspectives were initially approached by means of exploratory interviews and a literature review. Hypotheses pertaining to the first perspective were analysed via survey data collected in nine strongly-branded, fast-moving consumer goods (FMCG) companies. Propositions concerned with the implications of brand valuation were developed and used as the basis for measuring attitudes to brand valuation. A questionnaire concerned with brand valuation attitudes was administered to senior-ranking officials in strongly-branded, FMCG companies. The final methodological phase, for both perspectives, involved a case study conducted in a strongly-branded, FMCG company. Significant findings arising from this study include: 1) Managers who see their company as being short-termist, hold more positive attitudes to brand valuation. 2) Marketing-orientated managers are more favourably disposed to brand valuation than accounting-orientated managers. 3) Organisational benefits arising from brand valuation are more strategically, than operationally, orientated. 4) Brand manager budget participation is significantly negatively-related to job-related tension, and positivelyrelated to trust in superior and attitude to reliance on accounting performance measures. 5) Budget participation is more effective in reducing jobrelated tension in situations of high, compared to low, task uncertainty situations. 6) Reliance on a brand manager's accounting performance is positively related to brand manager performance and motivation, and negatively associated with job-related tension.

Made available in DSpace on 2016-06-02T19:16:36Z (GMT). No. of bitstreams: 1 5014.pdf: 12657718 bytes, checksum: fe5f96441b9acece48fd60710b9cbab7 (MD5) Previous issue date: 2013-02-20 / This work was carried out with the intention of developing a set of guidelines that seeks to promote the conversion of technological knowledge into effective appropriation of intellectual capital as an intangible asset, through the production of patents. Based on the theoretical references for knowledge management activities, on project office management activities and on the process known as "innovation funnel", and on the method of research-action, the guidelines were developed. Once implemented in a private held business environment that invests in research and development as part of its strategy, it was observed a significant increase in the conversion capacity of technological knowledge generated in patent applications in the order of 16 times over a period prior to the use of those guidelines. Thus, it is concluded that the proposed model is effective and meaningful to provide better conditions for increasing intangible assets of the organization that it was the subject of the study, mainly due to the application of the resources of knowledge management. / Este trabalho foi realizado com a intenção de desenvolver diretrizes para promover a conversão do conhecimento tecnológico em efetiva apropriação do capital intelectual como um ativo intangível, por meio da produção de patentes. Com base no referencial teórico sobre recursos necessários para a gestão do conhecimento, sobre atividades de um escritório de projetos e sobre o processo conhecido como funil da inovação , e por meio do método da pesquisa-ação, elaborou-se e testou-se a aplicação dessas diretrizes supramencionadas. Uma vez implementado em uma empresa privada selecionada devido à sua característica em desenvolver uma estratégia de investimentos contínuos em pesquisa e desenvolvimento, foi possível observar um aumento importante na capacidade de conversão do conhecimento tecnológico gerado pela empresa em depósitos de patentes, da ordem de 16 vezes em relação ao período anterior à utilização das diretrizes. Desse modo, conclui-se que a aplicação destas foi eficaz e significativa para propiciar melhores condições para um efetivo aumento dos ativos intangíveis da organização que foi objeto do estudo, tendo como elemento-chave a utilização de recursos da gestão do conhecimento.

Made available in DSpace on 2016-03-15T19:32:49Z (GMT). No. of bitstreams: 1 Eunice Adriano.pdf: 2244459 bytes, checksum: 838e40fd1c845f52af560a24b22319f8 (MD5) Previous issue date: 2014-01-22 / The goal of this work is to propose a model for management measurement for the patent portfolio owned by a center for research and development in telecommunications. It features the concept of intellectual property, as it considers that seeing knowledge as a strategic tool for the organizations and the use they make of it in society show how important the information sector is for the economy of all countries. By presenting the question of patents and their value, it shows that building value and generating wealth is the ultimate foundation of Economic Science. As it proposes a model for analyzing the portfolio of patents, it rests on the assumption according to which a rational exploration of its protected patents will allow for a fair compensation for the efforts exerted and to recoup the investments incurred during the research. The work required for determining the valuation of a patent involves procedures similar to those deployed for analyzing any other types of ownership, that is, it is necessary to check if there are co-owners, the useful life of the patent, the cost of maintaining it, the objective of the patent holder as regards exploiting it, and which economic benefits are expected concerning the amount of return, time span covered and the risk associated with deriving those benefits, which would warrant identifying it as an intangible asset of one organization. We then focus attention on methods that can be used to determine the value of patent based in monetary benefits. The patent portfolio of a corporation may generate a significant value as long as it identifies valuable patents that do not afford adequate protection or those whose maintenance fees are not worth the cost. / Este trabalho propõe um modelo de mensuração gerencial do portfólio de patentes de um centro de pesquisa e desenvolvimento em telecomunicações. Para tanto, apresenta-se o conceito de propriedade intelectual, pois considera-se que a compreensão do conhecimento como ferramenta estratégica para as organizações e o seu uso do conhecimento na sociedade demonstra a importância do setor de informação para a economia de todos os países. Ao se expor a questão de Patentes o seu valor indica que a criação de valor ou geração de riqueza é o ponto fundamental da Ciência Econômica. Ao se propor um modelo de análise do portfólio de patentes, parte-se da premissa de que uma exploração racional e sob proteção permite encontrar uma justa remuneração dos esforços despedidos e recuperar os investimentos feitos durante a pesquisa. O trabalho requerido para valorar uma patente envolve procedimentos semelhantes aos utilizados para analisar qualquer outro tipo de propriedade, ou seja, faz-se necessário verificar se existem coproprietários, qual a vida útil, custo de manutenção, o objetivo do titular em explorá-lo e qual o benefício econômico esperado em termos de montante, tempo e risco associado com o recebimento desses benefícios, justificando-se identificá-la como ativo intangível de uma organização. Focou-se atenção no modelo que pode ser usado para determinar o valor da patente em função do benefício econômico esperado em termos monetários. O portfólio de patentes de uma empresa pode gerar um valor significativo através da identificação de patentes valiosas que estão inadequadamente protegidas ou daquelas que não justificam as taxas de manutenção.

Esta tese objetiva analisar em que medida a dicotomia entre natureza e cultura, fruto da cientificidade da Modernidade, apresenta-se nas políticas públicas patrimoniais culturais de proteção, especialmente, de bens imateriais como os saberes, celebrações, formas de expressão e lugares. Ainda no século presente, mantemos entendimento de que há coisas da natureza e coisas da sociedade, e mal conseguimos articular ambas num só entendimento. Isso se traduz, nesta tese, na experiência que analisamos com órgãos da Administração Pública que tratam da natureza e da cultura, definem legislação específica sobre cada tema e atuam na expectativa da proteção integral. Particularmente, analisamos as ações do Instituto do Patrimônio Histórico e Artístico Nacional (IPHAN) quanto à proteção de bens culturais imateriais. Nossa hipótese é a de que, ainda que esse órgão venha paulatinamente ampliando seu horizonte no trato da questão, ainda continua a formular diretrizes que reafirmam a separação entre natureza e cultura, material e imaterial, real e simbólico. Para atingirmos o objetivo proposto, utilizamos como metodologias a pesquisa bibliográfica na literatura especializada, a adoção de fontes documentais oficiais (em especial, dossiês de registro), a realização de entrevistas e a análise das imagens de alguns bens culturais imateriais. Neste contexto, algumas ponderações são propostas e dizem respeito à tentativa de agregar os elementos existentes nas práticas culturais, para que se avance em direção à superação da dicotomia natureza e cultura e se chegue a uma forma mais integradora de ver a questão. Uma dessas ponderações diz respeito ao momento de registro do bem imaterial, quando já seria possível invocar a presença de outros órgãos envolvidos, como o Ministério do Meio Ambiente (MMA), por exemplo, cuja atribuição é diretamente ligada ao campo do patrimônio cultural. Tal medida poderia construir políticas públicas mais holísticas, tomadas em conjunto, que levem em consideração os elementos naturais e culturais presentes no bem cultural imaterial. Além disso, consideramos a importância de ampliar a competência legal do IPHAN, possibilitando que trilhe um caminho que respeite e proteja de forma mais efetiva o simbólico e o real contidos na manifestação cultural. / Our thesis aims to examine to what extent the dichotomy between nature and culture (which is a product of the modernitys scientificity) is reflected in the cultural policies of patrimonial protection, especially of intangible goods, such as knowledge, celebrations, forms of expression and places. In the 21th century, the understanding that there are things that belong to nature and others that belong to society is maintained and we can barely articulate both in only one understanding. We confirmed the existence of such understanding in our analysis of the public administration bodies experience in dealing with nature and culture, defining specific legislation on each subject and acting with the expectation of a whole protection. In particular, we have analyzed the National Historical and Artistic Heritage Institute IPHANs actions regarding the protection of intangible cultural assets. Our hypothesis is that, although the IPHAN has been gradually broadening its horizon in the treatment of the issue, it still continues to formulate guidelines that reaffirm the separation between nature and culture, material and immaterial, real and symbolic. In order to reach our goal, the used methodologies include bibliographic research in specialized literature, official documentary sources (in particular, registration dossiers), the conduction of interviews and the analyzes of some intangible cultural assets images. In this context, some considerations are proposed and concern the attempt to aggregate the existing elements in cultural practices, in order to overcome the dichotomy between nature and culture for achieving a more integrative way to face this issue. One of these considerations concerns the moment of the intangible asset registration and when it would be possible to request the involvement of other bodies, such as the Ministry of Environment, whose attribution is directly linked to the cultural heritage issue. Such a measure would allow the building of more holistic public policies, to be taken as a whole and that take into account the natural and cultural elements of the intangible cultural good. In addition, we consider the importance of extending IPHAN\'s legal competence, by allowing it to tread a path that respects and protects more effectively the symbolic and the real contained in cultural manifestation.

在知識經濟時代，電子工業環境趨於成熟的環境下，無形資產是企業成長的重要關鍵。台灣電子工業發展至今近四十年，建構完善電子產業生態鏈，在全球站穩關鍵性地位，佔國內GDP產值之比例也非常高。 而併購是企業獲取商譽和無形資產的重要手段，對於電子工業來說，尤為重要。而Tobins’Q利用公司市值為產出指標來衡量廠商之技術創新或品牌形象等無形資產的價值，能反映無形資產在公司未來的成長機會。因此本研究欲探討電子工業和非電子工業併購取得之商譽和無形資產佔贈購價格之比例，了解其差異，並以Tobins’Q值作為公司價值之衡量，探討電子工業和非電子工業於併購當年和併購後所取得之商譽和無形資產是否能增加公司價值。 本文實證結果顯示，電子工業相對於非電子工業因併購所取得商譽和無形資產佔併購價格比例愈高，公司價值在併購後逐年提升度愈大，而電子工業相較於非電子工業更為顯著，顯示出無形資產及商譽在知識經濟時代之重要性。 / In a knowledge-based economy, the electronics industry is driven to maturity stage . Therfore , the intangible assets are the keys to enhance the coporations’ performance. The electronics industry has developed nearly 40 years ,building the perfect economic chain .Now it’s the key position in the world . The electronics industry also has higher propotion of GDP than before . Merge and acquisition is an important method to aquire Goodwill & Intangible assets , except for the electronics industry . Tobins’Q can reflect the opportunity the future of the coporation .Therefore , this research aims to the propotion of acquisition price which is different between electronics industry and non- electronics industry . The research also adopts Tobins’Q as measuring the value of coporation , which aims to define the relationship between Goodwill & Intangible Assets . The empirical results are as follows. The total acquired intangible assets of the propotion of acquisition price are positively associated with the coporation value , and electronic industry is more positive than non-electronic industry .The electronic industry’s Tobins’Q , which means the value of coporation , will be increase year by year .