本研究透過理論與實證調查，探討進行技術交易時影響價值評量的「關鍵指標」與技術價值的「評估模式」。此價值評估指標可以協助於技術評價時，建立客觀及公正的一致性標準，降低社會成本、提昇無形資產的價值及運用度。本研究所建立「市場基準的評價理論」，將技術價值評量模式分為三個價值構面：(1)商業價值，以市場機制為本評估新技術進入價值高低，由市場結構與規模、市場預期遠景與接受度、市場擴散能力與促銷三項結構指標組成。(2) 技術價值：由技術競爭與創新能力、技術支援能力與風險、技術應用程度及基礎科學能力等結構指標組成。(3)技術策略(智財權應用)價值：產權策略、產品信用及有利條款、交互授權條件等結構指標組成。 本研究結論「市場總價值的評估模式」，可以評估該項技術技術於全球市場的技術總價值，由技術價值f(T)、技術策略(智財權應用)價值f(IP)、商業價值f(B)所組成。最後，該項技術於全球市場之總價值，將依據技術價值、技術策略價值、商業價值分別與「技術、行銷經費貢獻率」及「市場總體或預測產能」相乘所得 【附件二】。 第壹章 緒論………………………………………………………… 2 第一節 研究背景…………………………………………………….. 2 第二節 研究動機……………………………………………………… 3 第三節 研究目的 ……………………………………………………... 4 第四節 研究案例 ..……………………………………………..……13 第五節 研究程序 ....……………………………………………..…... 13 第貳章 文獻回顧……………………………….……………………. 15 第一節 無形資產的技術價值………………………………………... 15 第二節 無形資產技術價值影響因素………………………………... 25 第三節 無形資產的定價策略及評估模式…………………………... 41 第四節 無形資產技術評價分析………………………………………61 第參章 研究方法與研究模型………….……………………………. 68 第一節 無形資產技術價值影響因素及研究構面……………………68 第二節 技術價值與評量模式…………………………………………80 壹、 成本基準法 ─ 技術價值分析理論…………………………80 貳、 市場基準法 ─ 技術價值評估模式…………………………92 第肆章 技術價值模型─影響因素及指標分析 ..…………………. 97 第一節 研究樣本蒐集 ………………..………………………………97 第二節 研究樣本信度檢定…………………………………………..100 第三節 構念效度檢測 ………………………………………………101 第四節 技術之市場總價值理論驗證 ………………………………113 第伍章 技術價值理論之案例分析………………………………..…119 第一節 全球趨勢分析 ………………..……………………………..119 第二節 市場價值定義 ………………………………………………130 第三節 技術價值分析 ………………………………………………138 一、 Intel 8086/8088技術分析 …………………………………..138 二、 Intel 80286 技術分析 ………………………………………178 三、 Intel 80386 技術分析 ………………………………………205 四、 Intel 80486 技術分析 ………………………………………237 五、 Intel Pentium技術分析………………………………………268 六、 Intel技術生命週期之總體價值評估………………………..303 第陸章 結論與建議 第一節 研究結論 ……………………………………………………310 第二節 研究理論之貢獻 ……………………………………………313 第三節 研究於管理上意涵 …………………………………………315 參考文獻 ……………………………………………………………316 附 錄 一……………………………………………………………329 國內外技術評價相關主題博碩士論文文獻表 附 錄 二……………………………………………………………330 市場基準法─技術評價模式(Market-Based Valuation Model) / Through theoretical and empirical studies, this research focuses primarily on the essential valuation indicator and valuation model of technology. The purpose is to eliminate the discrepancy distraction and obtain an most accurate and fair result. The market-based valuation model has based on three values: (1) Business Value─market structure & size, market drawing & acceptance, market expansion & promotion. (2) Technology Value─technology innovation & competition, technology assistance capability & risk, technology implementation & science base capability. (3) Technology Strategy Value─property rights & product creditability & favorable condition, crossing licensing condition. This research concludes that, in order to evaluate the value of technology, one needs to look into the essentiality of technology value f(T), technology strategy value f(IP), and business value f(B) of world-wide market. Finally, the total market value of technology is evaluated by the product of each technique value, technique strategy value, business value multiplied by “research and marketing of benefit contribution ratio” and “real or forecast market capacity” .

In South Africa various financial institutions and independent vendors have developed residential property valuation models to estimate the current value of historically traded properties. A natural extension to these models has been to develop historical property price indices. In this dissertation, three of the four approaches to developing property price indices will be examined. Through back–testing and other statistical methods, the most accurate and robust approach will be determined. The four major approaches available are the mean valuation per suburb, the median valuation per suburb, the repeat sales approach and hedonic regression. The mean valuation per suburb approach can be biased because of outliers in property prices. However, outliers in property prices will not influence the median valuation per suburb approach, but in cases where property values in a suburb have a skewed distribution, the valuation amount could be distorted. Neither of the above mentioned shortcomings influences the repeat sales or the hedonic regression approach. To follow the hedonic regression approach, the characteristics of the property need to be known. In South Africa, however, the available property data lacks detailed characteristics of traded properties. This dissertation will therefore focus on the first three methods. The repeat sales approach measures the growth in property prices by applying a generalized linear model to properties that have traded more than once. This approach is only possible if there is a representative amount of repeat sales able to fit a model. The focus of this project will be on the repeat sales approach, but all three the approaches discussed will be analysed to prove that the repeat sales approach is the most accurate in developing a property price index for properties in South Africa. / Thesis (M.Sc. (Risk Analysis))--North-West University, Potchefstroom Campus, 2011.

In South Africa various financial institutions and independent vendors have developed residential property valuation models to estimate the current value of historically traded properties. A natural extension to these models has been to develop historical property price indices. In this dissertation, three of the four approaches to developing property price indices will be examined. Through back–testing and other statistical methods, the most accurate and robust approach will be determined. The four major approaches available are the mean valuation per suburb, the median valuation per suburb, the repeat sales approach and hedonic regression. The mean valuation per suburb approach can be biased because of outliers in property prices. However, outliers in property prices will not influence the median valuation per suburb approach, but in cases where property values in a suburb have a skewed distribution, the valuation amount could be distorted. Neither of the above mentioned shortcomings influences the repeat sales or the hedonic regression approach. To follow the hedonic regression approach, the characteristics of the property need to be known. In South Africa, however, the available property data lacks detailed characteristics of traded properties. This dissertation will therefore focus on the first three methods. The repeat sales approach measures the growth in property prices by applying a generalized linear model to properties that have traded more than once. This approach is only possible if there is a representative amount of repeat sales able to fit a model. The focus of this project will be on the repeat sales approach, but all three the approaches discussed will be analysed to prove that the repeat sales approach is the most accurate in developing a property price index for properties in South Africa. / Thesis (M.Sc. (Risk Analysis))--North-West University, Potchefstroom Campus, 2011.

Big Data has been among the most innovative topics in literature sources and among organizations for years. Even though only few organizations realized the significant value potentials described by contemporary literature sources, it is widely acknowledged that data assets can provide significant competitive benefits. Given the promises regarding value increases and competitiveness, practitioners as well as academia desire systematic approaches to transform the data sets into measurable assets. This dissertation investigates the current state of literature, conducts an empirical investigation through a structural equation modeling and applies existing theory to develop a model that allows organizations to apply a systematic approach to measure the value of Big Data specifically to their organization. With Business Process Management as the foundation of the model, IT as well as business functions will be able to successfully apply the model. Based on the assumption that Data is acknowledged as a production factor, the developed model supports organizations to justify Big Data investment decisions and thereby to contribute to competitiveness and company value. Furthermore, the findings and the model equip future researchers with a framework that can be adapted for industry-specific purposes, validated in different organizational contexts or dismantled to investigate specific success factors.

Residential property not only provides in the basic needs of a person, but is also an indicator of an individual's wealth. The buying and selling of immovable property is complicated and the average person relies on the services of estate agents and banks. The research problem was formulated as follows: Property valuers and estate agents with access to the same information sources determine different market values for the same property. The research problem was researched by means of a literature study and empirical study. The methodology used by property valuers was described in the literature study. How estate agents determine the value of property was researched by means of an empirical study. From the literature study a model was proposed to determine the value of residential property. The information gathered in the empirical study was compared with this model to provide an answer to the research problem. OPSOMMING Residensiële eiendom voorsien nie net in een van die mees basiese behoeftes van 'n mens nie, maar is ook een van die grootste aanduiders van 'n individu se welvaart. Die koop en verkoop van onroerende eiendom is 'n ingewikkelde en die deursnee persoon maak daarom van eiendomsagente en banke gebruik. Die navorsingsprobleem is as volg geformuleer: Eiendomswaardeerders en eiendoms¬agente met toegang tot dieselfde inligtingsbronne bepaal verskillende waardes vir die¬selfde eiendom. Die navorsingsprobleem is deur middel van ʼn literatuurstudie en ʼn empiriese ondersoek nagevors. Die werksaamhede en metodologie wat eiendomswaardeerders gebruik, is aan die hand van die literatuurstudie beskryf. Hoe eiendomsagente te werk gaan om die waarde van eiendom te bepaal is deur middel van ʼn empiriese ondersoek nagevors. Uit die literatuurstudie is daar ʼn model voorgestel vir die bepaling van die waarde van residensiële eiendom. Die inligting wat met die empiriese ondersoek versamel is, is met die model vergelyk om antwoorde op die navorsingsprobleem te verskaf. / Public Administration / M. Tech. (Real Estate)

企業評價對於投資決策有重大的影響，不論是發行上市、或是機構投資人選擇投資標的、乃至於併購或是清算，企業評價都是一切的基礎。再加上近來各界對於節能產業的重視，發光二極體封裝產業正如日中天的高度成長，如何能夠正確地衡量此產業的企業價值，實是機構投資人或是一般大眾關心的課題。此外，實務界長久以來詬病證管會所採用的承銷價格公式，乃是結合不同評價模式的方式來評斷發行股票公司之正確股票價值，但實證結果往往發現此公式會造成股價被低估的現象。 本研究以台灣地區共六家發光二極體封裝產業上市櫃公司為例，以其民國八十七年至九十四年的財務數據和資料，以五年為一階段，利用七種不同的評價模式：三階段成長現金流量折現法、三階段成長本益比法、三階段成長股價淨值比法、三階段股價銷售額比法、市場比較本益比法、市場比較股價淨值比法以及市場比較股價銷售額比法，預期九十二年初至九十五年初之理論實際股價，並與實際的市價作一比較，利用THEIL所提出的THEIL’S U值來比較不同評價模型與實際市價差距的績效，以選出最適合發光二極體封裝產業之企業評價模式。 本研究更進一步探討長久以來被實務界所詬病的綜合評價模式（結合不同的評價模式），試著經過第一階段實證結果的篩選，利用簡單權重結合本產業最佳和次佳的企業評價模式，以得到一個評價績效更勝於最佳評價模式的綜合評價法。 實證結果顯示，發光二極體最佳評價模型乃為市場比較股價銷售額比法(THEIL’S U=0.3515)，而三階段成長現金流量折現法，則適用於產業較穩定的情況下。突破性的發現則為，利用THEIL’S U值來比較評價績效而選出的最佳和次佳模型，在分別給予簡單權重（ex：50％：50％、60％：40％等）的情況下所得到的綜合評價法，其THEIL’S U值（<0.3515）比當初單一最佳評價法--市場比較股價銷售額比法(0.3515)還要來得低，顯示綜合評價法的有效性的確存在，並值得各界參考。此外，亦發現給予最佳評價法較大權重時，更可以進一步提昇綜合評價法之績效。此結果反駁了實務界長久以來對於綜合評價法的不信任，也給予證管會一個修正承銷價格公式的方向。跨類型的評價法結合並不是不可行，但是需要第一階段各個評價法的評價績效驗證，讓較佳的評價模式彼此結合以產生資訊互補的效果。

本研究以台灣證券交易所編製之修正股價平均數為研究對象，衡量股價平均數之理論隱含價值，並加以預測。文中假設股票市價與真實價值間靜態均衡無法成立，改以連續收斂型態的動態調整過程，才能對於此種現象加以描述，並假設股價平均數之市價與模型評估值為共整合關係，利用V/P比率來預測股價平均數報酬率，且將投資大眾經常使用之變數（例如E/P、B/P、利率等等）加以比較，所得出之結論如下： (1) V/P比率一階自我相關係數較低，顯示V/P偏離平均值時，較其他比率返回平均數速度快，較能反映市場的走勢與變動。 (2) 短期下並無任一財務比率可以對於股價平均數走勢加以預測，但長期下（未來一年之後），V/P 比率具有相當顯著的預測能力。 (3) 將E/P與B/P納入迴歸式，V/P 比率在未來一至八季期間，仍具有顯著預測能力，可見V/P比率即使與E/P或B/P比率有某種程度的相關，並不影響到V/P 比率的預測能力。 (4) 將總體經濟變數納入迴歸式中，V/P 比率預測能力在短期中會受到些許影響，但經過一年之後，V/P 比率仍然具有相當顯著的預測能力。 (5) 若以過去公司每股盈餘、淨值、股東權益報酬率等財務相關歷史資料，作為未來公司盈餘收益以及成長的預測，會使得V/P 比率受到影響（在短期時預測能力大為降低），但就長期而言（未來第五季之後），此項指標仍然具有預測能力，對於股價平均數水準之評估，仍有一定程度的參考作用。 (6) 分別選取15%、13%、11%、9%及7%等固定折現率，依序求出修正股價平均數的V/P比率，檢定結果與隨時間變動折現率所計算之比率數值相比較，並沒有產生相當明顯的變化。雖然V/P比率的預測能力隨著折現率的下降而減弱，但其變化的趨勢並無絕對穩定的關係，對於「長期下」的預測能力，並不會產生極大的影響。 綜合以上結論，本研究發現：利用Ohlson（1990）剩餘所得模型（residual income model）來估算台灣證券交易所編製之修正股價平均數水準，較易以一般市場上獲取的會計資訊來加以衡量，也較能反映股市基本面價值。即使短期內V/P比率預測能力並不十分明顯，但長期下（一年後）採用V/P比率此項指標，仍能預測未來股價平均數之走勢，且與其他變數比較而言，此預測能力呈現一較穩定之關係。由於國內相關研究甚少直接對股市股價指數做直接的衡量與評估，因此，實務上可以將此估算方法作為一種參考指標，並以此分析未來股價指數水準在長期下之走勢與變動。 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 2 第三節 研究架構 5 第四節 研究流程 6 第二章 文獻探討 7 第一節 國外部分 7 第二節 國內部分 10 第三章 研究方法與設計 13 第一節 研究設計 13 第二節 剩餘所得模型 15 第三節 資料收集與整理 18 第四節 研究方法與實證模式 25 第四章 實證結果與分析 30 第一節 修正股價平均數之檢視 30 第二節 基本面比率對於股價平均數報酬率之預測 32 第三節 V/P衡量方法之優劣比較 36 第五章 結論與建議 50 第一節 研究結論 50 第二節 研究限制與建議 52 參考文獻 54 英文部分 54 中文部分 56

本文探討研發支出資本化與攤銷之理論，並以國內股票上市公司為實證對象。本研究使用聯立方程式及Almon lag procedure來檢測企業研發投資效益遞延之情形，然後以Feltham and Ohlson（1995）之評價模式，探討研發支出資本化與攤銷後之權益帳面價值與盈餘之特性，並探討研發投資是否為股票報酬之長期風險因素。本研究並以研發強度（研發費用對銷貨凈額比）區分高、低研發強度二組樣本，比較其與研發有關問題。 本文發現如下： (1)研究發展支出效益遞延實現之現象，似乎存續自第三年開始至未來數期（第四、五年）；平均而言，一元之研發投資可於未來4-5年產生2元以上之獲利，高研發強度廠商則有3元以上之獲利；而低研發強度之公司，研發支出獲益則不顯著的於研發初期二年實現。 (2)在股票評價模式中，高研發強度廠商之研發支出採取資本化，對模式解釋能力較高；而低研發比例（強度）廠商之研發支出則採取費用化，「似乎」對模式解釋能力較高。 (3)目前「一般公認會計原則」對於評價模式的解釋，對低研發強度的廠商之解釋能力較高；反之，對高研發強度廠商較不適用。 (4)研發資本存量對市場比率為股票報酬之長期風險因素。 / This study analyzes the theory of capitalization and amortization of R&D expenditures. This study uses the simultaneous equations and Almon lag procedure to examine whether earnings reflect benefits from past R&D expenditures of public firms in Taiwan. Based on asset valuation model generated by Fetham and Ohlson(1995) and Bernard (1995), this study examines the properties of coefficients of parameters of valuation model and explainary power. In addition, this study estimates the R&D capitalization, and tests whether the R&D capitalization is the long risk factor of stock return or not. Moreover, this study groups sample firms into high or low intensity groups by R&D intensity (R&D expenses-to-sales ratio), and compares the above issues of capitalization of R&D expenditures. The major findings of this study follows: (1)Earnings almost reflect realized benefits from R&D, but there are two years time lag. On average, every one N.T. dollar invested in R&D will produce 2 N.T. dollars profits during four or five - years period. In the high R&D intensity group, every one N.T. dollar invested in R&D will produce 3 N.T. dollars profits in future. On the contrary, in the low R&D intensity group, the benefits of R&D outlays are insignificantly reflected in the first two years. (2)The explainary power (Radj2) of valuation model of R&D capitalized in the high R&D intensity group is higher than that of in the low R&D intensity groups. (3)The relevance of stock valuation generated by present GAAPs for the high R&D intensity group is lower than that of the lower R&D intensity group. (4)The R&D capital-to-market values ratio is the long risk factor of stock returns.

本文探討景氣因素、研發外溢效果及技術知識特質對IC設計業研發支出遞延效應之影響。本研究主要採用Lev and Sougiannis (1996)所發展之研發支出遞延效應實證模型，以國內IC設計業上市櫃公司為對象，透過分析產業特性，區分為多應用性IC設計群組及單應用性IC之資訊、通訊及消費性群組，並探討其研發支出遞延效應。研究發現如下： 一、在研發支出遞延效應中，IC設計業受景氣之影響僅限於當期之研發支出；就研發支出效益受影響程度上，IC設計業亦低於其他IC產業。此結果顯示，IC設計業由於具備產品多元化和應用多元等利基市場特性，且在國內是屬於成長型產業，故景氣影響程度不如其他下游產業來的大。 二、多應用性IC設計公司之研發支出所創造之未來效益，比單應用性IC設計公司高。多應用性IC設計公司因為受到研發外溢效果之影響，其當期及遞延一期之研發支出，會比單應用性IC設計公司創造更高之效益。此結果顯示，多應用性IC設計公司投入於不同領域產品之研發支出，存在類似產業內外溢效果，因此亦加強研發支出對未來效益貢獻之程度。 三、資訊類單應用性IC設計公司之研發支出，對未來所創造之效益金額及持續年限，均未優於通訊類及消費類單應用性IC公司。本研究發現，技術路徑相依度及技術變動程度兩種技術知識特質，並不能完全解釋單應用性不同群組之研發支出所創造未來效益的程度，而必須同時考量下游應用市場之目前狀況及未來潛力，才能對其研發支出遞延效應做出更正確之推論。 / This thesis analyzes three R&D performance issues of the IC design firms in Taiwan. First, it addresses the effect of the fluctuating economic cycle in the semiconductor sector on the R&D performance of design and non-design firms in the IC industry. Secondly, this study examines the R&D spillover effect on the R&D performance of the multifunctional and single-functional groups of IC design firms. Finally, this study discusses how technological knowledge (path independence and complexity) influences the R&D performance of the three subgroups (computer, communication, and consumer) of single-functional IC design firms. Three major findings of the study are as follows: 1.The fluctuating economic cycle in the semiconductor sector has less influence on the R&D performance of the IC design firms than that of the IC non-design firms. The fluctuation affects the R&D expenditure of IC design firms only in the current year, but that effect on the IC non-design firms exist in the current year and also the following year. The R&D performance of IC design firms is also less influenced. 2.The multifunctional IC design firms generate more benefit from R&D expenditure than single-functional ones, suggesting that the former group has a stronger R&D spillover effect. 3.Although the computer subgroup of IC design firms possesses high technological path dependence and low technological complexity, its R&D performance is not better than the other subgroups. This finding suggests that technological path dependence and complexity do not fully explain the difference in R&D performance among the three subgroups of single-functional IC design firms.

Residential property not only provides in the basic needs of a person, but is also an indicator of an individual's wealth. The buying and selling of immovable property is complicated and the average person relies on the services of estate agents and banks. The research problem was formulated as follows: Property valuers and estate agents with access to the same information sources determine different market values for the same property. The research problem was researched by means of a literature study and empirical study. The methodology used by property valuers was described in the literature study. How estate agents determine the value of property was researched by means of an empirical study. From the literature study a model was proposed to determine the value of residential property. The information gathered in the empirical study was compared with this model to provide an answer to the research problem. OPSOMMING Residensiële eiendom voorsien nie net in een van die mees basiese behoeftes van 'n mens nie, maar is ook een van die grootste aanduiders van 'n individu se welvaart. Die koop en verkoop van onroerende eiendom is 'n ingewikkelde en die deursnee persoon maak daarom van eiendomsagente en banke gebruik. Die navorsingsprobleem is as volg geformuleer: Eiendomswaardeerders en eiendoms¬agente met toegang tot dieselfde inligtingsbronne bepaal verskillende waardes vir die¬selfde eiendom. Die navorsingsprobleem is deur middel van &#329; literatuurstudie en &#329; empiriese ondersoek nagevors. Die werksaamhede en metodologie wat eiendomswaardeerders gebruik, is aan die hand van die literatuurstudie beskryf. Hoe eiendomsagente te werk gaan om die waarde van eiendom te bepaal is deur middel van &#329; empiriese ondersoek nagevors. Uit die literatuurstudie is daar &#329; model voorgestel vir die bepaling van die waarde van residensiële eiendom. Die inligting wat met die empiriese ondersoek versamel is, is met die model vergelyk om antwoorde op die navorsingsprobleem te verskaf. / Public Administration and Management / M. Tech. (Real Estate)