無形資產係生技公司的核心競爭力來源。由於其無形資產之高度知識密集性，投資人必須仰賴公司所揭露的資訊，方能有效評估生技公司之核心競爭力。因此無形資產之揭露品質，對投資人評估生技公司而言，扮演著關鍵的角色。 / 本研究旨在探討生技公司之無形資產揭露品質。首先，本研究檢視三十六家生技公司在其民國九十六年度年報及網站上有關無形資產之揭露，並以二十三個指標評分其揭露品質。其次，本研究採用迴歸模型及無母數統計方法，分析該揭露品質與股票週轉率及報酬之關係。最後，本研究分析影響該揭露品質之公司特性。 / 實證結果顯示，生技公司之無形資產揭露品質偏低，100 分中僅得到平均31.10 分。迴歸及無母數統計結果顯示，生技公司之無形資產揭露品質與其股票週轉率及報酬之關係，皆未達顯著水準。公司特性中僅有研究發展費用佔營業收入淨額比率，與揭露品質之關係達到顯著水準，顯示生技公司研發活動會影響其無形資產揭露品質。 / Intangible assets of a biotechnology company are its major source of core competitiveness. Due to the high level of knowledge intensiveness of intangible assets, investors rely heavily on the disclosed information pertaining to such assets for effective evaluation of its core competitiveness. The disclosure quality therefore plays a key role in such evaluation. / This research aims to explore the disclosure quality of biotechnology companies pertaining to intangible assets. The sample consists of 36 biotechnology companies and 23 measures are used to rate the disclosure quality on their 2007 annual reports and websites. Next, the associations of such disclosure quality and the stock trading volume and return are analyzed, using regression models and nonparametric tests. Finally, company characteristics affecting such disclosure quality are analyzed / The empirical results indicate that biotechnology companies do not score well in disclosure quality pertaining to intangible assets, with an average of 31.10 out of 100 points. Statistically, such disclosure quality is not associated with the trading volume or return of their stocks. The ratio of research and development expense to net sales is significantly associated with the disclosure quality, suggesting that research and development activities of biotechnology companies affect their disclosure quality pertaining to intangible assets.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0095353015 |
| Creators | 黃于庭 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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