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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0903535051 |
| Creators | 薛健宏, Hsueh, Chien-Hung |
| 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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