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頁籤選單縮合
題 名 | 人力支出價值攸關性之研究=The Value Relevance of Human-Related Expenditures |
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作 者 | 曹壽民; 梁証揚; | 書刊名 | 管理評論 |
卷 期 | 24:3 民94.07 |
頁 次 | 頁69-94 |
分類號 | 494.74 |
關鍵詞 | 人力支出; 價值攸關性; 會計基礎評價模式; Human-related expenditures; Value-relevance; Accounting-based valuation model; |
語 文 | 中文(Chinese) |
中文摘要 | 本文修正Felthan & Ohlosn(1996)的理論模式,將投資劃分為資本支出與收益支出,以推導出符合實際情境的會計基礎評價模式,並以此模式為基礎,修正並提供Sougiannis(1994)的實證方法一個理論基礎;再以此修正後的理論與實證模式,檢測人力支出與未來盈餘的關係,以及人力支出是否具有價值攸關性(包括直接效果與間接效果)。實證結果發:(1)人力抜出對公司未來盈之總影響數趨近於0;而人力支出運用效率較高的公司,人力支出對未來盈餘之總影響數大於0。(2)人力支出資本化後,會計基礎評價模式對股份的解釋能力較高,故人力支出具有價值攸關性。(3)每增加一元的人力支出水準會對公司創造4.9799元的市場價值,其中直接效果為4.4053元,間接效果為0.5746元。(4)人力支出密度較低、每人營收淨額較高與資本存量/人力支出比率較大的公司,其人力抜出所創造的市場價值較大。 |
英文摘要 | This study revises the theoretical model of Feltham & Ohlson (1996) by way of distinguishing expenditures in Feltham & Ohlson (1996) as capital expenditure and revenue expenditure. The division of expenditures gives a more realistic accounting-based valuation model. Furthermore, this model will be used as the basis of revising and providing a theoretical foundation for the empirical method of Sougiannis (1994). Based on this revised theory and the empirical model, this research as examined the relationship between human-related expenditures (hereafter as HRE) and future earnings. The research also tests whether the HRE has value relevance (including direct and indirect effects). The empirical results show as followings: 1.The total effects of HRE on firm’s future earnings are close to zero. Nevertheless, when the firms are classified according to their HRE efficiency, the results show that the firms with a better HRE efficiency would have positive effects of total earnings. 2.The accounting-based valuation model that capitalizes HRE will increase the ability of this valuation model in explaining stock prices. Hence, the HRE has value relevance. 3.The investment of each dollar on the HRE will create a market value of 4.9799 dollars for a firm, with 4.4053 dollars for direct effects and 0.5746 dollars for indirect effects. 4.Firms with lower HRE intensity, greater net sales per capital and higher capital stock/HRE ratio will have grater market values from the HRE investment. |
本系統中英文摘要資訊取自各篇刊載內容。