电子科技企业也可能会有智能负债  

High-tech Company Also Probably Has Intellectual Liabilities

作　　者：蔡学章[1] 俞自由[2] 

机构地区：[1]台湾私立静宜大学会计学系 [2]上海财经大学金融保险研究所,200433

出　　处：《会计研究》2005年第9期39-43,共5页Accounting Research

摘　　要：学术界及实业界普遍承认知识型科技企业拥有无形的资产,却鲜少提出或验证知识型科技企业也可能存在着无形的负债。本研究引进“智能资产”与“智能负债”的概念,以一完整的含智能资本的资产负债表,探讨智能资产、智能负债与智能资本之互动关系,解释为何某些拥有知识创新资产的企业却存在市价低于净值的现象;并以台湾电子信息业上市公司作为研究样本,使用市价净值差额法及超额报酬折现法来测度其智能资本,用以验证科技企业也可能存在智能负债而产生负的智能资本,进而阐明“智能资产”与“智能负债”在本质上是企业动态营运过程的产物,其所能创造的价值或产生的负价值会随景气环境的变化而增减。因此,每个知识型企业都应妥善厘订智能资本的管理策略,才能不断创造与蓄积更多的智能资本,扩增企业的真实价值。In this paper,we propose a firm's balance sheet with intellectual assets (IA),intellectual liabilities (IL) and intellectual capital(IC) to explain the concept of IL and analyze the relationship among IA,IL and IC.When the positive value created by the IA is less than the negative value resulted from the IL,the value of IC will be negative.We use MV-BV method and the discounted residual income approach to measure firm's IC and then examine whether the electronic companies have negative IC.With a sample of 173 companies from information and electronic industry in Taiwan,we demonstrate that there are 31 and 50 companies respectively have negative value of IC.Therefore,every company should enhance the management of IC in order to maintain its competitive position and ensure its future viability.

关 键 词：电子科技企业 智能资本 智能资产 智能负债 市价净值差额法 超额报酬折现值法 企业财务 

分 类 号：F426.63[经济管理—产业经济]