Дисертації з теми "Firm's valuation"
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Voge, Garrett Daniel. "Investor Valuation: LGBTQ Inclusion and the Effect on a Firm's Financials." Thesis, The University of Arizona, 2013. http://hdl.handle.net/10150/297778.
Повний текст джерелаSIGNORI, Andrea. "The evalutation of IPOs and its influence on a private firm's exit decision." Doctoral thesis, Università degli studi di Bergamo, 2014. http://hdl.handle.net/10446/30392.
Повний текст джерелаRaoli, Elisa. "Market misvaluation and earnings management. Evidence from Italian financial market." Doctoral thesis, Luiss Guido Carli, 2012. http://hdl.handle.net/11385/200809.
Повний текст джерелаBrimble, Mark Andrew, and m. brimble@griffith edu au. "The Relevance of Accounting Information for Valuation and Risk." Griffith University. School of Accounting, Banking and Finance, 2003. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20030829.120234.
Повний текст джерелаBrimble, Mark Andrew. "The Relevance of Accounting Information for Valuation and Risk." Thesis, Griffith University, 2003. http://hdl.handle.net/10072/365276.
Повний текст джерелаThesis (PhD Doctorate)
Doctor of Philosophy (PhD)
School of Accounting, Banking and Finance
Full Text
Mbokodo, Oupa. "Customer equity as a firm’s valuation technique." Diss., University of Pretoria, 2010. http://hdl.handle.net/2263/24699.
Повний текст джерелаDissertation (MBA)--University of Pretoria, 2010.
Gordon Institute of Business Science (GIBS)
unrestricted
Ronnie, Lo Hok-Leung. "Voluntary corporate governance disclosure, firm valuation and dividend payout : evidence from Hong Kong listed firms." Thesis, University of Glasgow, 2009. http://theses.gla.ac.uk/1357/.
Повний текст джерелаChan, Kelly Australian Graduate School of Management Australian School of Business UNSW. "Accounting-based composite market multiples and equity valuation." Awarded By:University of New South Wales. Australian Graduate School of Management, 2010. http://handle.unsw.edu.au/1959.4/44596.
Повний текст джерелаMcCallig, Michael John. "The valuation of loss making firms and accounting conservatism." Thesis, Lancaster University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.418858.
Повний текст джерелаMangwengwende, Tadiwanashe Mukudzeyi. "International joint ventures and firm value: an empirical study of South African partner firms." Thesis, Rhodes University, 2013. http://hdl.handle.net/10962/d1004174.
Повний текст джерелаHao, Shengquan. "Two essays on value generation and market valuation of firms /." View abstract or full-text, 2008. http://library.ust.hk/cgi/db/thesis.pl?ACCT%202008%20HAO.
Повний текст джерелаHäussler, Carolin. "Inter-firm collaboration : valuation, contracting, and firm restructuring /." Wiesbaden : Deutscher Universitäts-Verlag, 2005. http://opac.nebis.ch/cgi-bin/showAbstract.pl?u20=3824483335.
Повний текст джерелаLajmi, Amira. "CSR governance practices : interactions and implications for the firm’s market valuation." Thesis, Le Mans, 2020. http://www.theses.fr/2020LEMA2002.
Повний текст джерелаThis thesis attempts to examine the impact of CSR practices on firm market value. Particularly, we analyze the moderating role of the two sustainability-oriented corporate governance mechanisms, CSR committee and CSR assurance on the relationship between CSR reporting and the firm’s market value. Using a sample of French firms belonging to the SBF 120 index over two different periods from 2001 to 2011 and from 2007 to 2017, our results show that both CSR committee and CSR assurance act as a strategic tool to enhance the company’s ability to disclose more on CSR duties. We also show that the creation of a CSR committee and the demand for CSR assurance may substitute for each other. By studying their impact on firm market value, we conclude that the advantage of having a CSR committee and/or CSR assurance does not stem from their direct effect on market value, but from their moderating role between CSR reporting and firm’s market value. Our results show that while a higher level of CSR reporting is relevant for shareholders when firms have a CSR committee in the board, CSR assurance is specifically relevant only for firms exposed to environmental risks, demonstrating an unequivocal need to enhance the credibility of their CSR reporting. Our research is not limited to evaluating the effects of the presence or absence of external assurance but alos investigates the relationship between the issuance of a standalone CSR report and the firm’s market value, depending on the quality of assurance services. The result highlights the contribution of higher-quality assurance services to the relevance of standalone CSR reports. This thesis covers several disciplines namely accounting, accountability and corporate governance with may be a great interest for regulators, investors, managers and shareholders
Morawiec, Jan. "Oceňování firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75715.
Повний текст джерелаLei, C. H. Adrian. "Corporate governance, connected transactions and firm valuation." Click to view the E-thesis via HKUTO, 2005. http://sunzi.lib.hku.hk/hkuto/record/B36863944.
Повний текст джерелаMaeseneire, Wouter De. "Essays on Firm Valuation and Value Appropriation." [Rotterdam]: Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Rotterdam : Erasmus University Rotterdam [Host], 2005. http://hdl.handle.net/1765/6768.
Повний текст джерелаLei, C. H. Adrian, and 李卓雄. "Corporate governance, connected transactions and firm valuation." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2005. http://hub.hku.hk/bib/B36863944.
Повний текст джерелаChan, Ling-Ching. "Accounting conservatism, earnings quality, and firm valuation." Thesis, University of Manchester, 2005. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.629937.
Повний текст джерелаGoins, Samantha. "Corporate governance and firm valuation in Brazil." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/20223.
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This paper investigates the relationship between the quality of a firm’s corporate governance and firm valuation, as measured by Tobin’s Q, for Brazilian firms listed on the BM&FBovespa from 2010 to 2014. A corporate governance index is constructed from a set of five sub-indices which were compiled from publicly available information. The indices have been used to determine how corporate governance practises have evolved over the period. The results of the study show a positive and significant relationship between firm value and greater overall corporate governance in Brazilian listed firms, as well as the component sub-indices.
Esta tese investiga a relação entre a qualidade da governança corporativa das empresas e o seu valor de mercado, como é medido pelo Q de Tobin, para empresas brasileiras listadas no BM&FBovespa entre 2010 e 2014. O índice de governança corporativa utilizado foi construído a partir de um conjunto de cinco sub-índices que foram compilados a partir de informação disponível publicamente. Estes índices foram utilizados com o intuito de determinar como as práticas de governança corporativa evoluíram durante o período em estudo. O resultado desta tese mostra uma relação positiva expressiva entre o valor de mercado das empresas e a manutenção de uma melhor governança corporativa nas empresas brasileiras listadas, assim como com os sub-índices referidos.
BARQUET, MARIA THEREZA ADRIANO. "ANALYSIS OF DIFFICULTIES IN PRIVATE FIRMS VALUATION IN BRAZIL: A CASE STUDY." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2016. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=28385@1.
Повний текст джерелаThe growing interest in estimating the cost of capital and thus, the firm value, is critical for the company to know the risk of the business in which it operates. In this sense, the problems in estimating private firms, are due to the fact they do not have shares traded on the Stock Exchange. The lack of market value for them makes the data contained in their financial statements are used instead of. They are not obliged to disclosure their results, therefore operates by loose accounting standards, which may result in distortions of reality. This study aims to present the difficulties in the adoption of assumptions and fluctuations that these cause the results, making a case study of LBQ Engenharia Ltda., a private company that operates in the construction industry.
Ullah, S., S. Ahmad, Saeed Akbar, D. Kodwani, and J. Frecknall-Hughes. "Governance disclosure quality and market valuation of firms in UK and Germany." Wiley, 2020. http://hdl.handle.net/10454/17933.
Повний текст джерелаThis study develops a 'comply or explain' index which captures compliance and quality of explanations given for non-compliance with the corporate governance codes in UK and Germany. In particular, we explain, how compliance and quality of explanations provided in non-compliance disclosures, and various other internal corporate governance mechanisms, affect the market valuation of firms in the two countries. A dynamic generalised method of moments (GMM) estimator is employed as the research technique for our analysis, which enabled us to control for the potential effects of endogeneity in our models. The findings of our content analysis suggest that firms exhibit significant differences in compliance, board independence and ownership structure in both countries. The 'comply or explain' index is positively associated with the market valuation of UK firms suggesting that compliance and quality governance disclosure is value relevant in the UK. Institutional blockholders' ownership is however, negatively associated with the market value of firms, which raises questions about the monitoring role of institutional shareholders in both countries. We argue that both compliance and explanations given for non-compliance are equally important, as long as valid reasons and justifications for non-compliance are provided by the reporting companies. These findings thus imply that the 'comply or explain' principle is working well and that UK and German companies could benefit from the flexibility offered by this principle. With respect to the role of board size, board independence, ownership structure, and institutional ownership of firms, this study offers policy implications.
Keienburg, Georg. "Venture capital investments financial contracting and the valuation of innovative growth firms." Münster Verl.-Haus Monsenstein und Vannerdat, 2009. http://d-nb.info/995654085/04.
Повний текст джерелаLandström, Joachim. "The theory of Homo comperiens, the firm’s market price, and the implication for a firm’s profitability." Doctoral thesis, Uppsala universitet, Företagsekonomiska institutionen, 2007. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-8268.
Повний текст джерелаGundogdu, Didem. "The role of social and human capital in assessing firm value : a longitudinal study of UK firms." Thesis, University of Exeter, 2017. http://hdl.handle.net/10871/30194.
Повний текст джерелаBerggren, Dennis. "IPO Underpricing and tech valuation : An empirical study of the Swedish IPO market." Thesis, KTH, Nationalekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-209453.
Повний текст джерелаHassan, Abeer Mohamed El-bakry Abd El-gawad Hassan. "An empirical investigation of the investment behaviour of UK venture capital firms in the investee companies : an accounting emphasis." Thesis, Keele University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.269180.
Повний текст джерелаInger, Kerry Katharine. "Relative valuation of alternative methods of tax avoidance." Diss., Virginia Tech, 2012. http://hdl.handle.net/10919/27623.
Повний текст джерелаPh. D.
Hartychová, Jana. "Stanovení hodnoty firmy Viko, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193082.
Повний текст джерелаTsang, Yick-tat, and 曾億達. "Modelling and forecasting the general financial performance of listed construction firms in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2014. http://hdl.handle.net/10722/198814.
Повний текст джерелаpublished_or_final_version
Civil Engineering
Doctoral
Doctor of Philosophy
Bartlett, Brian D. "The Effect of Corporate Sustainability Reporting on Firm Valuation." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/489.
Повний текст джерелаKopecká, Barbora. "Ocenění rodinné firmy Pekařství Kopecký s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-199784.
Повний текст джерелаAlexander, Justin. "Short-Termism and Corporate Myopia: The Values Assigned by the Market to Short-Term and Long-Term Firms." Scholarship @ Claremont, 2017. http://scholarship.claremont.edu/cmc_theses/1499.
Повний текст джерелаKroc, Vratislav. "Stanovení hodnoty stavební firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-125183.
Повний текст джерелаČepera, Vít. "Ocenění firmy - STATEK BŘEŽANY." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-162343.
Повний текст джерелаWoods, Maef. "The Valuation and Contracting Roles of Restated Earnings." University of Cincinnati / OhioLINK, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1249607063.
Повний текст джерелаČížek, Martin. "Ocenění firmy Kofola, a. s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-18176.
Повний текст джерелаŠrytrová, Ladislava. "Stanovení hodnoty firmy Madeta, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-205654.
Повний текст джерелаLel, Ugur. "Political risk in Quebec, firm valuation, and business relocation announcements." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1999. http://www.collectionscanada.ca/obj/s4/f2/dsk1/tape7/PQDD_0004/MQ43642.pdf.
Повний текст джерелаLin, Ting-Yu, and 林亭妤. "A case study of firm's valuation of Prerecorded Disc Industry." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/22158185351859558894.
Повний текст джерела輔仁大學
科技管理學程碩士在職專班
93
When a company needs to expand their business or to change the business strategy, it will use the financial leverage to raise the fund from outside. The valuation is the key to determine whether or not the fund raising will be successful. The prerecorded disc industry is not well-known by the public and rarely being reported or studied. This study is to valuate a target company of the prerecorded disc industry. The DCF method highly recommended by scholars adopted in this study to valuate the firm. The first step is to fully analyzing the target company by the ROIC-WACC, earning quality, and finance decision quality. The second step is to use DCF method based on both sales-driven and earning-driven approaches to perform the business valuation under different scenarios. The third step is to do the sensitivity analysis. The final step is to summit the conclusions and suggestions according to the study results. This results shows that the earning-driven DCF method cannot be used as references when the ROIC-WACC is negative. In addition, the risk-premium will affect the result greatly, therefore we must be very cautious when making assumptions.
Yi-Cheng, Chen, and 陳沂爭. "Valuation of Negative Earnings Firms." Thesis, 2001. http://ndltd.ncl.edu.tw/handle/38402965903663954393.
Повний текст джерела輔仁大學
金融研究所
89
The number of loss firms is increasing in recent years. The stock prices of loss firms are going down reflecting difficulties in transforming traditional industries to become globally competitive. This paper addresses the issue of valuing loss firms by accounting valuation models. First, we divide all Taiwan Stock Exchange listed companies into two groups based on whether their earnings numbers are positive or negative, and estimate the value of firms by Ohlson’s valuation model. The conclusion shows that the value of firms with negative earnings cannot be reasonably explained by Ohlson’s valuation model. That is, the value of negative earnings firms cannot be accounted for by the two most important accounting variables─earnings and the book value of equity. This paper then focuses on the two most severely depressed industries, banking and construction, for further analysis. We use an adjusted version of Ohlson’s valuation model by replacing the book value of equity with what we considered the most valuation relevant financial variables of the two industries. The empirical results show that earnings, inventories, and interest bearing debts are relevant information for valuing the construction industry. In addition, fees, collateralized loans, unsecured loans, non-performance loans, and allowance for non-performance loans are relevant information for valuing the banking industry. As a result, we conclude that information contained in the balance sheet is indeed relevant in firm valuation and the relative importance of various balance sheet items varies across industries.
Patrão, Miguel Santos Fonseca. "Equity valuation : Grupo Semapa : firm valuation theory applied." Master's thesis, 2013. http://hdl.handle.net/10400.14/11677.
Повний текст джерелаChen, Hai-Chi, and 陳海琪. "The Effect of Tax Integration in Firms Valuation." Thesis, 2002. http://ndltd.ncl.edu.tw/handle/76239406129909645128.
Повний текст джерела中國文化大學
會計研究所
90
Because of the execution of Tax Integration in 1998, the implicit taxes of the firm’s retained earnings exceed those after changing to a new system. In order to make a successful decision, investors should recognize and apply this change when they value the firm. From the perspective of investors’ dividend taxes, the main purpose of this study is to investigate whether dividend taxes has incremental information after Tax Integration. Year 1991 to 2000 are selected as testing sample due to data availability. The empirical results suggest three main conclusions. First, we ignore both of the effects of dividend taxes and Tax Integration, but only focus on entity-level taxes. We find that book value of shareholders’ equity decrease in the ratio of retained earnings to total book value and net income increase in the ratio of retained earnings to total book value. Second, after adding in the effect of dividend taxes, we find that dividend taxes reduce the value of retained earnings. Last, combining with the effects of dividend taxes and Tax Integration, taxes on dividends increase the value of retained earnings after Tax Integration.
Pereira, António João Dinis. "Consulting firm - company valuation." Master's thesis, 2019. http://hdl.handle.net/10362/73208.
Повний текст джерелаChen, Ling Kuang, and 陳凌光. "Expansionary Path and Valuation of Taiwan Notebook Computer Firms." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/wnyb3c.
Повний текст джерела輔仁大學
科技管理學程碩士在職專班
99
Starting in 2008, the Taiwan notebook computer foundry industry (ODM, Original Design Manufacturer) exports accounted for about 90% (source, DigiTime) of the world market share. In Taiwan notebook computer company has Compal, Inventec computer company, Quanta Computer, Wistron, etc. in additional to above company have added a new competitors, the company in 2009, Hon Hai Precision officially entered the foundry industry, more than the sum Taiwan's five large-scale power leading manufacturer of business, and its total revenue in 2009 will account for 38.3% of the country the proportion of GDP. Economies of scale on the good company Hon Hai Precision, the use of low cost strategy into the NB grab foundry industry, and its 2009 annual consolidated financial statements despite an increase in adjusted operating expenses 0.24%, but the operating margin has increased by 0.9%, that result showing its competitive strategy Applied properly, as opposed to laptop foundry business strategy, continue to expand the operation scale and operating leverage, operating leverage and take action to increase the higher return on assets, debt strategy and even laptops will have a greater economic foundry Benefits.
張家瑋. "Valuation of Negative-earnings Firms: Earnings V.S. Book Value." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/29522099322965754549.
Повний текст джерела國立政治大學
會計研究所
95
This paper investigates the evaluation of negative-earnings firms by their earnings and book values, which are two of the most important accounting figures in financial statements. Following Joos and Plesko (2005), we classify the sample firms into two categories: transitory negative earnings and persistent negative earnings. The empirical results show that cash flows from operating activities are more value relevant for the negative-earnings firms in electronics industry, especially for those with transitory negative earnings. For the non-electronic industry, decomposed book values are more value relevant for those firms with transitory negative earnings. In performing sensitive analyses, this study further classifies negatives-earnings firms with the actual persistence of their negative earnings as well as the firm size. For the actual persistence of negative earnings, decomposed book values demonstrate no significant difference in the valuation of transitory negative earnings firms and persistent negative earnings firms, and decomposed earnings show little value relevance in either group. When considering the size effect, decomposed earnings aren’t value relevant in transitory and persistent negative earnings firms and decomposed book values are more value relevant for the firms with persistent negative earnings. We also test the industry effect by dividing the sample firms into electronics and non-electronics. The results show that net cash flows from operating activities are more value relevant for transitory negative earnings firms and their relevance is higher than accruals. And decomposed book values show no significant difference in value relevance for both groups.
Lu, Jun-Jie, and 陸俊杰. "A Case Study on Venture-backed Technology Firms Valuation." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/23507497697800442244.
Повний текст джерела國立臺灣大學
會計學研究所
103
This thesis focuses on the research and exploration on valuation with regard to venture-backed technology firms and intends to apply traditional valuation methods and modified real option valuation model to re-examine valuation on technology firms with assistance of a case. In the beginning, this thesis describes the origin, development and current status of venture capital. By the analysis on characteristics of the technology firms and industry, this thesis reveals the close interlinkages between technology firms and venture capital. Then, this thesis discusses the traditional valuation methods and identifies limitations when these methods are applied to the valuation of technology firms in startup or growth stage. Therefore, this thesis revises traditional real option valuation approach for the purpose of better meeting valuation characteristics of venture-backed technology firms. In addition, this thesis establishes a venture capital valuation model in terms of quantitative and qualitative aspects in order to further complete the research. The model takes the level of investment expertise and professional judgment into account. Thereafter, the thesis discusses a case to illustrate the valuation model into concrete venture capital circumstances. Finally, the thesis points out limitations of model and complementarity effect of the model user-‘human’ boundaries and in the venture capital model cannot replace expertise of venture capital institutes and venture capitalists’ capacity and experience.
Hsiao, Chun-Yu, and 蕭鈞煜. "Business Valuation ─ An Empirical Study of Taiwan Public Firms." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/u79gkr.
Повний текст джерела國立虎尾科技大學
經營管理研究所
98
This study is the first paper to employ the price-to-earnings (P/E) ratio, price-to-book ratio, price-to-sales amount ratio and the Black-Scholes valuation models for free cash flow sales and free cash flow earnings, respectively, to conduct valuation of companies listed on the Taiwan Stock Exchange (TAIEX) or OTC-traded companies. This study first focuses on the valuation of TAIEX-listed or OTC-traded companies as a whole, and continues with the analysis of the valuation of TAIEX-listed companies, OTC-traded companies, the electronics industry, non-electronics industries, the financial industry and non-financial industries. The results show that for TAIEX-listed or OTC-traded companies as a whole, the P/E ratio approach provides better explanatory power and predictive accuracy than the other five valuation models. In addition, for OTC-traded companies, the electronics industry and non-financial industries, the explanatory power and predictive accuracy of the P/E ratio valuation method also provides better explanatory power and predictive accuracy than the other five valuation models. On the other hand, the empirical results for TAIEX-listed companies and non-electronics industries show that the P/E ratio valuation method provides the highest explanatory power, while the share price-to-net worth ratio valuation method has the best predictive accuracy. As for the financial industry, the Black-Scholes valuation method provides the highest explanatory power while the share price-to-net worth ratio method gives the best predictive accuracy.
Tseng, Yu-chia, and 曾郁嘉. "Implied Volatility and Firm Valuation." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/78458367455975703606.
Повний текст джерела國立高雄第一科技大學
金融系碩士班金融組
101
In the call option, it has a higher option prices and the implied volatility get higher. The firm value gets better or not. Also in the put option, it has a higher put option prices and the implied volatility get higher. The firm value gets worse or not. In this study, we focus on the relation between the implied volatility and firm valuation. The implied volatility is divided into Vega implied volatility and Elasticity weighted implied volatility. A simple approximation of Tobin’s q displaces the firm value. We study call and put implied volatility relate to the firm value by cross-sectional regression and panel regression. Finally, we use the lag implied volatility to further discussion with firm value. The results are whether call or put implied volatility are positive to firm value and lag implied volatility to firm value has not relationship.
Halsey, Robert F. "Earnings cycles and firm valuation." 1997. http://catalog.hathitrust.org/api/volumes/oclc/38011733.html.
Повний текст джерелаTypescript. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 124-129).
Chen, Lie-Hui, and 陳麗慧. "Intellectual Capital, Research and Development Expenses, andthe Valuation of Firms." Thesis, 2004. http://ndltd.ncl.edu.tw/handle/04237007776564728584.
Повний текст джерела朝陽科技大學
財務金融系碩士班
92
This study uses the variables of intellectual capital, R&D, innovation, firms’ scale, capital structure, dividend policy, and ownership structure to build firms’ valuation models- Tobin’s Q and EPS Models. The models are applied to the data of the Taiwan stock market from 1996 to 2002 to investigate how the firms’ value is influenced by the above variables. The major findings are as follows: (1) General speaking, the firms’ valuation in Taiwan stock market is based on EPS. (2) The way how firms’ value is influenced by the variables is different from industry to industry. (3) The current R&D was not a significant factor to explain the variation of firms’ value in most industries. (4) To raise the competitive advantage of traditional industries, government’s policy must adjust according to industrial characteristics. (5) From the experimental results, financial accounting information still provide considerable explanation to firm’s valuation. Keywords: intellectual capital, R&D, innovation, Tobin’s Q, EPS.