Liao, Y. P., and Lee, T. K. 2017. Valuation Implication of Information Technology Expenditures in the Banking Industry. NTU Management Review, 27 (2): 35-56. doi:10.6226/NTUMR.2017.JUL. A102-029   
銀行業資訊科技支出之價值攸關性  
Valuation Implication of Information Technology Expenditures in the Banking Industry
廖懿屏 / 銘傳大學會計學系副教授
Yi-Ping Liao, Associate Professor, Department of Accounting, Ming Chuan University

李德冠 / 中原大學會計系助理教授
Te-Kuan Lee, Assistant Professor, Department of Accounting, Chung Yuan Christian University

中文摘要
現存文獻鮮少發現資訊科技支出對銀行業的正面效益,然不少銀行業公司卻仍舊維持高額的資訊科技支出,並明確指稱資訊科技支出有助於維持及擴展長期之客戶關係或營運品質。運用Ohlson (1995) 模型,本研究結果指出:(1) 資訊科技支出顯著且正向地影響銀行的市場價值,即資訊科技支出具有價值攸關性。(2) 銀行的資訊科技支出水準對於盈餘乘數有正向的影響,亦即可提升盈餘持續性。本研究的貢獻為:(1) 提供過去文獻未直接發現的資訊科技支出對銀行業價值攸關性之正面證據。(2) 藉由瞭解資訊科技支出在改善盈餘持續性上的角色,使管理階層的決策品質進一步提升。
中文關鍵字資訊科技, 價值攸關性, 盈餘持續性

英文摘要
Information technology (IT) expenditure has been regarded as critical in maintaining the competitiveness in the banking industry. However, existing literatures fail to document consistent evidence on the positive effect of IT expenditures on banks’ productivity measures. This study is among the few that explore the valuation implication of IT expenditures based on U.S. banks. By utilizing the Ohlson (1995) model, our results indicate that: (1) IT expenditures are significantly and positively related to market values, suggesting that they are value-relevant; (2) IT intensity has positive impacts on earnings’ multipliers (i.e., the persistence of earnings). Overall, this paper contributes to the literature by demonstrating the value relevance of IT expenditures for banks, an issue that few prior studies have addressed. Additionally, the quality of the management’s decision-making is enhanced by ascertaining the critical role of IT expenditures in improving the earnings’ persistence.
英文關鍵字information technology, value relevance, earnings’ persistence