Chulalongkorn University Theses and Dissertations (Chula ETD)

Other Title (Parallel Title in Other Language of ETD)

เงินลงทุนในสินทรัพย์ไม่มีตัวตน, ทฤษฎี q สำหรับการลงทุน และการวัดความสามารถในการทำกำไร

Year (A.D.)


Document Type

Independent Study

First Advisor

Kanis Saengchote


Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)

Department (if any)

Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)

Degree Name

Master of Science

Degree Level

Master's Degree

Degree Discipline





Contribution of intangible capital has been a notable factor of today’s economy. However, previous literatures mainly focus on outcomes of physical investment through classical theory of investment and financial ratios, so this paper aims to explain effects of intangible capital in two major points. Firstly, new Tobin’s q proxy, which includes intangible capital, is reexamined regarding its explanation of total investment; new Tobin’s q, thus, explains investment opportunities better in firms and years with greater intangible capital. Secondly, financial ratios are rearranged by taking intangible capital into consideration. As a result, firms with more intangible capital do not generate higher firm’s value and profitability as existing empirical findings.



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