本文檢驗以銷售及管理費用為基礎所建構之組織資本，是否能解釋台灣股票市場的橫斷面報酬，並進一步探討此定價意涵是否取決於無形投資的衡量方式。本文使用台灣經濟新報（TEJ）會計資料，將核心銷售及管理費用定義為營業費用扣除研究發展費與推銷費用，且僅在建構此變數所需之詳細營業費用組成項目皆可觀察時才予以計算。接著，本文利用產業年度會計資訊，將核心銷售及管理費用區分為維護成分與投資成分，並透過永續盤存法累積投資成分以建構組織資本存量。
在本文偏好的價格與流動性篩選樣本中，依累積投資型組織資本排序之高減低投資組合，其等權原始報酬每月為 0.52%，Newey–West t 值為 3.09；Fama–French 五因子alpha 每月為 0.56%，t 值為 3.54。整體而言，本文結果顯示，以核心銷售及管理費用為基礎之組織資本在台灣等權橫斷面中具有經濟意義；然而，相關證據亦對公司規模、流動性與銷售及管理費用定義相當敏感。

This paper examines whether SG&A-based organizational capital is priced in the Taiwan equity market and whether its pricing implications depend on how intangible investment is measured. Using TEJ accounting data, I define Core SG&A as operating expense minus R&D expense and selling expense, computed only when the detailed operating-expense components needed for this construction are observed. I separate this input into maintenance and investment components using industry-year accounting information, and accumulate the investment component through a perpetual-inventory procedure.
In the preferred price-and-liquidity screened sample, the high-minus-low portfolio based on the accumulated investment measure earns an equal-weighted raw return spread of 0.52% per month (t = 3.09) and a Fama–French five-factor alpha of 0.56% per month (t = 3.54). Overall, the results suggest that Core-SG&A-based organizational capital is economically relevant in Taiwan’s equal-weighted cross-section, while also showing that the evidence is sensitive to firm size, liquidity, and SG&A definition.

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