因受限於一般公認會計原理原則(GAPP)的規範，企業自行發展出來的無形資產及其所具有的價值並不能入帳，使得傳統資產負債表上的帳面淨值已經無法正確表達知識型企業的價值，所以本研究使用超額報酬折現值法衡量臺灣電子科技業上市公司之智慧資本，再以衡量所得之智慧資本取代會計盈餘，建構一含有智慧資本之股票評價模式，再以檢驗臺灣電子科技企業之智慧資本與股票價格是否存有顯著的關聯程度，並證明智慧資本是否比會計盈餘更能解釋電子科技企業的股票價格。 迴歸分析的結果證明，臺灣電子科技業上市公司之智慧資本與其股票價格間存有顯著的正向關聯程度，且智慧資本與帳面淨值對股票價格的聯合解釋能力確實高於會計盈餘與帳面淨值。我們也發現，在超額盈餘折現值模式中，以加權平剛資金成本(WACC)取代權益資金成本率(Re)作為折現率，用以衡量智慧資本，能提高智慧資本與股票價格之間的正向關聯程度；而使用加權平均權益報酬率取代簡單平均權益報酬率，用以衡量智慧資本，亦能提升智慧資本對股票價值的關聯性。此外，實證結果亦顯示，並非所有電子科技企業都擁有正值的智慧資本。

This study takes the weighted average cost of capital (WACC) to replace the traditionally used cost of equity capital (Re) in the discounted residual income method to rationally measure firm's intellectual capital (IC), and then construct a valuation model with IC to examine the value relevance of IC and stock price of electronic company. Using a sample of 173 electronic companies listed before end of 2001 in Taiwan, the empirical results reveal that the relationship of IC and stock price is positive, and the joint explanatory power of IC and book value for stock price is superior to that of earnings and book value. Moreover, we find that taking WACC to replace Re as the discounted rate to measure IC will increase the degree of positive relationship between IC and stock price, and using the weighted average return of equity to replace the simple average return of equity to measure IC may increase the value relevance of IC. The empirical results also demonstrate that not every company has positive value of IC even it is a high-tech one.