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題名:智慧資本投入、產出及企業價值的因果關聯研究-----以本國製造業為例
作者:廖俊杰
作者(外文):Liao Chun-Chieh
校院名稱:國立臺北大學
系所名稱:企業管理學系
指導教授:古永嘉
學位類別:博士
出版日期:2004
主題關鍵詞:智慧資本智慧係數附加價值法市場價值與帳面價值比投入產出架構Intellectual capitalValue Added Intellectual Coefficient(VAIC)market-to-book valueInput-output theory
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(2) 專書(0) 專書論文(0)
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  • 共同引用共同引用:0
  • 點閱點閱:236
本研究將智慧資本的定義為公司有形資產之外,其餘對企業價值有貢獻的無形資產與能力。為了探討智慧資本與企業價值的關係,以傳統經濟理論中的「投入-產出」架構,將智慧資本分為人力資本、組織資本、創新資本、關係資本四大類,並且根據分類發展出可取自財務次級資料的13個投入項目,和8個產出項目;在企業價值指標的選擇上,則同時納入傳統指標(市場價值與帳面價值比)與新創指標「智慧係數附加價值法」(VAIC)。
依理論架構,以公司所擁有的智慧資本為投入資源,透過價值創造程序,以增加公司的價值;也就是找出增加公司無形價值的途徑。
本研究所選用的期間為民國87年至91年,樣本公司包括「非技術密集製造業」658家,及「技術密集製造業」699家。
主要的研究結論為:
1.在資源投入的效果傳遞上,以「人力資源投入」同時可影響其他四種型式的智慧資本產出。驗證了人力資源投入的「外溢效果」,人力資本的投入,可能同時提供了改善流程、促進顧客關係、提供創新能量等資本的蓄積。
2.「創新資本產出」與「關係資本產出」對於公司無形價值,有直接且正向的影響;「流程資本產出」與「人力資本產出」對於公司價值並無直接的影響,而是透過與其他智慧本的互動作用,間接且正向影響公司價值。
3.找出11種企業創造價值的可能途徑。
The objective of this paper is to explore the nature of intellectual capital and to investigate relationship between intellectual capital and corporate value in Taiwan manufacturing firms. Input-output theory was used to clarify the relationship between the intellectual capital measurement indicators, and to explore the impact of intellectual capital on enterprise value creation process.
In this study, we define human capital, process capital, innovation capital and relationship capital as four constructs of intellectual capital. The corporate value is measured by using two different indicators:market-to-book value & Value Added Intellectual Coefficient(VAICTM). The sample included 699 technique-intensive & 658 manufacturing industries,which are listed on the stock market, and all data are collected from Taiwan Economic Journal (TEJ).
We apply Structure Equation Model to analyze the relationships among four constructs of intellectual capital , and the relationship between intellectual capital and corporate value.
The following discoveries were made:
1. 21 key intellectual capital indicators were collected;
2. we find that human capital is the main driver of in the valuation creation process, it includes the so-called “spill-over” effect;
3. the process capital and human capital have indirect effect on corporate value; while innovation capital and relationship capital have direct and positive effect on it
4. we find 11 different channel to create corporate value.
Enterprises can use this finding to establish a intellectual capital system model suited to the characteristics of the industry in which the enterprise operates; they should conduct ongoing monitoring and improvement of this model, and should continue to allocate resources to enhance the value of the enterprise’s intellectual capital system.
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