以企業生命週期觀點探討智慧資本的價值攸關性

A Study on the Value Relevance of Intellectual Capital: A Corporate Life Cycle Perspective

李馨蘋(Shin-Ping Lee) ； 林苡雯(Yi-Wen Lin) ； 程心瑤(Hsin-Yao Cheng)

《評價學報》 11期 (2017/08) Pp. 21-48

摘要

本研究主要探討企業在不同生命週期階段，智慧資本各構面與公司價值的關聯性。本研究以2009年至2012年間台灣上市櫃公司資料進行實證研究。研究方法主要採用主成份分析法與多元迴歸分析。實證結果顯示，智慧資本構面之人力資本及流程資本與公司價值的關聯性在成長期最高。顧客資本方面，顧客資本與公司價值的關聯性在衰退期最高，其次為成熟期，並於成長期的關聯性最低。創新資本與公司價值的關係在企業生命週期各階段則無顯著關聯性。

關鍵字

智慧資本 ； 企業生命週期 ； Ohlson模型

並列摘要

This study examines the relationship between intellectual capital and firm value during different corporate life cycle stages. Using the sample of Taiwan's public listed firms from 2009 to 2012, this study analyzes the data by principal component analysis and multiple regression analysis. The empirical results show that: (1) Compared to other stages, human capital and process capital are the most highly correlated to firm value during the growth period. (2) Customer capital is the most highly correlated to firm value in the decline period, followed by the maturity period. And, the correlation between customer capital and firm value is the lowest during the growth period. (3)There is no significant relationship between innovation capital and firm value during any of the three corporate life cycle stages.

並列關鍵字

Intellectual Capital ； Corporate Life Cycle ； Ohlson Model