探索企業智慧資本的量度與經營績效－以全球十大半導體設備公司為例

Exploring the Measurement of Intellectual Capital and Performance-The Case of Top 10 Semiconductor Equipment Companies

洪志洋(Chin-Young Hung) ； 衛俊宏(Chun-Hung Wei) ； 姜榮新(Rung-Shin Jiang) ； 許楨屏(Chen-Ping Hsu)

《評價學報》 6期 (2013/10) Pp. 27-51

摘要

智慧資本的相關實證研究不足，最大的困難在於智慧資本的概念難以量化與量度。會計及財務學界從企業的產出這個面向量度智慧資本，而本研究則嘗試從企業的資源投入這個面向來量度企業的智慧資本。我們以全球半導體設備供應商為對象，探討智慧資本投入三個構面（研發強度、資本支出與創新速度）與企業經營績效之關連性。使用2000年到2010年COMPUSTAT資料庫的財務資料，我們發現所構建的三項智慧資本投入因素中，僅有創新速度具有明顯的智慧資本內涵。而研發強度與資本支出這兩項因素，個別來看則不具有明顯的智慧資本成分。但是所有的互動項對於Tobin's Q都有顯著的關連性，也就是研發資源以及資本支出的資源投入具有顯著的綜效。這樣的證據支持以下的看法，研發資源的投入與硬體資本支出的投入兩者是相得益彰的，單單投入研發活動，或單單加大資本支出，都不足產生明確的智慧資本產出。但是，同時加大軟體的研發強度與硬體的資本支出則可以產生顯著的智慧資本功效。

關鍵字

智慧資本 ； 研發強度 ； 創新速度 ； 資本支出 ； 半導體設備公司

並列摘要

There has been less empirical research of intellectual capital because of the difficulty measurement the real value of intellectual capital. Over the past few years a considerable number of studies have been made on the intellectual capital with the output of enterprise as proxy variable, and this study is intended as an investigation of using the resource of enterprise as proxy variable. This study focuses on top 10 semiconductor equipment suppliers in global to probe into the effects of R&D intensity, capital expenditure and innovation speed on enterprise performance. The research methodology use regression analysis by panel data model to figure out the differentiation on 3 factors. The results indicate that the innovation speed directly and significantly related to intellectual capital in semiconductor equipment companies. This study also shows the interaction of R&D intensity and capital expenditure had positive and significantly related to intellectual capital. This implies that we increase the R&D intensity and capital expenditure simultaneously; we can get the positive impact of the intellectual capital.

並列關鍵字

Intellectual Capital ； R&D Intensity ； Innovation Speed ； Capital Expenditure ； Semiconductor Equipment Companies