智慧資本對企業財務績效影響之探討—以台灣上市（櫃）半導體產業為例

The Influences of Intellectual Capital on the Financial Performance of Firms-An Evidence of the Semiconductor Industry in Taiwan

戴錦周(Jin-Jou Dai) ； 何玉蘭(Yu-Lan Ho)

《國立臺中技術學院學報》 15期 (2011/06) Pp. 55-72

https://doi.org/10.29427/JNTIT.201106_15.0005

摘要

在知識經濟時代中，傳統的有形資產往往無法正確衡量企業的價值，因為企業常透過無形的智慧資本創造附加價值。所以本文利用結構方程模式（structural equation model），探討台灣上市上櫃及興櫃半導體產業之智慧資本的四個構面人力資本、流程資本、創新資本和顧客資本與企業財務績效的關係。實証結果發現：人力資本對企業績效影響最大，同時人力資本也會促進創新資本及顧客資本的提升。無形資產智慧資本是衡量企業未來價值重要指標，管理者對智慧資本加以管控與運用，可增加企業經濟效益、提昇企業競爭優勢並創造股東價值。

關鍵字

智慧資本 ； 結構方程模式 ； 人力資本 ； 流程資本 ； 創新資本 ； 顧客資本

並列摘要

In the era of knowledge economy, the corporate value cannot be evaluated merely by tangible assets because its value is often created by intangible assets. This paper used a structural equation model to explore the relationship between the intellectual capitals (including human capital, process capital, innovation capital, and customer capital) and the financial performance of firms in Taiwan semiconductor industry. The empirical findings indicate that the influence of human capital on the financial performance is the greatest. Moreover, human capital is also able to promote the growth of innovation and custom capitals. Intellectual capital is an important indicator for measuring corporate value in the future. Managers are suggested to accumulate a high level of intellectual capitals, so as to increase the competitive advantages, profitability, and market value of a firm.

並列關鍵字

intellectual capital ； structural equation model ； human capital ； process capital ； innovation capital ； customer capital