智慧資本與公司績效關聯性之研究－以獨立董監事監督效果作為調節變數

Intellectual Capital and Firm Performance: The Moderating Effect of Independent Director and Supervisor

李馨蘋(Shin-Ping Lee) ； 戚靜玟(Ching-Wen Chi) ； 程心瑤(Hsin-Yao Cheng)

《全球管理與經濟》 10卷1期 (2014/06) Pp. 18-34

https://doi.org/10.6565/JGME.2014.10(1).2

摘要

知識經濟時代，有形資產在企業的重要性已逐漸被無形資產所取代，強調智慧資本將攸關企業未來成功要素及未來長期獲利。因2008年發生全球金融海嘯，造成全球性經濟震盪，故本研究將萃取2009年至2012年台灣上市電子業為實證研究的對象，探討當金融海嘯過後，智慧資本對電子產業公司績效的重要性，並更進一步探討公司獨立董監事之監控效果是否對此兩者關聯性具有調節效果。主要相關研究資料來源包括國家圖書館網站、台灣經濟新報社資料庫（TEJ）、台灣上市公司年報和公開說明書。研究方法主要採用主成份分析法與多元迴歸分析。研究結果顯示智慧資本各構面確實對公司績效有所影響，且獨立董監事之監控效果對於其智慧資本與公司績效之正向關係具調節效果。

關鍵字

智慧資本 ； 公司績效 ； 獨立董監事

並列摘要

In the era of knowledge economy, intellectual capital has replaced physical capital as a crucial source of corporate success and profitability. The global financial crisis of 2008 has resulted in global economic shocks. Based on a sample of listed firms in the electron industry between 2009 and 2012, therefore, this study aims to investigate the impacts of intellectual capital on firm performance after the financial crisis. Further, we also examine the moderating role of board independence. In this study, the sources of data include the National Library website, the datasets provide by the Taiwan Economic Journal (TEJ), annual reports and prospectus. This study employ principal component analysis and multiple regression analysis and find that intellectual capital has a positive impact on firm performance. In addition, the proportion of independent directors positively moderates the relationship between intellectual capital and firm performance.

並列關鍵字

Intellectual Capital ； Firm Performance ； Independent Director and Supervisor