智慧資本與企業經營績效之研究－以台灣金融業為例

A Study on Intellectual Capital and the Value of the Firm － An Empirical Investigation of Financial Industry in Taiwan

邱郁恬(Yu-Tien Chiu)

指導教授 ： 林姿婷

國立臺灣大學/管理學院/財務金融學研究所/碩士(2020年)

https://doi.org/10.6342/NTU202001413

摘要

本研究以台灣上市金融保險業作為樣本，大致可拆分為三部分，分別為探討智慧資本與企業市場價值、經營績效以及當期股價報酬率之關係，採用Pulic(1998)之智慧資本增值係數VAIC作為智慧資本之代理變數，企業市場價值以市價淨值比作為衡量指標，經營績效以資產報酬率及股東權益報酬率作為衡量公司獲利能力的指標，除上述兩項靜態分析外，最後以動態之智慧資本變動量與當期之股價報酬率進行分析，以探討動態之智慧資本資訊是否會即時反映在其股價上。
實證結果顯示，智慧資本越高的公司，不論是在市價淨值比或是經營績效上，皆有較好之表現，且智慧資本之變動量也與當期之股價報酬率呈現顯著之正向變動關係。

關鍵字

智慧資本 ； 智慧資本增值係數 ； 金融保險業 ； 市場價值 ； 經營績效

並列摘要

This paper uses the Taiwan listed financial company as the sample, which can be roughly divided into three parts. To explore the relationship between intellectual capital and corporate market value, operating performance and current stock price return rate. The paper adopts the Pulic’s Value Added Intellectual Coefficient (VAIC) to proxy Intellectual Capital. The market value of an enterprise is measured by the market-to-book-value ratio. The operating performance is measured by the return on assets and the return on shareholders ’equity. This paper analyzes the dynamic changes of intellectual capital and the return rate of the stock price to explore whether the dynamic intellectual capital information will be reflected in its stock price in time.
Empirical results show that companies with higher intellectual capital have better performance in terms of market-to-book-value ratio and operating performance, and the amount of change in intellectual capital also shows a significant positive relationship with the current return rate of the stock price.

並列關鍵字

Intellectual Capital ； VAIC ； Financial Industry ； Market Value ； Operating Performance

參考文獻

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