隨著知識時代的來臨、以及近年來國內外企業財務危機事件頻傳,使得智慧資本、監理機制倍受重視。本研究以Ohlson Model(1995)作為公司價值評估之工具,探討智慧資本、監理機制、系統風險等非會計資訊對於上市資訊電子業之公司價值的影響,經由實證結果發現: ㄧ、智慧資本對於公司價值確實有影響。其中「人力資本」方面,實證顯示每人營收對於股價具有顯著的正向解釋能力,代表員工對於公司的貢獻程度越大,越能協助公司創造更高之價值。「創新資本」,實證顯示研發密度對於股價,具有顯著的正向的解釋能力。表示廠商愈重視開發產品與創新技術,愈可以提升公司的附加價值。「流程資本」,實證顯示組織的穩定度對股價有負向的顯著解釋能力,可看出投資人看好主要是公司未來的發展潛力或創新能力,而不是公司長期以來的經營歷史。 二、監理機制方面,外資持股比率對於股價具有顯著的正向的解釋能力,董監事質押比率對於股價具有顯著的負向的解釋能力。 三、系統風險方面,實證顯示匯率波動對於股價具有顯著的正向的解釋能力,國內電子產業向來以代工與外銷為主,故匯率的波動,影響本國電子業出口商的營收及獲利狀況,進而影響該公司的股價。 故本實證結果發現非會計資訊(智慧資本、監理機制、系統風險)的確影響公司之價值,與Ohlson(1995)的研究相符,公司價值不只受到財務資本,非會計資訊也會影響公司之價值。
As the arrival of times of knowledge, and domestic and international enterprise’s financial critical incident in recent years keep pouring in. Therefore, the importance of Intellectual capital and corporate governance grows up. This research applies Ohlson Model(1995)to business valuation of Taiwan listed information and electronic companies(including intellectual capital, Corporate governance. Systematic risks.) The empirical results are as follows: A. Intellectual capital is influence on business value. (a)There is positive relationship between employee’s operating earning and stock price in the aspect of human capital. It’s on behalf of each employee’s degree of contributing to company being greater that can help the company to create higher value. (b)There is positive relationship between R&D intensity and stock price in the aspect of Innovation capital. This research shows that the firm pays attention to developing the products and innovative technology that advance EVA of the company. (c)There is negative relationships between the company’s steady and stock price in the aspect of process capital. Therefore, it’s mainly development potentiality in the future of the company or innovation capital that investors have an optimistic view of, but not management history for a long time of the company. B. The aspect of corporate governance is as follows: (a) There is significantly and positive relationship between foreign investment and stock price. (b) There is significantly and negative relationships between stock pledged by directors and stock price. C. In the aspect of systematic risks are follows: There is significantly and positive relationships between the fluctuation of exchange rate and stock price. Taiwan’s Information and electronics industry always relies on exporting outside, the fluctuation of exchange rate deeply influence on operating income and stock price. Finally, this research find the company’s value is not only influenced on financial information but also other information in conformity with the research of Ohlson (1995).