智慧資本揭露之研究：以台灣興櫃企業為例

智慧資本這個名詞對於知識經濟時代的重要性早已不言而喻，在十倍速變化的環境中，企業的價值已經不能夠單純由財務的觀點來評量，許多看不見的無形資產，往往才是競爭力的來源，如何管理甚至累積這些看不見的資產，是研究智慧資本學者們最關心的重點之ㄧ。身為世界高科技產業重鎮的台灣，自然需要對這個的議題有著更深入的了解。本研究利用國外學者所發展的智慧資本架構為基礎，將智慧資本劃分為內部資本、外部資本以及人力資本三大區塊，並根據台灣企業情況進行小幅改良，修正成為台灣智慧資本揭露架構。再利用140家興櫃企業的IPO公開說明書作為樣本，使用內容分析法，輔以電腦程式語言作為協助編碼的工具，藉以抓取其中隱藏起來的智慧資本訊息，之後，再利用簡單的統計工具進行分析，找出台灣智慧資本揭露的情況。經由實證的研究結果顯示了下列五點結論：1. 台灣智慧資本揭露的趨勢呈現水平狀態，未有成長。2.人力資本揭露程度低於其他資本構面。3.冒險犯難的創業創新精神不受重視。4.企業偏好揭露較多的外部資本。5.企業對社會責任抱持正面態度。這些結果，大致說明了在智慧資本觀念越來越為人重視的同時，企業對於揭露的情況或者是意願還是不高，如何在保護企業營業秘密與適當揭露智慧資本這兩者之間取得一個平衡點，將是值得深入思考的議題。

關鍵字

智慧資本；內部資本；外部資本；人力資本；內容分析法； IPO公開說明書

並列摘要

The concept of Intellectual Capital has become more and more important when the business environment is getting changeable and fast moving. There is growing agreement that traditional financial reporting is inadequate in meeting with the information needs of stakeholders. The major goal of this research is to find out how many value did not be disclosed outside the financial report. This research adopts the definition of James Guthrie which classified IC as internal capital, external capital and human capital. A content analysis of 140 Taiwan companies IPO prospectuses was conducted. In order to save research resource and accelerate the research process, JAVA program was also used to help the coding procedure as well. The several results of this research are as following: (1) The trend of Taiwan’s IC disclosure did not grow during the past 15 years. (2) The disclosure of Human capital was less than the other two parts. (3) Entrepreneurship was not as important as the oversea countries. (4) Taiwan’s companies have higher intention to disclose more external capital. (5) Most of Taiwan’s companies give social responsibility a positive attitude. Finally, this research compares these results with a number of previous national studies including Australia, Hong Kong and Malaysia. Some suggestions are provided to Taiwan’s companies if they are going to develop and invest more resource to accumulate their Intellectual Capital.

並列關鍵字

Intellectual Capital ； External Capital ； Internal Capital ； Human Capital ； Content Analysis ； IPO Prospectuses

參考文獻

楊朝序，(2006)，智慧資本、價值創造與企業績效關聯性之研究，中山管理評論，第十四卷第一期，頁43-78

陳世哲與許淑君，(1999)，競爭策略、人力資源管理系統與組織績效之研究，亞太管理評論，第四卷，第4期：413-429。

Brooking, A. (1996). Intellectual Capital: Core Assets for the Third Millennium Enterprise. Thomson Business Press, London, United Kingdom.

Bozzolan, S. Favotto, F. and Ricceri, F. (2003), “Italian annual intellectual capital disclosure An empirical analysis”, Journal of Intellectual Capital, Vol. 4 No. 4, pp. 543-558

Brennan, N, (2001), reporting intellectual capital in annual reports-evidence from Ireland, Accounting, auditing & Accountability Journal, Vol 14, No.4 2001 pp.423-436

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智慧資本揭露之研究：以台灣興櫃企業為例

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