在知識經濟時代中,知識將成為關鍵成功因素,左右競爭優勢之獲取與維繫。智慧資本是一種可以轉換為價值的知識,知識管理可使工作流程更有效率,同時可利用所得到的智慧資本創造更高的附加價值。企業的市場價值是有形資產與無形資產的總合,且無形資產更為重要,無形資產即智慧資本,有形資產即財務報表上面所顯示的帳面價值。Lev (1996)指出在影響股價的各項資訊中,有95%與非財務性資訊有關,現代企業必須提供及時和攸關的非財務資訊方能取信於投資大眾。本研究藉由對休閒產業上市櫃企業進行研究,透過統計資料分析,來了解休閒產業的智慧資本與企業價值的關聯性,企業價值採用市場價值法的市價盈餘比、市價淨值比與市價銷售比三個變數,將智慧資本分為人力資本、結構資本、關係資本三大構面,探討智慧資本對企業價值的關聯性。研究結果發現,應變數為市價盈餘比時,智慧資本無解釋能力;應變數為市價淨值比時,人力資本的高等教育比例與員工平均年資有顯著負向關聯,結構資本的組織穩定度有正向關聯、管理費用率有負向關聯,關係資本的廣告費用率有顯著負向關聯。應變數為市價銷售比時,只有人力資本的高等教育比例有顯著負向關聯。
In the period of the knowledge economy, knowledge is the key success factors to maintain competitive advantage. Intellectual capital(IC) is one kinds of knowledge which can be transferred into value. Knowledge Management can make job process more efficient and produce intellectual capital to create higher value. The corporate market value is the combination of tangible and intangible assets. Intangible assets are more important. Intangible assets are intellectual capital and tangible assets are book value in financial reports. Lev (1996) pointed out that 95 % information affects the stock price is non-financial message. Nowadays corporations should offer immediate and concerning messages that can be trusted by inventors. The study researches listed companies of leisure industry. Through statistical analysis, and probes into the concerning of the intellectual capital and corporate value. Using the law of Market Value -P/E. P/B and P/S replaces corporate value and divides the intellectual capital into three dimensions: human capital, structure capital and relation capital to probe into correlation of intellectual capital and corporate value. . The result of study is found IC is no concerning with P/E. High Education Percentage and Average Years of Employees of human capital Management Fee Rate of structure capital and Advertisement Fee Rate of relation capital are obviously negative and Company Stability of structure capital is obviously upright to P/B. Only High Education Percentage of human capital is obviously negative to P/S.