公司治理與資訊揭露評鑑對智慧資本揭露之研究-以我國上市電子業為例

The Effects of Corporate Governance and Information Disclosure and Transparency Ranking System on Intellectual Capital Disclosure: Evidences from Listed Electronic Firms in Taiwan

張思瑩(Sih-Ying Jhang)

指導教授 ： 詹毓玲

國立臺北大學/商學院/企業管理學系/碩士(2010年)

摘要

企業價值來源已從傳統有形資產逐漸轉變為以智慧資本為主體的無形資產，然而其特性須由投資人主觀意識加以評估與衡量，加上傳統的會計報表不足以了解公司現有的競爭力及未來的獲利潛力，故需藉由揭露更多智慧資本相關資訊讓投資人能夠更準確衡量公司價值以利投資。過去相關文獻專注於衡量公司年報中智慧資本資訊揭露程度，因此本研究目的除了探討上市電子業對智慧資本資訊揭露情況外，亦探討公司治理與資訊揭露評鑑對企業智慧資本資訊揭露行為影響。

在智慧資本資訊揭露衡量方面，本研究採用內容分析法，將智慧資本分為人力資本、結構資本以及關係資本三大類，並參考Li, Pike and Haniffa(2008)所發展智慧資本揭露指標為評分標準，經過適當調整後總計57項衡量項目，若公司年報中揭露該衡量項目即給予一分，否則將不給予分數，最後將各項得分進行加總算出智慧資本資訊揭露總分。

由本研究可發現大部分企業對於智慧資本資訊揭露尚未普遍，意味著這些企業對智慧資本揭露尚有加強空間，此外結構資本為企業最常對外揭露之智慧資本；根據研究結果得知當資訊揭露評鑑成績愈佳，亦即透明度愈高之公司，智慧資本資訊揭露程度會提升；當董事會中董事持股比例增加時，公司智慧資本資訊揭露程度反而會愈低；然而董事會規模、獨立董事席次比例以及大股東持股比例對智慧資本資訊揭露未有顯著影響；另外發現公司規模愈大其智慧資本資訊揭露程度愈高。

關鍵字

智慧資本 ； 智慧資本揭露 ； 公司治理 ； 資訊揭露評鑑

並列摘要

The source of firm value has transferred from traditional physical assets to intangible assets as intellectual capital. But the characteristic of intangible assets must be measured by investor’s subjective judgment and conventional financial statements fail to understand the firm’s competitive advantage and future profit potential. Thus, firms will disclose more intellectual capital information to help investors conduct more precise valuation of the firm and invest accordingly. The majority of prior literatures focus on measuring the extent of intellectual capital information disclosed in corporate annual reports. Therefore, the purpose of this paper is to examine the condition of intellectual capital information disclosure of listed electronic firms in Taiwan. In addition, the paper also studies whether corporate governance and information disclosure and transparency ranking system influence intellectual capital information disclosure.

In respect of measurement of intellectual capital information disclosure, the paper employs the method of content analysis; intellectual capital is categorized into human, structural and relationship capital. Besides, the paper adopts Li, Pike and Haniffa’s(2008) intellectual capital disclosure indicator, which contains 57 items after adjusting appropriately. The item scores one if disclosed in the corporate annual report and zero if it is not. Finally, a total score is calculated by summing up these disclosure items.

Results of the analysis indicate that the use of intellectual capital disclosure has not been widely adopted by most listed electronic firms, implying great room for improvement on this issue. Structure capital is the most frequently disclosed intellectual capital. In addition, the empirical results show that higher transparency of companies has positive relation with the level of intellectual capital information disclosure but negative relation with the holding of directors and no significant relation with the size of board, the proportion of independent directors and the holding of blockholder. Also larger firms tend to disclose more intellectual capital information.

並列關鍵字

intellectual capital ； intellectual capital disclosure ； corporate governance ； information disclosure and transparency ranking system

參考文獻

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