智慧資本對企業價值評價應用之研究—以台灣資訊服務產業為例

The Study of Intellectual Capital on Business Valuation - A Case Study of the Information Service Industry in Taiwan

張智凱(Chih-Kai Chang)

指導教授 ： 楊清溪

國立臺北大學/商學院/會計學系/碩士(2011年)

摘要

現代企業已感受到若要維持競爭優勢，對無形資產的投資可能比對有形資產進行投資更為重要，企業的無形資產及知識創造的過程與機制，亦即所謂的智慧資本，對現代企業所發揮的效益可能已遠大於有形資產所能創造的價值。但市場對於公司的整體評價，除了有形資產之外，有一部分無法在財務報表中反應出來，無形資產影響到公司市場價值與帳面淨值間所存在著的差異，引發本文的研究動機。
在現實環境中，資訊服務產業的資產大多是屬於無形資產，投資人對資訊服務業的企業價值評價大多建立在對它未來的期望之上，而對未來的期望本就隱含著高度的不確定性。台灣既有的製造產業面臨強大競爭，取而代之的新知識經濟又以發展智慧資本為關鍵要素，其中資訊服務業屬於智慧資本密集型產業，本研究的主要目的便是在資訊服務產業的領域中，探討衡量資訊服務業的智慧資本指標與資訊服務業市價淨值比間的關係，為市場投資人及企業經營者在評估資訊服務產業時提供參考依據。
多數學者均將智慧資本分為人力資本、關係（顧客）資本、創新資本及流程資本四個構面，本研究經由選取衡量資訊服務業智慧資本的各構面指標為自變數，並以市價淨值比為企業價值衡量之代理變數進行多元迴歸分析。研究結果顯示，資訊服務產業內公司，其智慧資本中的人力資本與流程資本對市價淨值比較有顯著相關性。敏感性分析部分，系統整合類公司之人力資本與流程資本對系統整合業的市價淨值比會較有顯著相關性；軟體設計業則以人力資本與創新資本對其市價淨值比較有顯著相關性。

關鍵字

智慧資本 ； 人力資本 ； 顧客資本 ； 創新資本 ； 流程資本

並列摘要

There is no doubt that to maintain the competitive advantages for modern enterprises, it is more important to invest on intangible assets than on tangible assets. The so-called intellectual capital, which brings in more values than tangible assets, means the intangible assets as well as the processes or mechanisms of knowledge/know-how creation for an enterprise. However, the overall assessment to an enterprise from the market does not interpret the exact performance of an enterprise as except for tangible assets, there are partial intangible assets which can not reflect on financial statement and that leads to certain differences between market values and book values.
In the real business environment, investors hold uncertain expectation to their future investment as most assets are intangible in information technology (IT) service industries and the business values are based on future business expectations to an enterprise. And future explains itself its uncertainty.
However, as we are aware that Taiwan’s manufacture industries face severe competitions globally and the next leading industries are IT services industries which are knowledge assets intensive industries. Given that, it is very important for investors and management teams to see are the connections between the indications of intellectual capital and market-to-book ratio for their operation and investment decisions.
According to most scholars, there are four key categories in intellectual capital: human capital, customer relationship assets, innovation capital and process management assets. This study sets independent variables from known indicators with regard to intellectual capital in IT services industries, and takes market-to-book ratio as surrogate variable to carry out multiple regression analysis for enterprises.
The results show that firstly, the human capital and process assets in intellectual capital have significant affects to market-to-book value among IT service industries. Second, to system integration companies, it has been shown in sensitivity analysis that human capital and process assets have more affects on market-to-book values. Last, human capital and innovation capital have strong affects in software development companies.

並列關鍵字

Intellectual Capital ； Human capital ； Customer capital ； Innovation Capital ； Process Capital

參考文獻

顏萬春（2007），智慧資本與市價淨值比攸關性之研究，中原大學會計研究所碩士論文。

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