本研究主要目的在於探討企業「市場價值與帳面價值」的差異因子及尋求「企業的未來值」。研究者從文獻探討中得知傳統的會計報表因礙於法規或人為因素,導致無法將無形的「智慧資本」完全呈現於企業的財務報表上,而財務報表卻是企業利害關係人與投資人評估該企業價值的重要指標。是故企業市場價值與帳面價值的差異從文獻相關研究共認「智慧資本」為其主要因子,相對的企業的未來價值也就著重在於此因子。 研究者從文獻中發現早期研究「智慧資本」之學者仍以量化研究為前導,而量化研究則是依據企業歷史數據做為量化的指標,在評估企業過去的經營績效雖有一定的貢獻;但市場價值卻是存在於投資者對該企業未來價值的想像空間裡—「企業未來能創造出多大的盈餘」。所以本研究決採以質性研究方法中的「主題分析法」結合「詮釋循環理論」,針對實務界進行深度訪談,藉以瞭解有實務歷練的專業經理人是如何去評估一家企業的未來值。 在針對實務界證券分析師、證券經理人、基金經理人口述訪談文本中進行編碼反思後,本研究發現智慧資本的確可以洞察企業之先機,相對的利用智慧資本來評價企業未來價值是具有其效度。筆者冀望藉此對企業經理人、利害關係人及一般投資人能有效貢獻。 關鍵詞:智慧資本、企業評價、質性研究、深度訪談
Both of the main purposes of this study are to focus on the elements of the difference between market value and book value and also to look for the future value of business. After the study of theory ,Researcher have found that the counting statement which made by traditional method is difficult for the business to fully present all intangible intelligence capital on enterprise’s financial statement because of the obstructive factor of laws or man-made,which financial statement is the important indicator for stakeholders and investors to estimate the value of business.With the research of theory,there came out a common perception that intelligence capital is the main factor caused of the difference between market value and book value. That is the value of the future for business and is the goal which business engaged in. By studying the theory and the literature related to intelligence capital. it seems that the research in the past was usually focused on the study which based on the method of quantitative research,which study had been the indicator and built on the historical data of business had offered the contribution for business to evaluate the performance for the past year.However,the real market value for a business was based on the future value which exist in the image space that the investors expecting for,the truth is ,how much earning the business will make in the future. Using the subject analysis method of qualitative research and explanatory circulation theory .This study focused on the in-depth interview for business of practices, to realize the true picture which a professional managers who has rich experience in practice training how to estimate the future value for business.By means of the conclusion of the study also hope to offer a great deal of contribution for managers, stakehoders and public investors. Keyword:intelligence capital, business evaluation, qualitative research, in-depth interview