在知識經濟時代,無形資產管理不僅攸關組織價值,且為企業成長之重要關鍵;然而,如何決定無形資產價值評估的方式,與確認無形資產的決定因子乃為二大難題。本研究第一個目的,乃以Sveiby(2002)五種無形資產的評價模式分別計算台灣數位內容產業的無形資產價值;結論指出五種評價法均支持此知識密集產業的確蘊含豐富之無形資產價值。本文的第二個目的,乃以財務及智慧資本構面構成的26個因子,以因素分析法分別萃取出7種創造無形資產價值的主要組成項目,採用逐步迴歸分析確定攸關因子對各種評價方式的解釋程度;研究結果指出,以市場資本化法(MV/BV和Tobin’s Q)而言,「獲利能力」與「研發投入」是影響無形資產價值之重要因素;以資產報酬率法觀之(CIV、VAICTM、EVA),「研發效益」是影響無形資產評價最主要的因素。
In the knowledge economy, the analysis of intangible resources affects an organization''s value and growth. The choosing of the evaluation model and the critical factors for intangible assets both are the most difficult issues to determine. The first purpose of this study employs five Sveiby(2002) evaluation models to compute the intangible value of information content industry in Taiwan. The results show that information content companies indeed own high intangible values. The second purpose of this paper is to investigate the compositions of intangible assets in Taiwanese digital content industry by examining the possible elements which is determined by the different aspects of the relationship between intangible determinates and intangible value. We construct 26 items from financial and intellectual capital aspects. Results of factor analysis indicate 7 main attributes of intangible value. Results of stepwise regression indicate that research input and profit performance attributes are the most two important attributes to predict intangible value in market return methods (MV/BV and Tobin’s Q), otherwise, under asset return methods (CIV, VAIC™, and EVA), research performance is the most critical attribute.