以智慧資本探討影響企業價值之因素 -台灣觀光產業之實證分析

觀光產業已成為我國最具社會經濟指標的產業，企業之價值創造過程是一值得探討的議題。本研究以台灣上市櫃觀光產業之12家企業作為研究對象，研究期間自2012年至2019年合計8年，探討智慧資本三構面、財務資本與無形資產構面是否攸關我國觀光產業之企業價值。本研究共擷取 17個變數作為研究基礎，並將之區分：結構資本、人力資本、顧客資本、財務資本及無形資產共五項構面；另以3種評價方法：市價與帳面價值比、TobinQ及智慧資本附加價值係數（VAIC）計算台灣觀光產業公司之企業價值。研究結果指出，財務資本對MVA與TQ呈正向顯著關係，表示財務資本構面與企業價值呈現正相關；且無形資產對MVA與TQ呈正向顯著關係，表示觀光業之無形資產投資對公司價值有正向貢獻；另外，人力資本對MVA、TQ與VAIC亦呈正向顯著關係，結果表示有效運用人力將可創造企業之附加價值。而顧客資本或結構資本則未與企業價值呈現正向關係。

關鍵字

觀光產業；智慧資本；企業價值；經營績效

並列摘要

The tourism industry has become the industry with the most social and economic indicators in Taiwan, and the value creation process of enterprises is a topic worthy of discussion. This research takes 12 companies in Taiwan's listed inTSE /OTC tourism industry as the research objects. The research period is from 2012 to 2019 for a total of 8 years. This research takes 17 variables as the research basis and distinguishes them: structural capital, human capital, customer capital, financial capital, and intangible assets in five dimensions; in addition, three evaluation methods are used: market value to book value ratio, TobinQ and Intelligent Capital Value Added Coefficient (VAIC) calculate the corporate value of Taiwan Tourism Industry Corporation. The research results point out that financial capital has a positive and significant relationship with MVA and TQ, indicating that the financial capital dimension is positively correlated with corporate value; In addition, intangible assets have a positive and significant relationship between MVA and TQ, indicating that intangible assets investment in the tourism industry has a positive contribution to the company's value; Moreover, human capital also has a positive and significant relationship with MVA, TQ and VAIC. The result indicates that the effective use of manpower will create added value for the enterprise. However, customer capital or structural capital does not show a positive relationship with corporate value.