智慧資本與企業經濟價值關聯性之實證研究

An Empirical Examination of the Relationship between Intellectual Capital and Corporate Economic Value

徐中琦(Jonchi Shyu) ； 黃騰緯(Teng-Wei Huang)

《科技管理學刊》 12卷4期 (2007/12) Pp. 35-65

https://doi.org/10.6378/JTM.200712.0035

摘要

本研究以我國上市公司為對象，採用現有的次級財務資料，透過因素分析將智慧資本轉化為四大要素－人力資本、創新資本、流程資本與顧客資本後，並運用結構方程模式(LISREL)來分析智慧資本各要素於整體模型間的關聯性以及各要素對企業經濟附加價值創造的直接影响效果與間接影响效果。了解智慧資本各要素對企業價值創造的貢獻程度，有助於管理者有效地將資源配置於智慧資本的投資上。同時，經營環境的改變如何影响智慧資本各要素對價值創造的貢獻度，以及在資源配置上的合理分配亦是經營管理上不可忽視的課題。
實證結果顯示智慧資本要素在1994年與2004年對企業價值創造的直接因果關係上，皆有正面的直接影响效果。在景氣較好的年代，顧客資本對企業價值的創造提供了最顯著的貢獻，而在消費者更為挑剔與競爭更為激烈的經營環境下，創新成為了貢獻度最重要的智慧資本要素，尤其創新資本在1994年與2004年的比較中，對企業價值創造是唯一增加的智慧資本要素。當考慮了中介變項顧客資本後，從內部組織資本（人力、流程、創新）透過外部顧客資本對企業價值創造的間接因果關係上，人力資本對價值創造的間接整體效果在1994年為內部組織資本中最高的，而創新資本對價值創造的間接整體效果在2004年是最大的。是以，從智慧資本對價值創造的直接或間接因果關係上來看，創新資本巳成為企業在未來的競爭優勢上必需擁有的最重要資產。

關鍵字

智慧資本 ； 經濟附加價值 ； 結構方程模式

並列摘要

The purpose of this study is to research on how the intellectual capital will contribute towards the corporate value of a company. The data and information drawn for this research is from the historical financial data on public listed companies in the Taiwan Stock Exchange. In this study, factor analysis is used to breakdown the intellectual capital into 4 elements, namely, Human capital, Innovation capital, Process capital and Customer capital. In addition, LISREL approach is also apply to analyze the relationship of each element with the intellectual capital and the direct and indirect influential effect of each element on the corporate economic value. The understanding of the intellectual capital components and its contribution towards the corporate economic value will aid management in effectively allocating their resources when investing in intellectual capital. How will the changes in the business environment affect the intellectual capital element's contribution to the corporate economic value and the adequate allocation of resources on each element are also important management issues that cannot be neglected.
Empirical results show that the relationship between the intellectual capital and corporate economic value under the cause- and- effect relationship displayed a direct positive effect drawn from empirical results in 1994 and 2004. When the economy is in fairly good condition, customer capital contributes a greatest effect to corporate economic value. On the other hand, when facing highly demanding customer and more intense competition, innovation capital becomes the single most important contributor to corporate economic value. When consider the intermediate element of customer capital, the internal organizational capital (human, process, innovation) influence corporate economic value through indirect cause-and-effect relationship of customer capital, it is found that in 1994 human capital created the highest value to the overall corporate value while in 2004 innovation capital created the highest value to the overall. Through empirical results, we discovered that irregardless of the direct and indirect relationship that intellectual capital have on the corporate economic value, innovation capital has already become the most important factor in the future competition.

並列關鍵字

Intellectual Capital ； Economic Value Added EVA ； LISREL

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