智慧資本的研究近年來快速增加,1997年起,眾多學者開始探討智慧資本的分類,大致上可分為人力資本、顧客資本與結構資本。隨著知識時代的來臨,公司的創新能力與流程效率皆備受重視,而結構資本代表公司的研發能力與流程效率,故本研究目的主要在探討結構資本與企業價值之關聯性。本文以Tobin's Q來衡量公司價值,採用先前學者對結構資本分類之因子作為變數,並且再加入生命週期變數,進一步探討結構資本與企業價值之間的關聯性是否會因企業處在不同的生命週期而有所影響。本研究以2002年至2012年台灣地區上市上櫃之生技產業為研究對象,研究變數資料取自各公司年報、台灣經濟新報資料庫、公開觀測資訊站及經濟部智慧財產局。 本文之研究結果顯示,結構資本與企業價值之間有顯著正向的關係。而納入生命週期後,可以發現處於成長期的公司,其結構資本對企業價值的影響顯著大於成熟期的公司;然衰退期相較於成熟期無顯著差異。因此,本文之實證結果指出,相較於成熟期或衰退期,當企業處於成長期時,企業之結構資本確實會對企業價值產生正向影響。
This study investigates the relationship between structure capital and firm value in different phases of business life cycle. Empirical data are from the 2002-2012 Survey Report of Ministry of Economic Affairs Intellectual Property Office, the Taiwan Economic Journal database, Market Observation Post System, and annual reports of the biotechnology companies listed in TSE (Taiwan Stock Exchange). This study uses Tobin's Q to measure the firm value and extracts structure capital by principal component analysis. Our findings first demonstrate that the structure capital is significantly positive related to firm value. When considering the variable of business life cycle, empirical results indicate that the positive correlation between structure capital and firm value is greater in the growth period than in both mature and decline periods. Hence, this study shows that structure capital enhances the firm value of biotechnology industry in the growth period.