智慧資本對於台灣上櫃公司成功轉上市之影響力

The Intellectual Capital Influences the Successful Probability of Listing Switching from OTC to TSE

曾英展(Ying-Chan Tseng)

指導教授 ： 黃瑞靜 ； 洪嘉聲

崑山科技大學/商業管理學院/企業管理研究所/碩士(2006年)

https://doi.org/10.6828/KSU.2006.00034

摘要

本篇研究針對台灣1995至2004年上櫃公司為研究母體，以成功轉上市與否為作為經營績效判別指標，並將成功樣本依照法則選取未轉上市樣本加以配對分析比較，以智慧資本角度切入探討─人力、創新、流程與顧客四構面32個衡量變數進行衡量分析，運用Probit計量模型加以估算區別成功上市與否兩群體之間智慧資本蓄積的差異，並探討智慧資本各代表數的影響力，依分析結果建立一套智慧資本衡量之參考模型。
研究結果顯示智慧資本對於上櫃公司成氐鄐W市有顯著影響，其中智慧資本各構面的影響力亦不盡相同，在人力構面各變數的表現上大都呈現正向顯著影響，需更加注重企業員工能力的發展，增加其員工之可塑性；創新方面的則須注重研發部門的比重，使企業主體更具備創新的能力；而流程構面顯示出企業本身在營運各方面的週轉率需更加注重，增加企業的應變能力，另一方面由於企業員工普遍教育程度的提升，員工皆有一定的自治能力，可減低管理費用的比例，使資金更加靈活的運用；在顧客構面則須在營運的穩定度上多方著眼，使企業營運能在穩定的基礎下逐步的成長。而由智慧資本整體衡量模型上證明多方面納入智慧資本衡量變數，將有助於模型的穩定性與準確性，可幫助衡量模型的正確率。而台灣產業在智慧資本的投入經營上容有許空間，經本研究驗證智慧資本為知識經濟時代企業競爭優勢的關鍵因子。

關鍵字

上櫃轉上市 ； 智慧資本

並列摘要

With the coming of knowledge economic era and the shifting of the paradigm therefore, several economics and financial theories are not appropriate to use in the new era. In the agriculture era, land, labor and cultivated skills are all main production elements; and in the end of 19th century, the beginning of Industrial Evolutional, the new production era “mass standardized and low cost production” is coming because of the invention of steam engine. Hence, capital, labor and facility are the critical success factor of enterprises to make profit. However, in the year of 21st, there is a new economic way; enterprises decrease the investment in physical assets from 50% to 10% gradually, on the contrary; they increase the investment in intellect capital from 50% to 90% gradually. It means knowledge not only becomes the most important core value of organizations but also a key element for maintaining a long-term competitive advantage.
The research adopts OTC listed companies in Taiwan from 1995~2004 as population. Firstly, taking going to public successfully or not as a measurement of operate effects. Secondly, using four dimensions labor, innovation, procedure and customer of intellect capital; it includes 32 measured variables, as a tool for estimating, and use Probit model to estimate the difference between two population, successfully going to public or not to investigate the influence of intellect capital in each variables.
The result of this research indicates that intellect capital obviously influences the possibility of going to public successfully or not. It validates intellect capital is a critical success factor of enterprise for competing in knowledge economic era.

並列關鍵字

Probit ； Intellect Capital

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