知識經濟意指大量的投資流向人力資本以及知識技術,其所產生的最大變革,便是附加價值的轉變。傳統經濟價值的創造是透過有形的產品,新經濟時代的價值創造是透過無形的知識為企業創造附加價值,因此傳統的本益比及股價定價模式,不再是決定公司價值的唯一選擇,無形資產的數量更能引起投資人的注目,「智慧資本」(Intellectual Capital)無疑地已成為新經濟時代急需被探討分析的核心主軸。基此,本研究將智慧資本量化,觀察其與公司市場價值之關聯性。 然而,高科技產業未來仍是驅動台灣經濟發展的命脈,而政府兩兆雙星的政策,更將使光電產業成為我國往後科技產業與經濟發展的命脈。另外,由於智慧資本、研發能力、知識和品牌形象等無形資產是主要影響公司經營績效和未來成長的關鍵因素。本研究即針對高科技產業進行研究,利用智慧資本的四項指標來衡量公司經營績效,探討智慧資本對於公司股價是否有影響,使得衡量公司經營績效的指標更具有前瞻性。 根據實證結果發現,智慧資本之人力資本、創新資本、流程資本及顧客資本均對公司股價有顯著影響,且各構面間皆有顯著的相關性。依本研究之結果顯示,可佐證本研究假設成立,證明智慧資本對於高科技產業股價的影響是不容忽視的。因此對重要智慧資本加以積極創造、累積、管理及其彼此間互動性,才能真正為企業創造最大的效益。
The knowledge economy means the company invest more in human capital and knowledge. The difference between traditional economy and new economy is the change of value-added activity. In the age of new economy, company creates business value from intangible assets. This paper investigates the impact of intellectual capital on stock price. However, the high-tech industry will still drive the life vein of Taiwanese economic development in the future, even the policy of “Two Stars, Two Trillions” will make the light electricity industry become the life vein that my country is hereafter technology industry and economic development. This study intends to discuss the relationships between intellectual capital and stock price in Taiwan’s high-tech industry. The sample period of this study is during 1995 to 2004. The empirical results show that the human capital, innovation capital, process capital and customer capital in intellectual capital not only all have obvious influences on stock price, but also indirectly affects stock price through the cross effects of intellectual capital elements. Therefore, intellectual capital can explain stock price. It implies that firms can increase their equity value through a determined effort to improving their intellectual capital.