在知識經濟時代中,有形資產往往無法正確衡量企業的價值,因為企業常透過無形的智慧資本創造附加價值。所以本研究利用結構方程模式 (structural equation model),探討台灣上市上櫃及興櫃半導體產業之智慧資本四個構面 (包含人力資本、流程資本、創新資本、顧客資本) 與企業價值財務績效的關聯性。實証結果發現:人力資本、流程資本、創新資本、顧客資本對智慧資本均有顯著正相關及直接影響效果。其中人力資本對企業績效影響最大,同時人力資本也會促進創新資本及顧客資本的提升。無形資產智慧資本是衡量企業未來價值重要指標,管理者對智慧資本要素加以管控與運用,可增加企業經濟效益、提昇企業競爭優勢並創造股東價值。
In the knowledge economy ear, the value of a firm cannot be evaluated merely by the tangible assets because the company usually creates its value from the intangible assets. This study uses a structural equation model to explore the relationship between the Taiwan semiconductor industry intellectual capitals (including human capital, process capital, innovation capital and customer capital) and enterprise financial performance. The research findings indicate that human capital, process capital, innovation capital and customer capital have a significantly positive correlation with and a direct influential effect on intellectual capitals. Among them, the influence of human capital to corporate performance is the greatest. Moreover, human capital also promotes the growth of innovation and custom capital. Intellectual capital are an important indicator for measuring corporate value in the future. Managers are suggested to control and manipulate intellectual capitals, so as to increase business economic benefit, improve business competitive advantages and create shareholder value.